Options for structured settlements
In case you own the rights to structured settlement payments, you have various options that you may or may not choose to exercise. Understanding what the basic options are, is the first step in determining whether your current arrangement is the best for you. Depending on the damage done you can decide to for cash payment option, where you will be paid the lump sum amount at once. In case you are supposed to be a significant amount of money that the provider can’t afford at the moment, then you can agree on the structured settlement which includes annuity where you will be receiving a certain amount of money monthly for certain period.
How do you Know If you Hold Rights to A Structured Settlement?
Many people know if they hold the rights to a structured settlement, but since the definition can be somewhat broad, you may be unsure. A structured settlement agreement is a financial contract wherein a responsible party is committed to paying you in regular intervals to satisfy a financial obligation to you. Most commonly these are the result of a personal injury lawsuit where the person responsible for injury, damage, and negligence is required to compensate you for your pain and suffering and sometimes loss of property or use of it. The cases that result in structured settlement payments can vary and may include;
Sometimes a lottery winning, gambling or casino win, or another similar large windfall may be structured as a recurring payment made over time rather than a single large payment. Awards that are formed into structured settlement agreements are usually quite large and so are paid out over time at a rate that is supposed to meet the needs of the recipient, while also compensating for damage done.
Where Does Structured Settlement Payments Come From?
Because such large payments would be hard to meet for some payers, and also because the majority of such payments come from an insured party's insurance provider, an annuity is usually purchased to cover them. An annuity is an investment that we buy for less than the actual amount owed and accumulates interest. A combination of interest and principal is used to make the recurring structured settlement payments, and this is the money received by the person receiving salaries.
What Are My Options With My Structured Settlement?
If you do determine that you hold rights to payments, you have the option to sell those rights to a third party if it is deemed in your best interest; by doing so, you can receive a large lump sum of cash at a discounted rate in exchange for a specified number of the payments. There are many ways this can be done, and you can choose to sell all or just some, or a percentage of your structured settlement payments. The process is usually done to satisfy a financial need, such as to pay for unforeseen expenses, recover from financial stress endured during the settlement phase, or to access cash more quickly and gain better control over a more substantial sum rather than wait out accumulating payments.
Options For Structured Settlement
That’s where now our company comes in; we buy the rights to payments at reasonable rates to enable you to enjoy the lump sum amount of money when you need it. There is no reason to struggle to save the little amount of money you receive monthly when we can buy your annuity and give you the whole lump sum amount instantly. Call us for more information.