What is a Structured Settlement?
When you come into a substantial sum of money, such as when you win the lottery, are awarded as a result of an accident or money left to you by a family member of friend, it can often be overwhelming and you find yourself doing one of two things: splashing the whole lot on extravagant and expensive items you could never have dreamed of owning; or putting it in the bank and wondering what on earth you could do with that amount of money to transform your lives.
If this happens, it’s often best that you come up with some kind of plan for the money, and not just in terms of how you’re going to spend it or which account you put it in. You can get cash for structured settlement payment from a variety of sources, whereby you receive a chunk of the money at regular intervals, however you would prefer to receive it, to make things much easier.
The payment structure ensures that the money doesn’t just go into their account and straight back out again in the form of flashy investments, such as cars, and that it is actually used wisely, such as paying off credit cards or any other owings. It also works out well for the company or individual making the payments because it means they don’t have to fork out a lump sum payment all in one go either.
Just because you’ve taken out the payment plan doesn’t mean that you have to abide by it until you receive the last penny. If it turns out that you could do with the money much sooner, such as the remaining 75% after the first quarter has revealed that you aren’t as well off as you once were, (you or your partner may have lost or left your job in that time for instance), then you can sell your structured settlement payment.
This can take anything from two to three months but is obviously much quicker and more efficient when you’re working with a specialist in structured settlements.