Selling a structured settlement is not an easy decision. When a person has a structured settlement, they have already gone through a tragic circumstance, an accident that had to be settled with an insurance company out of court. Add on top of that medical bills and mortgage payments and feeding children and a person can feel like they have problems coming at them from all sides. Selling a structured settlement is a way for them to alleviate some of these problems.
A structured settlement can be any out of court settlement that is over $100,000. Either side of a conflict can request a structured settlement, though it is mostly the insurance company who requests, and the victim is strongly encouraged to go with the structured settlement. The insurance companies likes structured settlements for a variety reasons. It allows them to offset their costs. If they had to pay all of their claims all at once they would go bankrupt. The insurance companies will also invest the money that belongs to the victim, making profit of of other people’s misfortunes.
When a victim decides to sell a structured settlement, they must convince a judge that selling is in their best interests. While a victim may not see why they have to do this, they should remember that while the insurance company is only looking out for themselves, the judge is doing what he thinks is right for the victim. Some reasons the judges will allow for selling a structured settlement are home or car repair, debt consolidation, furthering education, or even a dream vacation. These are not the only valid reasons, of course. When a victim signs with a structured settlement buyer, they will help guide the victim to what they need their structured settlement for the most.
This is not a short process, but it is not very long either. It can take two to three months between petitioning the court and completing funding. During this time, the buyer of the structured settlement may give the victim things like cash advances or pre-paid cell phones. If this is something that the victim thinks they need, they should make sure to shop around and not take the first deal that falls in their lap.
Though selling a structured settlement may seem like a daunting challenge, it really isn’t. All it takes is a person who knows what is wrong with their life and the desire to change it.