Did you know that 79 million Americans have problems with medical bills or debt? Rarely do these bills get paid through a legal structured settlement.
If you were lucky enough to win a structured settlement to help with medical bills and debt caused by an accident, you might be tempted to sell it for a lump-sum payment.
Can buyers of structured settlements help you? Keep reading to find out.
The Role of Buyers of Structured Settlements
To understand if buyers of structured settlements can help you, you need to know the role they play.
When you contact a structured settlement purchaser, they will provide you with a quote of how much they are willing to pay for your future structured settlement payments.
A representative will contact you, provide you with the quote, and explain the buying process. If you have questions, ask them during this consultation.
You can accept the structured settlement quote amount, but the selling process is something only a judge can approve. As you move forward with the sale, you and the company will file paperwork in your state court.
You can choose to have a lawyer represent you during the court proceedings.
Once the judge approves the sale, the buyer will pay the client the agreed amount lump-sum payment for receiving structured settlement payments.
Can This Process Help You?
A structured settlement buyer won’t offer you the complete amount that your structured settlement payments are worth. However, you will receive the full amount they do offer upfront instead of waiting on payments.
This process helps those who need cash fast. For example, those who opt to sell their structured settlement might do so for the following reasons:
- Make a major life purchase (car, business, house, etc.)
- Pay off debt
- Pay off medical bills
- Pay for a funeral
- Fund a divorce
- Finance college education or pay off student loans
Before finding a company to buy structured settlements, consider how selling will affect you in the long term. If you need those future payments to pay current bills or put food on the table, selling is not a good idea.
Finding a Reputable Structured Settlement Company
Buying structured settlements is a common business practice so you’ll have a variety of companies to choose from. Keep in mind that there are scammers out there claiming to be buyers.
If you choose to sell your structured settlement payments, find a reputable company. Look for these factors to ensure you aren’t getting ripped off:
- A good rating through the Better Business Bureau (BBB)
- Few complaints with the local Attorney General’s office
- Few complaints through online rating services like Google Reviews
- Excellent customer service
- No hidden fees
Wepaymorefunding.com is a great option for those who want to sell their structured settlement payments for cash.
Should You Sell Your Structured Settlement?
If you rely on structured settlement payments to pay the bills each month, selling is not going to benefit you in the long run.
If you don’t necessarily rely on the payments you get from your settlement, you can sell it for a lump sum to fund a different life endeavor. Buyers of structured settlements can help you in this case.
Take what you learned from this guide to find a reputable structured settlement company and don’t forget to come back to this blog for more great tips.
