How to Get Cash by Selling Structured Settlement Payments
Posted December 17, 2009 – 3:05 am in: sell structured settlementsIf you are receiving a structured settlement, you should note that it is possible for you to get cash upfront by selling structured settlement payments. Receiving payments each month on a settlement you were awarded may not be what you had in mind. If you would rather have all of the settlement in one lump sum, you can get it by selling the settlement.
There are companies which specialize in buying settlements. Their sole business is contacting individuals who have been awarded a large settlement, and offering them the chance to get their entire award up front minus a fee. This fee is basically a percentage of the award, and varies depending on the agency. Usually you can negotiate the amount if you do not take the first offer.
The best way to sell a settlement is by using a broker. The settlement broker should be one who is experienced, in order to get you the best offers. Not only can a broker get you more money by negotiating, they also contact agencies for you. The broker notifies the agencies on his list, and lets them know you are a motivated seller. This means you can have your first offers literally in hours upon hiring a broker.
You should know that once you agree to sell, the entire transaction does not happen all at once. In fact, depending upon where you live, it could take two or three months before you have a check in your hand. Local and regional laws differ on the legalities of buying and selling settlements. For this reason, it is highly suggested you use either an attorney or a settlement broker for the process. It would also behoove you to consult your accountant or tax attorney for the full details on how this transaction can affect you.
Selling structured settlement payments is a good way for you to get your settlement all at once. You just need to be well versed in what to expect. This is where a broker or attorney can help ensure you get the best deal possible.
