Structured settlement recipients often have an immediate cash need, such as for unforeseen medical expenses or to pay off debts. These people may be able to sell their structured settlement payments in order to meet their financial needs.
It is important to research if you are considering selling your structured settlement. It is important to get multiple quotes so that you can find the best possible deal.
1. Get a free quote
You might be curious about the possibility of selling your personal injury settlement payments. This is a great opportunity to get cash in exchange for your payments and use it to meet any financial needs that you might have.
There are many options available when it comes to selling your structured settlement. These include a full sale, selling a specific number of payments, or selling a percentage of each payment.
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Your first step in selling your structured settlement is getting a free quote. You can compare prices from several companies to determine which one suits your needs best.
After you accept a quote, the buyer will start the selling process. This typically takes about one to three months. You will then receive your money.
2. Meet with a Buyer
Selling your structured settlement can be a way to free up cash and get out of debt. However, it`s important to do your research and understand your options before deciding.
One of the best places to start is by examining real feedback from previous and current sellers. This information can help you decide which buyers are best for your situation.
After you have compared prices and received several quotes from potential buyers, set up a court date. This is for your protection, as judges must approve the sale.
Your financial records, such as bank statements or medical bills, will be required. This will show the judge that you are financially struggling before the sale is approved.
You`ll also need to bring evidence that your reason for selling your structured settlement is in your best interest. For example, if you`re planning to start a business or expand your existing business, you`ll want to include a business plan and estimates of the cost for the new equipment you`re planning to purchase.
3. Court Approval
Selling your structured settlement requires a judge`s approval, which can take up to 45 days. The judge will evaluate your reason for selling and consider the transfer`s impact on your long-term financial situation.
It is crucial to get court approval for a structured sale because it will ensure that your best interests are protected, that you follow all federal and state laws and that the funds have been spent responsibly.
A judge will consider several factors when deciding whether to approve or deny a sale. These include your reasons for selling, your long-term financial goals, and the impact on your dependents.
It can take several months for the court to approve a structured settlement sale. This is why it is important to plan ahead. You should prepare to appear before a judge on the date you have been assigned.
4. Receive Your Cash
Selling your structured settlement can be a great way to relieve financial pressure, pay off debts, or simply get cash for immediate expenses. It also can provide you with peace of mind and help you manage the stress that looms over your financial future.
In exchange for future payments rights, you will receive a lump amount of cash when you sell your structured settlement. You have the option to either sell the entire settlement or a part of it.
To purchase your rights to future monthly payments, the company to which you sell your structured settlement will offer a discount rate of usually between 9% to 18%. You should shop around to find a discount rate, as it can affect your total payout.