Getting Cash For Your Structured Settlements

After entering an agreement with the responsible party or company that caused you to suffer personal injury and choosing a structured settlement over the lump sum payout, you have found yourself in a situation of needing some serious cash. In this situation, you could sell the settlement but before selling, you need to learn key factors to consider. Because too many people have lost significant money when selling structured settlements, we wanted to show you how to sell your structured settlement for cash while still ending up in a good financial position.

After entering an agreement with the responsible party or company that caused you to suffer personal injury and choosing a structured settlement over the lump sum payout, you have found yourself in a situation of needing some serious cash. In this situation, you could sell the settlement but before selling, you need to learn key factors to consider. Because too many people have lost significant money when selling structured settlements, we wanted to show you how to sell your structured settlement for cash while still ending up in a good financial position.

The truth is there is an art to getting cash for your structured settlement so taking the time to learn a few insider tips would prove beneficial. Companies that purchase these settlements are not doing anything illegal nor are they necessarily dishonest but most are out to make a buck at your expense. This means they charge a lot to make the purchase, which means when the deal is done the amount of cash is much less than anticipated or even deserved.

Before Selling – What to Consider

The first step for getting cash for your structured settlement is to evaluate the reason you want to sell. If the goal were to receive a large sum of money all at once to take a vacation or go on a shopping spree, you would be better off talking to your attorney and the insurance company backing the settlement to see if you could add a large payment to the existing schedule. However, if you find yourself in a position of needing a large sum of money, perhaps to purchase a car after your old one died, to make critical repairs to the home, or to cover the cost of medical care, then selling the structured settlement might make sense.

Another reason that people decide to sell annuity payments associated with a structured settlement in exchange for one lump sum of money is to avoid being locked into a disbursement schedule. According to both state and federal laws, you have the right to sell the deferred payments of your settlement if you want but before you do, make sure you review all the restrictions and terms specific to your agreement. Because each structured settlement agreement is unique, stipulations would vary.

If you have your heart set on getting cash for your structured settlement the first place to consider would be a reputable structured settlement company. These companies commonly purchase annuities but again, after their fees the amount of money you would walk away with would be substantially less than if you had held onto the settlement. Now, the annuity would still pay you principal and interest over time so monthly payments would be covered. One option would be to choose an annuity payout. For this, you would actually sell future payments for a large sum of money today.

How to Sell your Structured Settlement for Cash

Another aspect of selling your structured settlement would be to make sure you have the type that could be sold. As an example, deferred payments coming from a medical malpractice settlement, personal injury lawsuit settlement, product liability settlement, or wrongful death settlement could be sold. Then, the company could offer you a tailor made solution, as well as different annuity payments such as partial, shared, or complete. Regardless of the option that is most appealing, the key to getting a fair amount of cash for your structured settlement heavily depends on the professionalism, integrity, and honesty of the structured settlement company.

Remember, before you take the step to sell your structured settlement the various aspects of this sell and what it means to you as far as cash must be investigated. As you can see, how to sell your structured settlement for cash comes back to knowledge and education. After all, this money is yours, something paid because of a serious injury causing pain and suffering. Therefore, the last thing you want is to give more away than needed in the form of steep fees.