For this article I will be assuming that you have already sought out sound financial advice, explored other options to raise ready funds to meet what ever immediate need you may be facing, and have come to the conclusion that it is time to sell your structured settlement.
Often when people consider selling their structured settlement they are under the assumption that it is an all or nothing deal. This is, quite simply, not the case. For those that have received such a settlement; part of the reason is to insure a continuous source of income over a long period of time to enable the recipient to handle long term living expenses, on going medical bills, or for some other long term recurring expense. While it is tempting, especially when facing a short term financial crisis, to cash in on your long term safety net for a short term large cash sum the worry is still there about what you will do when your large sum is gone? Let’s talk about a number of options that will allow you to have your cake and eat it too.
As I mentioned previously, just because you have decided to sell your structured settlement does not mean you have to sell all of the settlement’s value. We will discuss, in simple terms, the two most commonly available options that allow you to retain some of that value for later use. These options are something you will want to discuss with the agencies you are considering selling to during your shopping around step of the sale. First let’s touch on my preferred option. You may sell your settlement in such a fashion that you receive a smaller portion as a lump sum to satisfy your immediate need while the company you have chosen for the sale will then begin taking a portion of your regular payments for the remainder of the term of your settlement. In this case you get the lump sum to take care of what ever reason made you choose to sell your settlement in the beginning, while also continuing to receive some amount in payment for the future.
Another option that follows a similar tact is to, once again, sell just a portion of your settlement so you can receive the lump sum you need and you allow your chosen company for the sale to collect all your payments until a predetermined time has passed by. Here, your needs are quickly met yet you have the peace of mind of knowing that at a future date you will once again begin receiving your regular payments in their full amounts.
It is up to you to determine what method suits your needs the best, however by using either of these simple sale modifications you are able to take care of immediate needs while still reserving some portion of your settlement for future security. Another good point to mention for your consideration is that, obviously, the less you sell the less you loose in fees and costs for selling part of your settlement; meaning more money stays with you where it belongs.
If you need help selling your structured settlement, annuity or lottery payments,
contact us today. We are here to answer your questions and help you obtain the
highest possible price for your payments.
Tags: cash for structured settlement, sell payments, sell settlement, sell structured settlement, selling payments
