Lump Sum Cash from Your Structured Settlement Payments
by habits on Feb.23, 2012, under investment
Did you know that you can get a lump sum of cash for your structured settlement even after you decided to receive the monthly payments? If you are receiving structured settlement or annuity payments you can call a structured settlement buying company and get a lump sum of cash for your payments.
When you first go through the process of deciding on how you want to receive your payments you probably thought that getting the monthly payments was the best decision for you to choose. Even though I might seem difficult getting a lump sum of cash for your settlement payments doesn’t have to be hard.
From Getting Monthly Payments to Lump Sum of Cash
Sure when you first got your lawsuit settlement or employee annuity the monthly payments seemed like the best option. Getting a monthly income stream for 5 to 50 years does seem like an excellent choice however things do change. What if things have changed for you? Maybe you lost your job, had an emergency, need money for something that just came up. Selling your settlement payments to get a lump sum of money seems like a really great option.
You Don’t Have to Sell All Of Your Structured Settlement Payments
So you now know you need money and just getting the monthly payments will not work for you at this moment. The great thing is with selling your payments you have the flexibility to choose a situation that works best for you. If you only need a portion of your settlement sold to get the money you need you can do so. On the other hand if you need to sell it all you can also to that. There are many structured settlement buying companies that will buy some or all of you payments to get you the money you need.
Make Sure You Know What Fits Best for You
A lot of people will try to tell you what is best for you however you need to clearly look at and study your own personal situation. If you have a hard time doing so you may need to get legal advice or financial advice to make sure you are doing what is in your best interest.
Once you have gone over your financial situation you need to determine if selling some of your payments will get you what you need or if more will be required. Please remember that you never get the total value of your settlement winnings when you take the lump sum of cash option.
If you have $100K and need to sell it all you may only end up with 50-79% of the value of the settlement. So this is also something you need to take into consideration that you will lose out on some of the available payments.
