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. You should get multiple quotes and shop around for a buyer that will provide you with the best deal.
1. Get a free quote
If you`ve received a structured settlement for personal injury, you may be wondering whether you can sell your 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. There are three options: a complete sale, selling a certain number of payments or selling a percentage.
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Get a free quote as the first step to selling your structured settlement. 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. After this time, you will receive your cash.
2. Meet with a Buyer
You can sell your structured settlement to get cash out and pay off debt. It`s important that you do your research to understand all options and make an informed decision before making a final decision.
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 to protect you as the judge must approve the sale.
You`ll need to bring proof of your financial status, such as bank statements and medical bills. 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. If you plan to start or expand your business, you will need to provide a business plan as well as estimates of the cost of the equipment.
3. Get Court Approval
Selling your structured settlement requires a judge`s approval, which can take up to 45 days. The judge will review your reasons for selling and assess the impact of the transfer on your long-term financial position.
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.
The factors that a judge considers when deciding whether or not to approve a sale include your reasons for wanting to sell, how the sale will affect your long-term financial goals and how the transfer will impact your dependents.
The court approval process for a structured settlement sale can take months, and it`s important to plan well ahead of time. You should prepare to appear before a judge on the date you have been assigned.
4. Get your cash
Whether you are facing financial difficulty, struggling with debt, or just need a lump sum of cash, selling your structured settlement is a good way to get out from under a burden and take care of some immediate expenses. You can also get peace of mind and manage the stress in your financial future.
In exchange for future payments rights, you will receive a lump amount of cash when you sell your structured settlement. You can choose to sell your entire settlement or just a portion 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.