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Tips on Selling Your Annuity or Structured Settlment

Does It Make More Sense to Get a Loan or Sell Your Structured Settlement Payments?

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Life has a way of throwing curve balls at the most unfortunate times. When it does, it could leave you with a tough decision on your hands. Let’s say, for example, that you get sick and incur significant medical bills. Medical debt is one of the leading causes of bankruptcy in this country. And, in most cases, you can’t exactly control when and how you get sick. Even if you do have good insurance, you will still have to worry about co-pays and other costs not covered. See what we mean? This is just one of many scenarios that could cause you to desperately seek cash as soon as possible.

Should You Sell Your Structured Settlement Payments?

If you are in need of cash now and have a structured settlement from settled lawsuit in the past, you may be wondering if you should sell some or all of them to make ends meet and get rid of your debt. The first thing you should know is that you won’t get the full value of your payments. However, the trade-off is that you get cash now. Additionally, a judge must approve the sale, so you will need to work that out with the buyer before you take it before a judge.

Still, though, selling your structured settlement payments may be a better option if the only other option you have is applying for a loan. Unless you have excellent credit, you may have to pay a high interest rate on a personal loan that could end up costing you thousands more. Plus, you are taking on more debt to pay off debt, which is generally not a good idea if you can avoid it. The underwriting process for a loan application can be quite stressful as well.

So, in many cases, your best choice would be to sell your structured settlement payments if you can do so. Just remember that the buyer matters in this type of transaction as you want to get the most money possible for your payments. We would highly encourage you to contact us today to learn more about your options and to receive a free quote on your structured settlement payments.

Topics: structured settlement