Simply put, those who sell structured settlements exchange structured settlements for cash upfront because some unforeseen circumstance or event occurred from when it was initially put in place. If you’re somebody receiving settlement payments owed to you on an ongoing basis but suddenly has a need to receive a lump sum payment, selling is probably your only option. You may have been receiving small regular payments which are gradually increasing your obligation. It could also be that you’ve been paying too much money, which is causing problems with your budget.
Whatever the case, you now have other options at your disposal. You have the option of selling structured settlement payments, rather than having to pay out what you’ve already earned. It can be done in a number of ways, with one of the most popular being putting up a selling order. Essentially, what this means is that you agree to receive a sum of money rather than the full amount over time. It works best for people with the longest term medical bills, such as folks who were injured in a car accident and received large medical bills after the accident. The reasoning behind putting this type of arrangement together is to ensure that the person doesn’t have to take out loans to pay their medical bills, which would essentially result in them having to sell structured settlement payments to fulfill their obligations.
Another option, to sell structured settlement payments is via court approval. There are two reasons why this might be the case: either the person isn’t able to meet their financial obligations anymore, or they don’t want to take on the financial risk of a sale. In the case that you can’t meet your payments, you don’t want to have to take the risk of a court decision ordering you to sell. This can obviously cause problems, especially if you’re in a situation where you don’t know when you’ll get paid again, or when someone decides to foreclose on your home or property.
If you’re looking to sell structured settlement payments, the easiest way to go about it is to try and find someone you can trust to make the deal for you. For instance, you might have heard of a couple of companies in your area that buy structured settlements, and there’s probably a good chance that they’re able to help you. Of course, you need to know that there are no guarantees, so you should also inquire as to whether or not the person you’re buying from has any prior legal issues. You can’t rely on the company alone to make sure that the process goes through, so you’ll need to do some research in this area as well.
One other option to sell structured settlement payments is via a lawsuit loan. Basically, this involves taking out a loan against the settlement in exchange for a fee. Depending on the circumstances of the case, the loan company may be willing to waive certain fees, or even completely write off the entire settlement in exchange for a fee. A few companies will do this if you have a good relationship with them, while others may not, so you should look around and see what interest rates you can get. This is another good reason to use the services of an attorney.
Overall, you can easily sell structured settlement payments for either medical expenses or a lump sum of money. The process is relatively simple, but you do need to know the ins and outs of the entire process in order to truly be successful. While there are a lot of companies out there ready and willing to help you with selling your payments, you need to check into the various options thoroughly before making any final decisions. Knowing what you’re getting into will really make things easier for you, so make sure to do your research before deciding which option is best for you.