When the reason for an urgent financial need is health-related and the loved one is in bad shape, a lot of sacrifices are made including the disposal of our possessions and assets. Settlement payments are not included in this case.
Structured settlement payments are forms of legal payout where an injured party is given monetary compensation after a lawsuit. These structured settlements are in the form of a series of payments over the agreed period of time. The aggrieved party thus gets a steady stream of income for a long period of time. There are cases, however, when a structured settlement's assurance for a steady source of income is set aside for a more important immediate financial need.
In such a situation, a person may find himself needing a lump-sum for an unexpected expense. Or it may even come in the form of a simple impulse due to a big ticket item that might have caught their eyes on.
We have to recall that settlement payments are sometimes the output only of a bigger situation beforehand. The settlement provides a remedy after a main problem which usually underwent legal battle. Settlement, thus, can come as a form of recompense to alleviate some accident suffered by the injured party.
In most situations, the injured party receiving settlement payments suffer from serious medical conditions. It is not far that such conditions might require certain treatments or medications which are very imperative after the person has settled the case. In such desperate times, a long-term payout might not work well as the individual might need a big amount for an operation or an expensive medical treatment. They might need some instant money and selling off the structured settlement is one of the best options to have access to such a big amount.
It had to be carefully noted, however, that selling the future structured settlement payments will take some time because of the notification from several parties involved with the proposed transaction. The whole process of successfully selling a settlement will roughly take 6 to 8 weeks.
It is not always an easy decision to sell something that is connected to a supposed comfort and security in life, especially if it affecting our financial life. And selling the structured settlement itself is a process that needs some help and expertise of professionals. Surely, it is not an easy decision to make.
Lastly, it has to be remembered that there many processes to be done before the transaction is completely finished. For the sale to continue, it should be authorized by a state government agency and the seller must consult with a professional financial advisor. Nevertheless, it is the perfect time to discuss all the impacts of the proposed transaction.
Settlement Payments are Passive Income you Might not Handle Well
The Passive Income from a Structured Settlement can definitely help one from a certain loss or disability. Selling it though gives access to potentially big amount you can't handle well.
A Win-win Solution with Structured Settlement
Insurance settlements can be complicated. This article discusses how the structured settlement payment plans can provide benefits to both the receiving and the paying parties.
Do You Really Need the Money Now?
Selling your Structured Settlement can be a cause of impulse only. Are you really ready to handle such big amount for a long-lasting purpose? There growing concerns over this matter with settlement recipients that the government and concerned financial experts are making ways to educate the public.
