Cash For Structured Settlement
A structured settlement is advantageous to the company paying it out, as it allows them to spread the cost out over time. For the recipients of these rewards, it allows them to avoid the taxes that would normally be associated with a single lump-sum payment. However, if you would rather receive your payout within the next 45 to 90 days, there are five important steps that stand in the way of making this happen.
5 Steps to Receive Cash for Any Structured Settlement
Step One: Find a legitimate company to help you- A qualified settlement company will care about your needs, both short and long-term, and work to get you the cash at the lowest cost (fees) to you.
Step Two: Find out if you qualify- There are a couple of reasons why you may not qualify to cash-in on your remaining settlement. This includes being dependent on your monthly payments to live, such as with a workers' compensation plan, or that you do not have enough funds to cover the cost of the transaction.
Step Three: Receive a disclosure statement- This is the statement between you and the company, describing the provision of the deal you are about to embark upon. It should include any costs, including the fees you will be required to pay. Ideally, a good company will have minimal fees.
Step Four: Enter a transfer agreement- This will be the actual agreement that comes out of the disclosure statement, which describes the terms of cashing-in your settlement early.
Step Five: Receive approval from a judge- To protect you from walking into a deal that is not in your best interest, it is necessary for the company to hire a lawyer, who will explain the details of your case to a judge in a court of law. Once the deal is approved, the cash will be wired to your account within days of transferring the remaining payments.
You never want to rush into a settlement plan without making sure that you are getting the best deal possible. However, If you are pressed for time as the result of a personal tragedy (debt, medical expense, etc.), this process can be streamlined with the help of an experienced company, and we're here to help.
To learn more, see our guide on how to sell structured settlement payments or try our buyout calculator to see what your annuity settlement might be worth.