Selling the rights to future structured settlement payments is not the right move for everyone, even if they are legally able to sell. Structured settlement arrangements are put in place to give plaintiffs dependable, guaranteed income over many years, and many people depend on those payments. However, sometimes an immediate financial need arises and there is nowhere else to turn to cover it. Here are some of the most common reasons people decide to sell their future structured settlement payments for one lump sum.
1. Major Purchases
Major life purchases might include a home, a vehicle, or starting up a business. Since one structured settlement payment may not be enough to make a sudden, major purchase, it may make sense to sell several future payments in exchange for a lump sum to cover it.
2. Funding Legal Proceedings
As difficult as it is for some people to think about legal proceedings being a reality, they come up far more often than you may think. It can become expensive to pay for counsel upfront, so selling future structured settlement payments may be an option for those who have them.
3. Higher Education
Some people who sell future structured settlement payments do so they can pay for a college education. Tuition can be costly, and the lump sum can cover all or a significant portion of the expenses – rather than taking out a student loan with interest.
4. Medical Payments
Many personal injury plaintiffs receive structured settlement payments after their lawsuits conclude. In addition to the injury-related medical bills that they are already paying, new expenses may suddenly arise, and the future payments aren’t enough to cover them. Selling some of the payments could provide enough money in a lump sum to cover the costs of those new medical bills.
5. Getting Out of Debt
Another reason someone may consider selling their future structured settlement payments is to pay off outstanding debt such as:
- Credit card payments
- Personal loans
- Past due child support
- Auto loans
- Student loans
Are you looking to sell your structured settlement payments to cover an immediate financial need? Reach out to our professional team today. We’ve got the knowledge and resources to help you get the most beneficial results possible. Learn if you’re eligible to sell your future structured settlement payment and how much you can get, and if you decide to sell, we’ll be your guide through the process.
We encourage you to call our team today and speak with our team about your needs: (888) 560-6629.