How to Turn Structured Settlement Payments into Cash Now
A structured settlement is the preferred payout from many legal situations and settlements, but often, you need a large amount of cash initially rather than a smaller amount over a long period of time. If you find yourself in need of money now, you can use your structured settlement to obtain the amount you need to handle legal fees or other emergency or unexpected situations.
Turning your structured settlement into cash is a straightforward process.
Get a Quote
The first step in selling your structured settlement is going to be obtaining a quote. It is always a good idea to get a quote from a few different financial houses before you commit to one. The amount the companies are willing to pay can vary quite a bit depending on the buyout percentage each business uses to calculate the payouts.
Reach an Agreement
Once you've found a company you're comfortable with, you'll start the process of actually selling your structured settlement. This will require some paperwork on the part of the company and some waiting for you. It can take up to three months to actually receive the cash from selling your structured settlement, and that is primarily due to the legal requirements and documentation.
You will complete a contract with the financial house you're working with and turn over any required documents. Since every situation is slightly different with structured settlements, you may need few documents and get your cash in a matter of weeks, or it can be more complicated and require a bit more time. Working with a reputable, experienced company is the best way to ensure this process goes smoothly.
Enjoy Your Cash
Once the paperwork has been approved, you're ready to get your cash in hand. Once you have your money, you can use it for any purpose you'd like, although it makes the most sense to use the funds for something important like medical expenses rather than something like a vacation or shopping spree.
It is also important to remember that selling your full structured settlement means that you will no longer receive any payments once you've received your lump sum payment. However, if you have opted for partial lump sum payment, you will still receive some periodic benefits after you receive your large amount, but those partial payments will be reduced. Many individuals find that selling only part of a structured settlement is the ideal solution when they need cash now.