You’ve probably heard stories about people looking to sell structured settlements, or services offering to buy these settlements, but if you’re like most people, you probably don’t really know what structured settlement payments are — much less why you should be looking to sell your structured settlement. Here’s a brief guide outlining the basics:
- A structured settlement is something that results from a lawsuit, usually as the result of personal injury or extensive property damage, and it’s the agreement that both parties reach when one party files a lawsuit against the other. When the money is awarded, it can either be given in one lump sum or in a series of smaller payments, usually given in monthly or yearly installments, which is a structured settlement.
- The problem with structured settlements — especially when a lot of personal injury has occurred — is that you might not have enough money to cover all of the expenses. Things like medical bills, car payments, and simple daily expenses all add up, especially if you’re out of work for a long time.
- If you decide after the agreement is reached that you want — or need — to have the money upfront, the best option available is to sell your structured settlement to a company that purchases things like lottery payments, annuity settlements, and structured settlements. The company will pay you the cash upfront, which is technically yours already, and will have the remaining settlement payments sent directly to them instead of to you.
- If you’re stuck with a settlement that isn’t enough to cover your expenses, or if you just decide that you need to make a change, selling your structured settlement can be a great option. It’s 100% legal, it’s
completely safe, and selling a structured settlement might just give you the freedom and flexibility you need to make some positive changes.
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