There are companies that specialize in getting you cash for structured settlement payment or annuity payment plans that you may have. If you have been involved in a personal injury lawsuit, you may have reached a settlement agreement that brings you a large award, but doles it out in smaller amounts over time. This means you receive a guaranteed income of those amounts each month or year, until the full amount has been paid. Some settlements even result in payments for a lifetime, which can be a lot of money.
The purpose of the structured sum is to benefit the recipient by assuring they have money income on a regular basis, for a certain period of time set out in the mediation meetings where the settlement was reached. Some settlements are structured even for small amounts, over time. There are certain tax advantages that may occur if you take the settlement over a long period of time, rather than in one big lump sum, so you end up with more cash in the long run.
Still, there are circumstances that arise that make you wish that you had taken the lump sum.
It is never too late, because there are companies who can give you, in effect, a cash advance on your future settlement income. They buy out all or part of your settlement, and you get cash now. They do charge a fee, in the neighborhood of ten to thirty percent. They take on the risks of possible future inflation that will make the money worth less than now, and they advance you cash now. It is a bit like a payday cash advance loan, but for a lot larger sum of money.
Since the settlement is a legal agreement, in many states it is necessary to get a judge to approve any changes, or cash advances against the settlement.
This is for your protection, to see that this action is in your best interest in the protective eyes of the court system. If someone has large, ongoing medical expenses, it may not be the best thing to do. If you want a down payment to buy a home, it may be a good thing to do.
If you take a full lump sum of cash for your structured settlement payments, you are responsible for using that money wisely, and in your interest, because you will no longer have that guaranteed income to rely upon. Getting cash for structured settlement payment or annuity payment plans can be a real help. However, be sure to check around for the best deal, and the most reliable advance company, before you do anything. It never hurts to be extra careful with money.
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