How to Sell Your Structured Settlements For Cash
A structured settlement is a regular payment received as a result of an insurance claim, legal complaint, or lawsuit. A structured settlements annuity is a common result of personal injury cases, medical malpractice suits, and workers comp claims. They can pay out weekly, monthly, annually, or in other time frames.
Structured settlements are a great way to provide a plaintiff a settlement that will create a steady stream of income. In many situations, there is no choice except to take a settlement spit up into installments. Benefits of a structured settlement include a simpler process to order personal finances, and to pay taxes on the money in a lower bracket.
Structured Settlements Annuity
The biggest problem with a structured settlements annuity is that it is not take into account life’s emergencies or large purchases that are necessary to get through life. In recent years, investors have sprung up who are willing to offer cash for structured settlement payments. Unforeseen medical bills, out-of-hand credit card debt, and college tuition are all common reasons to sell structured settlement payments. Another problem with settlement payments is that the money can sometimes be put into an investment with a higher yield.
One couple who were the beneficiaries of a structured settlement sold a portion of it to make a down payment on retirement home in Florida. A man in Baton Rouge, Louisiana was able to sell his structured settlement in order to care for his sick wife. One woman sold her structured payment lottery winnings in order to start her own business.
The most difficult part when you sell structured settlement payments is getting the best deal. Many investors have popped up that offer to buy structured settlements, but the rates they offer are way above market. So many people get ripped off in they attempt to get cash for structured settlement payments. One man in Connecticut got three bad offers from firms in his area. He finally went to a consultant in New York where he works and was able to secure a much better offer.
Certified Structured Settlement Consultant & Brokers
In New York, the only way to get make sure you are getting the best deal is to talk with a certified structured settlement consultant. Many of these consultants act as structured settlement brokers. They take a look at the payments and circumstances of a structured settlement and ask how much of it you are willing to sell or what kind of cash is required to get through a particular situation. Once the certified structured settlement consultant has all of the details, they shop it around to legal firms, finance companies, and other investors to get the best deal for you. Structured settlement brokers have the connections and knowledge necessary to get the most for payments being sold.
It is very difficult to predict the specifics rates you can get when selling structured settlement payments for cash. There are so many factors involved that accurate predictions are impossible. Some settlements may have restrictions on their sale. They may only be able to be sold in very specific circumstances, or not at all. Some of these restrictions are due to legal factors, while other restrictions may be due simply to the contractual wording. Tax liability is another factor that must be taken into account.
That’s the best anwser of all time! JMHO