Should You Sell Your Upcoming Structured Settlement Payments?

Selling fixed annuities

If you have found yourself in the middle of an ongoing investigation that will result in a settlement for you once it is all wrapped up, you will want to read on. We all know that when it rains, it pours so it should not really be that surprising if, of all the things that can catch you up in legal affairs, your case has you out of work or for some reason, with financial difficulty. Here are just a few reasons you may find yourself looking forward to a settlement:

  1. A car accident that was not your fault.
  2. A loved one has passed, leaving a will that you are in.
  3. You won the lottery.
  4. Worker’s compensation.
  5. Injury outside of work caused by someone else.
  6. Passed due alimony dispute.

These are just a few reasons, and look: four out of those six could put you out of work, one could be hindering you from buying what your children need and the other one, well, the other one would be fantastic.

The problem is, these settlements could take months, even years to finally allow you to obtain the cash that you need. For example, the lottery can take up to four years to finally get to you; insurance companies for car accidents have to look into every detail and sometimes take eight to 12 months getting everything in place before issuing you the check; every situation takes time to go through. This is not a bad thing, you wouldn’t want your proceedings rushed, only to have them come and take back the money that you were initially given.

Getting cash for structured settlement payments is very doable, and you could have it all in one go, sooner than if you waited for the system to work it out. There are no strings attached to this, when you receive the lump sum, you can use it for whatever you wish, no stipulations. A company can purchase your annuity settlement and give you cash for your structured settlement now.

Getting cash for structured settlement payments can be done several ways. The following are the two main ways:

  1. Full payment – this means that the lump sum you receive is the entire annuity. If you have a lot of debts to pay or medical bills, this is the choice. Do be careful here, however, because the rate at which your settlement would be bought at may be lower, resulting in not getting as much money as you would had you waited.

  2. Partial payment – if you only need a certain amount of money, but not the full amount, partial payments are an option for you. You could sell only a portion of your settlement in order to get some of the cash, sooner. This is helpful if you are in the car accident situation and need a new car before your insurance comes through, or something like that.

Other good reasons for getting cash for structured settlement payments are:

  1. Pay off high interest credit cards.
  2. Monthly bills if you have to be out of work.
  3. Children’s school tuition
  4. Emergency expenses

Whatever the case may be, you know best if you need the money now or it can wait. It is always recommended to consult with a financial adviser before making a decision on selling annuity. An adviser will let you know what is in your best interest, depending on your current situation. Sometimes, cashing in is the best option but sometimes patience is required in order for to get everything that you are entitled to. Getting cash for structured settlement payments may look appealing, but be careful not to jump at ‘quick money.’ You want to make sure you do the research required and make sure that this is definitely something that you need. The nice thing about selling your settlement, however, is that generally there are no fees and if you do not win your case, for some reason, you will not have to pay back the amount you were given.

Good luck and happy researching!

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