If you’ve heard the term “structured settlement” before and you’ve always been curious about what it is, basically it’s an amount of money that’s awarded to someone who has experienced a personal injury. Only, rather than getting a large sum all at once, they are given regular tax-free payments over a certain amount of years.
The reason why some people opt to sell their structured settlement is because sometimes their monthly amount is not enough to cover a bill or expense. When that’s the case, they tend to use the following five steps to get more money from the settlement into their hands:
Do some research on structured settlements. When an individual is thinking about selling their structured settlement, the first thing that they tend to do is read as much as possible on the topic. Thankfully, there is a lot of information online that can help you to better understand the pros and cons that come with making this kind of financial decision. One of the websites that offers this kind of information is StructuredSettlement-Quotes. Go to the site and put “pros and cons when you sell structured settlements” in the search field. If you also have any additional questions, it’s always a good idea to speak with an attorney, too.
Shop around for the best deal. The next thing that you will need to do is shop around for the company that will offer you the best deal. The main reason why it’s so important to consider more than one is because some companies charge higher fees than others. Therefore, you want to find the kind of company that will result in you getting a really high percentage of your sale. One website that offers you a list of different structured settlement companies to choose from is PayMaster.co. Go to the site and put “structured settlement companies” in the search field.
Make the decision to sell. Even once you find the company that you want to sell your structured settlement to, you are still going to need to get the sale approved by a judge. One thing that the judge is going to have to do is approve your reason for selling your settlement. And so, really take out some time to think about the reason why you want to sell it. Also, be prepared to provide proof that by doing so, it will not put you into future financial jeopardy.
Go with the company you like the most. Say that you were to speak with someone who works at the Dolphin Asset Group about buying a structured settlement. If you were trying to choose between a few different companies, one thing that the individual would probably tell you is to go with the one that you like the most. It needs to be the company that has a great reputation, that shares with you all of your options (including the fact that you don’t have to sell all of your settlement; you can sell only a portion if you’d prefer) and the one that makes you feel comfortable about the decision that you are making.
Wait for the sale to be approved. Once you have selected the company that you wish to sell all or a part of your settlement to, you will then have to fill out some paperwork (which will include your annuity policy, your agreement and proof of I.D.), submit it to a judge, and wait for approval. Once your sale is approved, the monies will then be sent to your insurance company so that it can then be wired to you. For more information on structured settlements, visit Annuity.org and put “structured settlements” in the search field.