How to Cash Out Your Structured Settlement Payments
Your structured settlement is a series of payments over time. It is possible, however, to cash out these structured settlement payments and get one large lump sum of cash now, rather than waiting ten or twenty years for the complete set of payments.
Many do so for a variety of reasons, from paying off debt or taking care of other financial considerations to making their money work for them. When it comes to a structured settlement annuity payments, this is a form of compensation, and not the best way to have your money working for you.
To cash out structured settlement payments, you'll arrange to sell your structured settlement through a financial company that specializes in these sorts of arrangements. To start the cash out of your settlement, you'll fill out a questionnaire and then get a quote from the company you've chosen to work with. This quote will be the lump sum to buy either all or part of your structured settlement.
Once you have a suitable quote, you'll work closely with the financial company as they go through the paperwork to arrange the sale of your structured settlement. This process can take as little as a month or perhaps a bit longer, but once the legal work is done, you will receive a large lump sum to cash out your structured settlement. If you've chosen to cash out your full structured settlement, you'll be free of the long-term annuity payouts and have your cash in hand now. If you've opted for a partial sale of your payments, you'll have both the lump sum payment as well as smaller, continuing annuity payments.