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After being injured, you go to court and sue for damages. You end up winning. However, instead of getting your money in one lump sum, you get it through structured settlement payments. For you, this means a smaller amount of money over a longer period of time. Nothing will change that arrangement unless you decide to sell your structured settlement.
Don’t make a move just yet, though. Before you do anything, think about what you would be missing with your structured settlement payments. For example, many structured settlement payments are tax-free. This may not necessarily be the case if you sell them, since the conditions of the agreement would change. Consequently, you may end up owing Uncle Sam thousands of dollars.
Budgeting concerns are another reason why you might want to keep structured settlement payments. If you are a big spender, you probably won’t be able to handle a large sum of cash at one time. With structured settlement payments, you will always get a stream of income, even if you spend everything you have during the time you receive your money.
However, on the other side of the spectrum is the fact that structured settlement payments can be quite limiting. Large purchases are pretty much out of the question, even if you won $1 million. True, you can try to get around this by saving up your payments, but what if you need money right now? If you sell your settlement, you’ll get tens of thousands in a matter of a few weeks. You won’t have to put off your dreams because you don’t have enough money.
This does not mean that you should sign up for the first company that offers to buy your settlement. You need to get a lawyer to help you find a business that will operate in your best interests. If you don’t, it is possible that you could lose much of your money. Even in the best of scenarios you can pretty much expect 20% of your settlement to go to the company that you’re doing business with. The percentage goes up if you work with an entity that is shady.
In conclusion, structured settlement payments aren’t necessarily a bad thing. If you want guaranteed income for several years, they are the best option. Otherwise, you can consider selling them to get the money you need for today’s expenses.
What else can I help you with?
What is structured settlement funding?
A structured settlement is the payments you are receive from a settlement in wrongful death or injury case. Structured settlement funding allows a company to "buy" the future installments of the settlement from the payee. The payee then receives a lump sum from the company and the company receives the future payments.
How could one obtain cash for structured settlement payments?
One can obtain cash for structured settlement payments from any of the legal financing companies. Structured settlements is a periodic payments of funds. It is received as a claimant of injured party.
When is a good time to get a structured settlement?
A good time to get a structured settlement would be whenever is most convenient. The payments can be done monthly or yearly and the better option would be up to the individual based on their needs.
Can you take out a loan using my structured settlement?
The answer is Yes. You may obtain a low interest loan for your structured settlement. You also have the option of selling partial payments or full payments.
Where can I learn about structured settlement funding?
Structured settlement funding is when a company buys your periodical payments and gives you a lump sum settlement.You can contact JG Wenworth about your structured settlement and peachtreefinanical for help.
What companies are buyers of structured settlement payments in the United States?
There are many companies that will purchase structured settlement payments in the US. One of these companies is Professional Settlement Buyers. However, anyone can technically purchase one, including individuals.
Where can I learn more about cash for structured settlements?
You can learn more about cash for structured settlements at at www.jgwentworth/Structured-Settlement/Sell-Structured-Settlement.aspx. They explain what a structured settlement is, and how to sell all or some of your monthly payments.
In what year was the Structured Settlement Protection Act enacted?
A structured settlement is a financial or insurance arrangement, defined by Internal Revenue Code as periodic payments. The Structured Settlement Protection act was enacted during 1970s.
When would a structured payment be required?
"Usually, a structured payment is set up as part of a structured settlement." A structured payment is made to a claimant who was part of a structured settlement. They receive payments instead of one lump sum.
How does one sell a structured settlement?
You can sell a structured settlement to J.G. Wentworth. They are one of the worlds largest buyers of structured settlement payments and annuities. They have also handled more than $2 billion in payment transfers.
To which companies can one sell their structured settlement payments?
There are many companies that can sell their structured settlement payments. You can find some by looking online as well as locating these companies in your yellow pages phone book, or in your local newspaper.
How long do structured settlements typically last?
A structured settlement is an alternative method of compensation in personal injury cases. Instead of proceeding with litigation or accepting an all-cash settlement in one lump sum, clients who choose a structured settlement receive a cash portion of the settlement now and periodic payments made through a Structured Settlement Annuity for whatever length of time they choose. They can even choose to receive payments for their entire lifetime.
