Have you been awarded a structured settlement? Often, parties at fault are required to pay a large compensation to right a wrong. Structured settlements are often awarded due to a medical malpractice suit, personal injury, or wrongful death.
Structured settlements are put in place so the awarded party does not spend the money too quickly and to ensure that the payments are guaranteed from the wrongful party. But what if you need money now? What if you want to purchase a house or invest your money somewhere else?
Sell Structured Settlement: Watch for Costs and Fees
Companies such as We Pay More Funding will buy your structured settlement so you can receive your money faster. Typically, companies will take a portion of your awarded money for convenience fees. Different companies charge different fees.
You will want to ask how much of your gross settlement will the company be taking for associated costs and fees. If you Google “sell structured settlement,” various companies will populate. You should figure out which one will give you the best deal so you can get the most out of your awarded money.
There Are Options to Selling Your Structured Settlement
You do not have to sell your annuity contract in full. You can sell a portion of your payments for a lump sum of cash. For example, if you are receiving 15 years of payments, you can sell all the payments for years five and six. Once the sixth year has passed, you will continue to receive your payments.
You can also sell some of your annuity payments for a set dollar amount. For example, if you need ten thousand dollars in cash, you can sell the annuity payments to the company until they receive the ten thousand (plus fees). After they have regained their cost, your regular payments will continue.
