Are you considering selling your structured settlement for a lump sum of cash? If so, you're not alone. Many people who receive structured settlements from personal injury lawsuits, workers' compensation claims, or other legal settlements opt to sell their payments for a lump sum. While it's important to understand the process and the potential risks involved, selling your structured settlement can be a great way to get the cash you need now. When you receive a structured settlement, you are typically given a series of payments over time.
These payments are designed to help you manage your money and provide financial security in the long-term. However, if your financial needs have changed recently, you may be able to sell some or all of your future payments in exchange for a lump sum payment from a company that specializes in purchasing annuities. In order to sell your structured settlement, you must first get court approval. This is because forty-eight states and the federal government have enacted additional consumer protection laws that set strict conditions when an annuity beneficiary sells some or all of their future payments.
When it comes time to sell these payments, the buying company will offer you a price based on the future value of your payments, taking into account the cost of inflation over time. The amount of the difference between structured settlement payments and the total value of the lump sum offered by the buyer is called the discount rate. You can sell just one or several future payments, depending on how much money you need. In some cases, people regret choosing structured settlement rather than lump sum payment and want to overturn their decision.
According to the court's ruling, people can be denied the right to sell their payments based on their mental health and age. Selling workers' compensation agreements is often complicated by strict state and federal laws, unlike transfers of structured personal injury agreements. Cash advances are not available to residents of Georgia, Louisiana, or Nevada who have a pending transaction with JG Wentworth or any company buying related or unrelated structured settlement payments. When you decide to sell your structured settlement payments to CBC Settlement Funding, your personal customer support representative will review the available options and help you select the one that best suits your needs. Selling your annuity may be an appropriate option for liquid money and financial flexibility if your needs change. It's important to understand that each state law governing the sale of structured settlements is different, and this will affect the time required to complete the transaction. If you're considering selling your structured settlement for cash, make sure you understand all of the details before making a decision.