Many people who recover compensation as part of a personal injury claim or lawsuit have a structured settlement instead of one large payment. A structured settlement means they have negotiated to receive partial payments on an agreed schedule (e.g., one payment a month for numerous years).
If you are someone who has a structured settlement, but you’d rather receive a large lump sum, there’s an option for you. You can sell your structured settlement as long as your original agreement permits it. Before you move forward, it’s crucial to recognize how the process works, if it’s available in your state, and what to expect after you sell your structured settlement.
Below, we’ll help you learn:
- How to Sell Your Structured Settlement
- Selling a Structured Settlement vs. Getting a Loan
- What to Expect Once You Sell Your Structured Settlement
Get started with our team today. Call (888) 560-6629 to learn how CrowFly can help you.
How to Sell Your Structured Settlement
Before you move forward and try to sell your structured settlement, you should check out our site and learn the laws in your state. Every state has different laws regarding your ability to sell future payments, and we’ll help you understand your options.
Once you know if your state laws allow you to sell, check your structured settlement agreement. If there is a clause within the agreement that prevents you from selling your structured settlement for a lump sum, you may be unable to do so. Similarly, you may not be eligible if your asset is not a structured settlement (e.g., a workers’ comp claim or compensation recovered from social security).
If you are eligible to sell your structured settlement, our team will help walk you through the process. There are several steps to take before completing the transaction, so you want to have an experienced team on your side.
Selling a Structured Settlement vs. Getting a Loan
Some people hesitate because they feel selling their structured settlement is equivalent to getting a loan. However, there are big differences that you should know about. A loan is completed through an organization, such as a bank. With a loan, you have to pay back the amount you borrow, as well as interest. Based on your credit score, you may not even qualify for a loan when you need money.
However, a structured settlement is something you already have with terms. You’re set to receive a specific amount over a period of time from a personal injury lawsuit or settlement. Selling that agreement means you get a lump sum of cash based on the terms of your sale, and you do not need to pay this money back.
What to Expect Once You Sell Your Structured Settlement
Before you sell your structured settlement, you can get an estimate to learn how much you may receive. We’ll help you understand how much your payments are worth in a lump sum. With our team, you have access to a vetted list of eligible purchasers. From there, the process can take about one to three months while going through:
- Signing the documents
- Court scheduling
- Receiving the money
Keep in mind you have options when selling your structured settlement. In fact, you don’t even have to sell all payments. It’s best to speak with our team to learn what works best for you and your situation.
At CrowFly, we aim to give you confidence when selling your structured settlement. With our team, you get lower costs, more transparency, and no obligations. We will connect you straight to buyers who are ready to help you get a lump sum when you need it. Ready to get started? Fill out a form, and we’ll help you understand your options moving forward.