Structured Settlement Funding Can Help Pay Your Bills - DRB Capital
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Have your loan payments gotten to the point where you can’t keep up? Even though you’re making timely minimum payments every month, do you find that it’s challenging to make any sort of progress? If you’re receiving structured settlement payments, selling your structured settlement payments can help pay your bills. The following are some other ways to help lessen or get rid of debt, which can also be made more feasible through structured settlement funding:

Create a Plan

monthly budgetMake a list of everything you owe, and be sure to include all details, such as the required minimum payment, payment due date, and interest rate. This will give you a clear picture as to just how much you owe on all your loans and credit cards, which can make it easier to make a debt repayment plan.

While looking at your list, you’ll want to come up with a strategy that determines how you want to tackle your debt and which accounts to pay off first. For example, you may want to begin with eliminating your balances from smallest to largest, or you may want to begin with the account that has the highest interest rate. As you work on creating a debt repayment plan, consider the benefits of structured settlement funding and selling future structured settlement payments for a lump sum of cash.

Pay More than the Minimum Payment

If it’s possible, pay more each month than just the minimum required payment, especially when it comes to high interest loans and credit cards. If you only pay the minimum, the money mostly goes towards interest, which means you won’t make much progress in bringing down your overall balance. Every little bit helps; even if you can just pay an extra $20 every month, you’ll get rid of that debt much quicker. Structured settlement funding can also give you the money you need to make larger payments.

Don’t Ignore Your Medical Bills

medical billing statementBecause medical bills may not arrive for weeks, or even months after you went to a doctor, they sometimes come as a surprise. This unexpected expense can be tempting to ignore, especially if you have more urgent financial matters to take care of. But it’s important not to ignore the bills completely. If you’re experiencing financial difficulties, at the very least you’ll want to call your doctor’s office and explain the situation. If you completely ignore your medical bills, they could be turned over to debt collectors, and the unpaid debts would appear on your credit report.

Check the Charges Carefully

Did you know that a lot of bills contain errors? Medical bills, in particular, often contain errors that may result in more than you owe. As such, it’s important to thoroughly look through your bill before paying it, even if it’s a long-overdue medical debt. Some patients are accidentally charged for the same procedure or treatment twice—others have been charged for a treatment or service that they didn’t even receive. If you have health insurance, you’ll want to check carefully for billing errors. For example, you may be in a lot of medical debt because your doctor’s office is claiming that your health insurance policy doesn’t cover your past office visits. But this could simply be because your doctor’s office billed your insurance carrier with the incorrect code. If you believe there might be billing errors, bring them to your insurance carrier’s attention.

Attempt to Settle for Less

You may have another option for taking care of your debt if you owe a significant amount that you can’t afford: Ask if you can settle the debt for less than what you owe.  For example, if you owe $4,000, but can only afford to pay $1,000, make an offer and see if they are willing to accept it. Depending on what you owe and what you offer, it could be a long shot, but it’s worth a try. Make sure that they are willing to mark the debt as satisfied and paid in full if they’re willing to settle for less.

Make Timely Payments

make payments on timeIt’s very important to make sure that the bills for your loans and credit cards are paid by the due date each month. When you miss a due date, late fees may be added to your balance, making it that much more challenging to pay off your debt.

Your interest rate may also increase. To avoid missing due dates, consider automating your bills so that your bank account is automatically debited each month on time.

Transfer Balances

If you have any credit cards with low-interest rates (or you’re eligible for a credit card that offers a low APR or comes with a zero percent introductory offer) you may be able to transfer the balances from high-interest credit cards to the accounts that have lower rates. The fewer payments you have, especially if the interest is lower, the easier it can be to get rid of debt. If you are getting a credit card that has a zero percent introductory offer, just remember to take note of what that interest rate will be once the introductory period is over. Unless you plan on paying off the balance completely by that time, you may not want to open that extra credit card account if the APR will skyrocket once that introductory period is up.

Contact DRB Capital

Another way you can get rid of your debt is by working with us to get a lump sum of cash and taking advantage of structured settlement future payment purchasing. Contact us today at 877-894-4541 to learn more about the different options available, to learn more about the process, and to receive your no-obligation quote!