What does this mean exactly?
Quite simply, a structured settlement is when you get the money over a set period of time instead of one lump sum. For example, you might receive an initial $10,000 payment, followed by $1000 a month for the next 15 years.
For many people though, this is not a good option, as they need most of the cash now rather than over the coming years. For this reason, getting cash for structured settlement payments has become increasingly popular, as it is more than possible to find a buyer and get most of the money directly into your bank account.
Just be aware, that you won’t actually get all of the money when you sell a structured settlement. To use an example, if you have been awarded $150,000, then a buyer might offer you $125,000 for your structured settlement.
Whether or not this is a good deal depends entirely on your own unique circumstances. If you really need the cash to pay off debts or make other emergency payments, then selling your settlement is often the right thing to do.
However, if your finances are in order and there are no emergencies, then getting the money on a monthly basis is usually the sensible idea, as you will be receiving a nice injection of cash each month, and more importantly, you will end up getting the full amount over the coming years.
Another thing to take into consideration is how good are you at spending your money wisely. Let’s face it, if you have a track record of making wild purchases and not thinking before you buy, then selling your structured settlement might not be the best idea in the world.
Sure, it can seem tempting to get a lump sum of cash so you can buy a fancy car, go on an expensive vacation, and buy designer clothes, but at the end of the day, is this really the best way to spend the money?
Only you can answer this question, and ultimately, only you can make the decision of whether or not you should sell your structured settlement.
Just make sure that you don’t rush into making a decision. Take the time to think things over carefully, and discuss the pros and cons with your family.Read More