When you win a lawsuit or become a major lottery winner, you can receive a structured settlement. This means you earned a large sum of money, but instead of a single payment, you’re given the money over time.
The amount of time depends on the settlement agreement, but it can be decades if the sum is large enough. Many times, this isn’t convenient for people because they have medical and other debts that need to be remedied right away.
You can sell your settlement and receive the money in a single lump sum, but not every lender is created equal. Learn the best way to sell your structured settlement, lottery win, or annuity.
Take Care of Your Debts Now
You don’t get a choice of how much money you get with a structured settlement, so if you’ve built up debt from medical bills, loss of work, or other problems, the monthly payments may not be enough to settle accounts.
Late bill payments or loan defaults can lower your credit score and cause undue stress on you and your family. Selling a structured settlement can take care of your debts and make life easier.
What is Selling Your Structured Settlement?
Structured settlements can take decades to completely payout, but you can sell your structured settlement to get a lump sum. Once you’ve been given the settlement agreement or if you’re confident you’ll win the lawsuit, then the lender can purchase the structured settlement.
Buyers like JG Wentworth give you a lump sum minus any finance charges and they take over the structured settlement. They receive the payments you would have received.
You get the money to pay your debts and enjoy your life. It’s like a loan, but the payments are taken care of by someone else.
Considerations for Selling an Annuity
The benefit of an annuity is you’re guaranteed the money for years. If you’ve been injured and can’t work, the annuity is income you can count on. Also, many times annuity payments from lawsuits can’t be taxed by the state and federal government.
You can also receive an advance on an annuity if it looks like you’ll win the case. This can help you take care of immediate debts. You can sell all or part of your annuity.
Many times, people are given the option of a lump sum or annuity. Once the decision has been made it can’t change, so selling your annuity is the only way to get a lump sum after the decision was made.
Check Out Your Structured Settlement Options
Many people are willing to purchase your structure settlement. You can shop around to find the ones that provide you the most money. Before choosing a buyer, make sure they’re reputable by checking out reviews online.
Lawsuits can take months or even years to finish. If you can’t receive income, then you’re adding debt every day. Selling your structured settlement can help you when you need it.
If you want more information about structured settlements, then explore our site.