How to Sell Structured Settlement Payments
Article Summary Structured settlement payments are defined as a set amount of money given to a person on a regular basis. Usually, the source of such payments can vary, but quite commonly they are payments awarded through a lawsuit.
Structured settlement payments are defined as a set amount of money given to a person on a regular basis. Usually, the source of such payments can vary, but quite commonly they are payments awarded through a lawsuit. People who are successful in suing another party in court for injury, harm, liability or malpractice are awarded an amount of money, but are not paid in a lump sum. Rather, they are given the payment in separate, regular payments over a period of time. Payments are garnished from the defendant's wages in many cases and sent to the plaintiff. Such a system allows the plaintiff a way of receiving a steady stream of income throughout their lives or for the amount that they successfully receive in court. Structured settlement payments can also be given to an individual can also be the result of a successful insurance claim, where the patients can get a regular stream of payments from their insurance company.
If you need to sell your structured settlement payments, you can do so to get a lump sum amount of money. But, how do you sell structured settlement payments? It's actually quite simple if you find the right company. In fact, any company who wants to buy your settlement will make it easy for you.
When should you sell structured settlement payments? It really depends on you. If you have a big purchase or payment coming up, such as a house, car or maybe you'd like to pay for the college tuition for your kids or grandkids, then you should sell it immediately. In some cases, if the receiver perceives that he or she is getting too old to enjoy the benefits of a structured payment, then he or she may opt to sell the structured settlement payments now to enjoy the lump sum while they can. You may want to talk to a professional finance planner to get the best advice possible.
Keep in mind that buyers of such settlement payments do this for a profit. The way it works is that they will take a percentage of your structured payment or they may add on some fees. So, you won't be able to get the full value of your settlement, but you will be able to get the cash now, instead of waiting for years.
Sell your structured settlements wisely. Talk to several companies and make sure you're getting a real deal. It may take a while, but you'll find a good company. Don't be afraid to bargain, especially since the market for sellers has been growing and many companies want to get into this business. Eventually, you'll find a company who will accept reasonable terms.
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