At some point of time, it may happen that you’re in need of urgent cash to pay off your debt obligations. During this strained financial time in the US, there are very few people who earn huge amount of money and are satisfied with what they are. If you’ve opted for debt settlement to make debt more manageable and not got much desirable financial results, you might get money by selling off your structured settlements. There are many companies that will offer you with a lump sum amount of cash in lieu of the structured settlements. The sale of the structured settlement payouts are regulated by the US law and more than 40 states in the US abide by this law thereby making the process of selling more authentic. If you’re unaware of the entire process of selling your structured settlements, here’s help for you. Read on to know some important questions those are mostly asked by people.
Is it really necessary to sell off your structured settlements?
While some people are content with the amount of money that they get monthly and annually, there are some others who need more money to pay off their surging medical bills, utility bills or unpaid credit card bills. If you’re someone who is confused about whether or not to sell off your structured settlements, you must consider taking a decision in accordance with your changing financial needs. The options that you have will also depend on the state laws where you live.
Is it legally right to sell off your structured settlement?
Unless there are no stipulations in the settlement agreement about you not being able to sell them off, it is always legal to carry on such transactions. You must make sure that you read all the details of any proposed agreement that is offered to you. Remember that you’re not obligated to repay the amount and therefore you may feel free to compare the rates that different structured settlement companies are offering you.
How much will you need to pay to sell off your structured settlements?
You need not worry about having to pay any money while selling off your structured settlements. This is for you to know that no structured settlement company will charge you any kind of advance fee before you begin the process of selling your structured settlements. If you agree to sell off your settlements, the processing fees and other legal entities will require being fully disclosed. If such fees are to be taken, they have to be deducted from the settlement amount that you get.
Is it necessary to pay taxes on the payments of the structured settlements?
As you know that taxes are a part of life, they will be deducted from any income that you and your household earn. Within a given tax year, if you receive any payment by selling off your structured settlement, you need to pay taxes on it. It is always wise to figure out how this added payment will affect your present financial situation.
Thus, if you’ve incurred debt and not got much positive results from debt settlement, you can sell your structured settlements in exchange of cash. You can utilize the proceeds in paying off your multiple financial obligations and lead a debt free life.
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 structured settlement sales.
Tags: cash for structured settlement, sell payments, sell settlement, sell structured settlement, selling payments
