Like many you probably took the monthly payments when you were awarded your lawsuit settlement. Most plaintiffs decide that the best way to secure their finances is to make sure that they are going to be getting the income stream over an extended period of time. However there are cases and times when you will need a lump sum of cash and the only way to get the funds you need will be to sell your future structured settlement payments.
Yes, You Can Actually Sell Your Settlement Award Payments
Many people are under the perception that it is against the law to sell structured settlement payments. These are payments that you have legal rights to which means they are yours to do as you please. While many own payment rights few realize that this is an option for them to get the money they need when times are hard.
A numerous amount of individuals choose to try and get a loan from a bank or even worse paydays loans that either require good credit or installment payments. You have a source that will give you the money you need without have to pay anything out of your pocket and no credit needed.
The Process of Selling those Lawsuit or Annuity Payments
When you are thinking about selling your settlement payments the first things you need to consider is how much you need, how much you actually have left on your settlement and how quickly you need the funds. These should be the first questions you ask yourself after you ask, do you really need the money in the first place.
Once you have decided that you truly need the money and have answered the other three questions it is time to find some structured settlement buyers and get a quote.
Finding Structured Settlement Buyers and Getting a Quote
One of the easiest and fastest ways to find structured settlement buying companies is to do an Internet search. This is by far the quickest way and gives you the most options. You don’t have to worry about finding companies that are local since everything can be done by Internet, phone, and/or fax. Search online and five the top five companies you are comfortable with. Read reviews and make sure you search to see if the companies have any types of complaints and proceed forward.
After finding the top five companies submit your information to them all to get a quote on the amount you want to receive. You will either get an email or a call from a settlement specialist who will go over there process and collect more information from you if any is needed. Also note that at this point you don’t have do choose any company and can change your mind at any point if you no longer wish to go any further. If you are happy with the company you can fill out the necessary paperwork and head to the court hearing.
Don’t be alarmed because structured settlements are both regulated on the federal and state level all sales of payments must be approved by the courts. This is more so to make sure that people are not being taken advantage of and lose the money that is supposed to help them through for an extended period of time.
Once Approved Cash Lump Sum Will Be Deposited
After the hearing if your settlement sale is approved the judge will grant the structured settlement buying company the ok to receive specified annuity payments and put the funds into your account. The money can be deposited into your bank in as little as 7 business days if not sooner. These process of selling your settlement payments can be done as many times as you want as long as you have the funds available to cover the amount you are seeking. It is worth saying however that you should carefully examine your situation to make sure you are doing the correct thing and that the sale of the settlement payments will be beneficial and not cause problems for you further down the road.