Do ou Wish You Would Have Decided on a Lump Sum Payment?


Cash for settlement

A structured settlement is a legal agreement where an amount of money is paid out as a monthly or yearly payment, rather than receiving the amount in a lump sum. Very often a structured settlement has certain tax advantages for the recipient. It also is a savings for the payer because they do not have to disperse all of the funds at once. The structured settlement concept became popular sometime during the 1950s and 1960s.
While many people take a structured settlement as a way to extend the winnings that they may receive in a lottery or as a settlement in a lawsuit, many of these same people regret their decision. As monthly bills grow and compound into large amounts of debt, it often seems foolish to have a large amount of money that can not be accessed. In fact, a recent American International Group (AIG) survey indicated that as many as 65% of respondents wish they had made a different choice. The high percentage of these people say they would rather have the entire lump sum instead of smaller structured payments paid out over many years.
People who are considering the change from annuity payments to a complete pay off often have some similar questions:
My structured settlement seemed like a good decision at the time, but I now wonder if there is anyway that I can get a hold of this money now?
If you need access to your cash up front, instead of waiting for payments to come in slowly over time, you will be thrilled to know that there are several specialty finance companies who can make your wish a reality. On average, it can take as many as 45 days to receive funds after selling a structured settlement. Some programs can get you the money faster for an additional fee. Some specialty finance companies also offer the opportunity for a pre settlement cash advance.
Will I have to pay a large penalty if I sell my structured settlement plan?
There is a penalty that is deducted if you sell your structured payment plan and take the cash at once. If, however, you are making charges on high interest credit card payments while you wait for the slow arrival of your monthly structured payment plans, getting your money up front is often a very good decision.
If I am carrying a large balance on several credit cards does it make sense for me to see about cashing out my structured settlement plan?
Unfortunately, nearly two of every three Americans are living paycheck to paycheck. If you are part of the 27% of the people in this country who have absolutely no savings at all, or if you are one of the 40% of families who spend more than they earn, it may indeed be time to reevaluate your choices. Making the decision to get approved for pre-settlement cash as your first step to eliminate debt may indeed be a very wise decision.
Contact a specialty finance company about the possibility of trading your structured settlement into a lump sum payment that can immediately improve your financial situation.
References. Find out more at this site. Continue.

Leave a Reply