Hundreds of millions of Americans experience accidents and end up in the emergency room every year. Many of these accidents result in the receiving of structured settlements.
For the uninitiated, structured settlements are court ruled payments that go to people who receive favorable legal outcomes. For example, if someone was injured in an accident and was awarded 3 million dollars via a structured settlement, they’d get a portion of that amount each month, over a period of time.
The issue with structured settlements is that in some cases, recipients need all of the money they received in a judgment upfront. Therein lies the purpose of this cash out structured settlement post.
Below, we discuss why you might want to cash out your settlement and share brief steps on how to undergo that process.
Why Cash Out Your Settlement?
We’re seeing a lot of people these days opt into the cashing out structured settlement early club, usually for the same reason.
People that are receiving settlements are typically under financial duress. To alleviate that duress, they need to get access to a larger amount of money than their settlement payouts allow for.
While getting your hands on money sooner by finding a company to pay you a lump sum for your settlement can be beneficial, this process also carries problems.
Structured settlements are parceled to last you a long period of time. If you cash out, not only will you have to pay a fee to your settlement buyer but that guaranteed monthly income will no longer be guaranteed.
How to Cash Out a Structured Settlement
Are you still adamant about going through the cash out structured settlement process? If so, we’ve got you covered!
Here are four quick steps that’ll get money in your pocket.
Find a Buyer
To complete the sell structured settlement exercise, you’ll need to find a buyer. Fortunately, there are ample structured settlement buyers you can engage within your community and online.
Just be sure the buyer you find is a reputable one as there are ample fraudsters that exist in the structured settlement market.
Fill Out Paperwork
There is a lot of legal paperwork you’ll need to go through in order to move the sale of your settlement forward. Some of that paperwork may be confusing.
In a perfect world, you could have an advocate that’s skilled in settlement sales help you understand what you’re signing. In a less perfect world, request help from a sales representative from the company you’re giving your settlement to.
Get Court Approval
Structured settlement sales need to be approved in court. That can be an inconvenience since it slows down the process but is also good because judges will ensure that your deal seems fair.
Some structured settlement sales will be vetoed by judges so be prepared for that possibility.
After your court approves your settlement, all that’s left to do is to collect your money. Your settlement buyer will more than likely have the money wired to your account within a week.
Once your money has been received, the sales process is complete.
Your Cash Out Structured Settlement Questions – Answered
The cash out structured settlement process can be an intimidating one. We hope that our team’s brief write-up has shed additional light on things so you can proceed with confidence!
Should you require additional guidance, explore more of the helpful content we have featured in our blog.