Whether you’re new to receiving structured settlement payments or you’ve been receiving them for a while now, you’re probably realizing there is still a lot to learn about structured settlement payments and how they work. More specifically, if you’re thinking about receiving a lump sum for structured settlement payments by selling them, there are some important facts you’ll want to know as you begin the process.
If you’re receiving structured settlement payments, you may want to learn more about your state’s laws that specifically govern structured settlement payments. 49 states, as well as the District of Columbia, have laws that are relevant to those individuals looking to receive a lump sum of money in exchange for structured settlement payments. The specific laws will vary by state, but, they require that anyone looking to receive a lump sum for structured settlement payments obtain permission from the court before the transaction is finalized. It may seem like a roadblock in the process of selling structured settlement payments, but these laws are in place to help protect you and your money, so take comfort in knowing that these laws exist. The process of selling structured settlement payments can be overwhelming for some people initially, but these laws can help offer some peace of mind.
Some people are under the impression that if they want a lump sum for structured settlement payments, they are required to sell all their structured settlement payments at once. However, this is not the case. If you do prefer to cash out your entire payment stream and receive the largest lump sum possible, then you may have that option, but it’s not a requirement. In fact, many payment stream recipients choose to sell just a portion of their future structured settlement payments for a lump sum of cash. This choice can be a win-win for several reasons, as it enables people to get the lump sum of cash, they need to take care of something specific, while also leaving the remaining of their structured settlement payments untouched so that they still have that guaranteed flow of income.
The decision to sell your structured settlement payments isn’t always an easy one, especially when you consider your different options and calculate how much cash you’re looking to receive. But the sale of structured settlement payments doesn’t necessarily have to be a once-in-a-lifetime transaction, and that is what makes selling structured settlement payments so convenient: the freedom and flexibility to sell what you want, when you want.
In other words, if you decide to only sell a portion of your structured settlement payments the first time, you may eventually realize you needed a bigger lump sum of cash. You may have another financial goal you’d like to meet, which requires more money upfront. The good news: selling additional structured settlement payments at a future date is usually easy. In fact, when you work with us the second time around, the process can be even easier and faster since you are an existing seller and we already have all your information on file.
Calculating structured settlement payment value and the sale of payments can be complex and overwhelming, and many people find it difficult to determine just how many payments they should sell in order to accomplish a specific goal. For example, people often sell structured settlement payments to meet major milestones, such as making a down payment on a home, buying a car, eliminating debt, or paying for college tuition. If you’re unsure about how many payments to sell in order to get exactly what you need, we’re happy to help. We can discuss your financial needs and goals, determine how much your structured settlement is worth, how often you receive payments and the value of those payments. Together, we can come up with a plan that helps you meet your goals. Contact us today to learn more about the process, go over your various options, and receive your free quote.