Structured settlement recipients often have an immediate cash need, such as for unforeseen medical expenses or to pay off debts. Selling their structured settlement payments is an option that can help them meet these financial needs.
It is important to research if you are considering selling your structured settlement. You should get multiple quotes and shop around for a buyer that will provide you with the best deal.
1. Get a Free Quote
If you`ve received a structured settlement for personal injury, you may be wondering whether you can sell your payments. This is a great way to receive cash in return for your payments, and to use it to pay any financial obligations you may have.
There are many options available when it comes to selling your structured settlement. These include a full sale, selling a specific number of payments, or selling a percentage of each payment.
https://www.fortunate-accident.org/
Your first step in selling your structured settlement is getting a free quote. You can compare prices from several companies to determine which one suits your needs best.
After you accept a quote, the buyer will start the selling process. This typically takes about one to three months. You will then receive your money.
2. Meet with a Buyer
You can sell your structured settlement to get cash out and pay off debt. It`s important that you do your research to understand all options and make an informed decision before making a final decision.
One of the best places to start is by examining real feedback from previous and current sellers. This can help you choose the right buyer for your situation.
Once you`ve shopped around and received multiple quotes from different buyers, arrange a court date. This is for your protection, as judges must approve the sale.
Your financial records, such as bank statements or medical bills, will be required. This will show the judge that you are financially struggling before the sale is approved.
You`ll also need to bring evidence that your reason for selling your structured settlement is in your best interest. For example, if you`re planning to start a business or expand your existing business, you`ll want to include a business plan and estimates of the cost for the new equipment you`re planning to purchase.
3. Get Court Approval
Selling your structured settlement requires a judge`s approval, which can take up to 45 days. The judge will evaluate your reason for selling and consider the transfer`s impact on your long-term financial situation.
It is crucial to get court approval for a structured sale because it will ensure that your best interests are protected, that you follow all federal and state laws and that the funds have been spent responsibly.
The factors that a judge considers when deciding whether or not to approve a sale include your reasons for wanting to sell, how the sale will affect your long-term financial goals and how the transfer will impact your dependents.
The court approval process for a structured settlement sale can take months, and it`s important to plan well ahead of time. You should prepare to appear before a judge on the date you have been assigned.
4. Get your cash
Whether you are facing financial difficulty, struggling with debt, or just need a lump sum of cash, selling your structured settlement is a good way to get out from under a burden and take care of some immediate expenses. It also can provide you with peace of mind and help you manage the stress that looms over your financial future.
When you sell your structured settlement, you will receive a lump sum of cash up front in exchange for the rights to your future payments. You have the option to either sell the entire settlement or a part of it.
To purchase your rights to future monthly payments, the company to which you sell your structured settlement will offer a discount rate of usually between 9% to 18%. It is important to shop around for a discount rate because it will affect your total payout.