Selling Settlement Payments to Pay Off Debt
If you're struggling to make ends meet and have a structured settlement, sometimes selling your payments can be the answer to taking control of your financial situation and get your personal finances in order.
You might be burdened with student loan debt, trying to pay off credit card balances, or have other bills that have to be paid each month. In some cases, you might even be deciding which bill you'll pay each month.
Can selling my payments take care of my debt?This depends on the size of your debt and what your settlement payments are worth at present. In most cases, we've found it's helped individuals. You can learn more about determining the present value of your settlement and what it's worth here.
Can selling my payments take help pay for college?Many have found this path help themselves or their children. By paying tuition costs in advance, you actually save by avoiding future increases in tuition. Additionally, by doing so you might avoid paying late fees, or avoid student loans which can take many years to pay off.
Are selling my settlement payments the right move?While receiving structured settlement payments each month has its advantages, if the above situation about being in debt sounds similar to your own, you might consider the advantages to selling your settlement payments.
Let's start with the negative aspect, that being once you sell your settlement you would no longer receive monthly payments. If you're unable to work due to a personal injury then this may not be the right choice. However, are you aware that you can sell a portion of your settlement? This might be all it takes to pay off some of that debt while still retaining monthly payments.
The upside to selling your settlement payments has several advantages. You would receive a lump sum of cash, which could help you pay off that debt. Depending on the amount you receive, you might be able to start a business to further secure your finances and create a steady income stream.
Each year thousands sell their structured settlement payments for an assortment of reasons. From home or car repairs to buying a new home/car, paying for their child's tuition, or other unexpected expenses.
But the main reason most sell their payments comes down to taking care of their bills and debt, which can reduce monthly expenses and make life just a little bit less worrisome and more enjoyable.
While everyone's situation is unique, only you and possibly your financial advisor know whether this is the right move for you. If you've weighed your options and are interested to sell your structured settlement payments, then apply for an Instaquote to use our calculator and get an idea of the present value.