“When you are being paid a staggered amount of money, over a period of time to equal the total cost of some damaged that have befallen you, this is called a structured settlement”. Structured settlements are very common when the other person cannot pay the entire amount in one go. They are also common if the person claiming them wants to get smaller amounts so that he can account for them better instead of a larger amount that he might spend in one go.
Should you be selling a structured settlement?
My personal opinion on the matter is that you should not since there are a lot of benefits that you could get from keeping one. You would be able to build interest in it, and so receive more money over time then getting a lump sum.
“The only reason someone should sell a structured settlement is if they really needed the money and there was nothing else that they could have done, or no other way to have got the money”.
How do I go about selling structures settlements?
However, if push comes to shove and you are left with no more options, you should probably go for the save and selling structured settlements. Here are the steps that you would have to go through if you are considering selling your structured settlement
There are a bunch of companies that you could approach who would be able to help you sort this out. Make sure that you are approaching the right ones and that do the research that you were supposed to before you go to someone. Other than having a strong online portfolio, please go through testimonials to make sure that their clients were satisfied.
Make sure that you ask them a lot of questions, there will be a bunch of things that you would not understand, make sure that you have everything and every doubt cleared before you begin. Remember the good ones are the ones who go through and clear all your doubts, and don’t just shrug these things off. Generally, it is very hard to find the best structured settlement buyers for your settlement payments, but you can keep the process simple by putting a questionnaire to flush out all the doubts.
“In some cases, you are allowed to get a loan on your structured settlement and there are some companies who would be willing to help you get one”. This means that you would still receive the amounts over the period decided upon the structured settlement contract but you would be able to take a loan on the entire amount. This means you would then be able to pay off the loan by going through the amounts that you are receiving.
Obviously, since you are taking a loan, interest and other amounts will make the amount of the structured settlement seem insignificant and you would need some amount above that to clear everything out.
Very often, when you are selling out, you might have to pay charges as high as ten percent which is called the surrender charge. You would have to deal with this since you are breaking your contract and selling out, now if you look again, you would notice that the amount you would be losing is a lot more and you have to ask yourself if it even makes sense anymore. In the end, I just want to mention that structured settlements investment is such an outstanding and fruitful investment to secure the future prospects.