Thinking About Selling Your Settlement?
You have a settlement and have been receiving payments each month from it. The payments have been just enough to cover bills, but then something happens and you need more money than what you’ve been receiving regularly. There will come a time to start looking at the settlement and thinking about selling it. Before you do just that, there will be a lot of questions that will come up. You may wonder, “How much will I get? What will it cost? How long do I have to wait?” You’ll find your answers to each question in this article.
The biggest part of selling your settlement payments is the questions that come with the process. Selling the payments is something that should be carefully reviewed and understood.
Some of the questions that arise from selling include:
- How Much Will I Get? When selling your settlement payments, it will depend on the company that you choose. Each company will have a general percentage of the settlement they will pay. Some will be higher than others, but you cannot expect or anticipate receiving all of your settlement payments. When selling, the company must be paid, and their services will be taken out of the overall amount that the settlement is.
- What Will It Cost? This is also dependent on what company is used for the selling transaction. When you work with a company they will have a set fee for this type of transaction and this will be scrutinized by the judge before the sale of your settlement payments is approved.
- How Long Do I Have To Wait? If you are the type of person who doesn’t like to wait, then selling might not be a good idea. The typical sale of settlement payments takes 18 – 90 days. This is due to the fact that paperwork has to be filled and filed with the court system. Selling settlement payments must be done through the court system, and when all paperwork has been filed you must go to court. The judge will look over your case and then decide if the sales transaction will be approved or denied. Once this happens and you are approved to sell your settlement payments, the company you used will then pay you within a couple days.
- I Have My Money, Now What? The nice thing about selling your settlement payments, is that once you have a lump sum, you can do what you need to with the money. There is no stipulation requiring that the money be used for specific things or on specific items. Just remember that this money is now taxable, whereas the settlement payments were not.
Make a Wise Decision
If you are looking at selling your structured settlement, you need to do research and look around to see what companies can work for what you are wanting to do. Selling a structured settlement isn’t hard, but there are many things that have to be factored in when considering to do so. From cost to sell, the amount that you will receive, to the length of time it can take, all of these are deciding factors.
Making sure that your settlement contract will allow for you to sell it is something else that should be looked at. Sometimes settlement contracts have a clause in them that states that they cannot be sold until a certain age is reached. Most times,however, these contracts don’t have any clause and can be sold whenever the holder of the settlement chooses.
It’s your money and you can do with it as you feel you want to. No one can tell you differently. Selling your settlement payments can be a good move if the money will help to take care of past debts or bills that arouse. Just be smart and do your research before you sell.Call Us Today
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