If you have been stuck with a structured settlement or annuity that is being paid out in small chunks over time, you should know that you have the ability to seize control of your financial destiny. While the lotteries and courts may not want settlement recipients to know this, you have the right to sell your structured settlement for a huge lump sum and start living the life you’ve always wanted.
Upon hearing that they can sell their fixed payments for a lump sum, many settlement recipients are confused as to how the process works. Fortunately, you can bring all of your important questions to a settlement expert who can answer them, as well as provide you with a quote for your settlement.
When you decide to get cash for your settlement now, you’ll never have to wait for another fixed payment again. The money is yours to spend however you wish, and settlement recipients are almost always happy with their decision to get cash for a settlement, meeting all of their dire cash needs. Here are a few of the most important questions that settlement recipients should be asking:
- Can I sell my settlement for a huge lump sum? Depending on where you live, there is a very good chance that it is entirely legal (and recommended) that you sell your structured settlement for a lump sum. Currently, only three states (New Hampshire, Wisconsin, and Washington, D.C.) do not have Structured Settlement Protection Acts, which prohibits their residents from getting settlement cash now. If you live anywhere outside of these three areas, you have the right to sell your settlement for a lump sum.
- Do most people opt for lump sums? Absolutely. When you think about it, there is really no advantage to sitting idle while tiny fixed payments filter into your bank account each month. In fact, in a recent American International Group (AIG) survey, about 65% of people said they would rather have a lump sum instead of structured payments. The money you are awarded in the courts or from the lottery is yours, and you should be in complete control of how and when it is spent.
- What can I do with my lump sum payout? The primary reason that lump sums are so popular among settlement recipients is that it affords them the opportunity to live the life of their dreams. While receiving fixed payments, it’s extremely difficult to enhance your quality of life. The average household credit card balance is nearly $7,200, and paying off these bills can really limit your financial freedom. After receiving a lump sum, you can eliminate debt, put some money in the bank, and even buy your dream house or car.
Talk to a trusted settlement company for more detailed answers to these important questions and a quote on your settlement. Settlement recipients should have the freedom to spend their money however they wish, and selling fixed payments for a huge lump sum is the only way to do just that.