Selling your structured settlement is a great way to get a lump sum of cash when you need it most. Understanding the basics of the process and key considerations before making a decision is essential to making the right choices for you.
Structured settlements are a way of setting up a financial agreement to receive a series of future payments over a pre-determined period of time. Generally, structured settlements are established through court awards for personal injury, workers’ compensation claims, or lottery winnings.
Before selling your structured settlement, you should consider all the details of the sale, such as the present value of your payments, the length of the contract, and all the terms and conditions of the agreement. It’s also important to research all the different companies that offer structured settlement sales and to understand their fees, services and other policies.
Once you’ve done your research and chosen the company you want to work with, you’ll need to request a quote and accept their offer. The next step will be filing a petition at the court in the same county that issued your original structured settlement. You’ll need to attend the court hearing, where a judge will decide if the terms of the sale are in your best interest.
If the judge agrees to the sale, you can expect to receive a lump sum of cash within a few weeks. The funds can be used for whatever you need, such as debt relief, home improvement, travel expenses, paying for college, or for any other investment.
The decision to sell a structured settlement isn’t one to take lightly. It’s essential to make sure you fully understand the terms of the sale and carefully weigh the pros and cons of selling your structured settlement before you make a decision. By researching all your options and taking the time to make a well-informed decision, you can be sure that selling your structured settlement will be the right choice for you.