After being involved in an accident, work related injury, or other event that resulted in getting money from another party, you may have decided on getting your money through a structured settlement. This means that you have decided to get your money in certain increments over a period of time. This can be a very beneficial decision, as it provides tax breaks and allows you to have peace of mind that you money will be there when you need it. However, as beneficial as structured settlements can be, things may occur that require you to need the money from your structured settlement all at once. Events like this include buying a home, funding a college education, paying off debt, or starting a business. Whatever the reason is, there is a way to sell your structured settlement, and get your money faster.
If you have a valid reason to sell your structured settlement, then you have already completed the first step. After you make the decision to sell, find out the current value of your structured settlement. You can either do this through a financial advisor, or use a value calculator found on many websites. Once you find out the value of your settlement, it is time to do a bit of research.
You need to decide which company you want to sell your settlement to. You can research online or through a phone book to find companies that buy structured settlements. Make sure you look for reputable companies who specialize in buying settlements, and have a good rating with Better Business Bureau. You can do this research online or through a financial advisor. Make a list of three to four companies that you are interested in, and call or go online to receive quotes from each of them. If you go online, you will fill out the companies’ forms to receive the quote. After deciding which quote best suits your financial needs, contact the company and tell them that you wish to move forward with them.
After deciding on a company to work with, it is time to talk with a lawyer. You may already have one from receiving your structured settlement in the first place, so you many want to work with them again because they know about your specific situation. Go over the contract from the company you have decided to sell to, and make sure it is exactly what you are looking for. See if there is anything you don’t agree with. Your lawyer will help you through this process, and advise you if they see anything problematic.
The final step of the process is so have the sale approved by a judge. After consulting with a lawyer, they will file wither with the court and schedule a hearing. You will need to prove that you need the money now rather than in structured settlements. Usually this process goes through quite smoothly.
After the settlement is approved, the court will send over the documents to the company you are selling to, and they will get you the money you need.