Before and After: The Process of Selling a Structured Settlement
Over 37,000 Americans use money from structured settlements each year to support their incomes, creating a financial safety net that allows them to live a bit more easily. However, life happens, and when it does, it comes with a price tag. Selling a structured settlement can help pay for these life events, but before you decide to sell your structured settlements, there are a few things you should know.
Reasons to Sell
Before you can get cash for your structured settlement, you need to be approved by a judge, which is a good thing. This check ensures that structured settlements are sold only for reasonable purposes, and not for materialistic wants that haven’t been thoroughly thought out. Some of the most common reasons judges allow people to sell their structured settlements include: getting out of debt, home repairs, buying a new home, purchasing a new car, medical bills, further education, or starting a new business.
The Process of Selling
First things first, you need to get a quote from a structured settlement company, which will purchase annuity settlements for up to 10% of the negotiated amount. They’ll ask you to complete some paperwork, review it when done, and then schedule a court date. After you’ve been approved in court, you’ll receive the money within 30 to 45 days, though it may take as long as 60 days to get the payment.
Selling a structured settlement might seem a bit scary, but everything will be fine. Research shows that 92% of people who sell their structured settlements are satisfied with their decision. Plus, you’re protected. There are 47 states in the country that have structured settlement protection acts.
Selling your structured settlement is a good idea, just so long as you do it for the right reason. If you have any questions about selling your structured settlement, feel free to share in the comments.