Structured Settlements: The Advantages of Selling Your Payments
Here's the situation: you have a structured settlement, but you need a large chunk of cash right now to cover an unexpected expense. You've heard that there are companies that will pay lump sums of cash in exchange for your structured settlement payments. Is this a good idea? That really depends on your situation. For some people, selling their settlement payments is a no-brainer; for others it can be a really difficult decision; and there are people who just shouldn't be selling at all.
Because structured settlements are meant to secure a long-term income, the original idea of most of them is to balance the loss of potential income due to injury. Selling settlement payments takes the income control out of the hands of the settlement makers and puts it back in the hands of the individual. J.G. Wentworth can help you get cash now.
What are some good reasons to sell structured settlement payments?
There are several reasons to sell. You can pay off high interest credit cards, unexpected medical bills, a home mortgage or even pay for your child to go to college.
Why take away the security of a recurring payment?
A structured settlement offers a long period of payments at a fixed value. This means that the value of the payment goes down over time because it doesn't adjust for inflation. By taking a lump sum payment, you get the present value of your money now.
Does selling a settlement result in a tax burden?
In most cases, no. If your structured settlement is tax exempt, as long as the sale complies with federal and state statutes governing the sale of structured settlement payments and the judge on your case approves the sale, no additional tax burden will be assessed.
What about starting a business?
While this isn't the most common reason for selling settlement payments, it can be considered as an option. If you have a business idea but don't want to hassle with the bank for a loan, selling your settlement payments can allow you the liquid capital that you need to initially fund the business.
Get your paperwork started today with the representatives at J.G. Wentworth who are here to help. Soon you can begin your journey to getting cash now for your structured settlement payment stream!
Call J.G. Wentworth at 1-866-908-0630 to discuss your unique situation or fill out the Free Quote form.