Approximately 95% of personal injury cases settle pretrial and end up offering the victim a settlement. Receiving a settlement from a lawsuit is one of the most common reasons people end up with structured settlements but need payment now.
If you are saying, “I have a structured settlement, ” it might be from a lawsuit, too. You might even wonder what you can do to turn it into cash. Fortunately, there is a solution for you to consider. To learn how to convert a structured settlement into cash, continue reading to learn what it involves and how to do it.
Sell All or Part of the Structured Settlement
The best way to convert your structured settlement into cash is by selling it. You can sell part of it or all of it, depending on your reasoning and needs. Selling it involves finding a company that purchases structured settlements. When you find a company like this, call them and tell them, “I have a structured settlement and I need cash now.” A company that buys these will walk you through the steps of turning your settlement into a lump sum of cash.
The Process for Selling a Structured Settlement
When you decide to cash out a structured settlement, you must go through a process. The process is not necessarily difficult, but it takes some time. The first step is asking a structured settlement buyer for a quote. They will ask you some questions about your investment, and they will then research it.
They will present a quote to you for a cash payment for part or all of your structured settlement. You do not have to accept the payment if you feel it is not high enough. You can shop around for quotes, too.
When you find a quote that is high enough for you to accept, you can let them know that you want to cash in your investment. They will prepare the paperwork, and you will need to get court approval before they pay you.
Reasons to Sell Yours
When you request approval from a court, the court will probably evaluate why you are selling your structured settlement. They do this to ensure that you have a good reason for selling it.
Some people sell theirs to have more cash on hand to use for their medical bills. Other people want to cash theirs in to have money to use to pay their bills, debts, or loans. People also cash theirs in when they want to travel, buy something big, or invest their money into some type of business or stock.
I Have a Structured Settlement and Need Cash Now
If you are interested in turning your structured settlement into cash, contact a lender and tell them, “I have a structured settlement.” They can help you find the best way to get the most cash for your annuity.
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