There are a few reasons why you may want to consider selling your structured settlement for cash now. A structured settlement is supposed to provide you with a steady income, to take care of you and your family. If you are considering selling your structured settlemen, you should weigh the decision heavily. The following are reasons that you may want to consider selling your structured settlement for a lump sum of cash now.
A Financial Emergency Are your credit card bills piling up? Are you in debt up to your eyeballs? Is there a medical emergency or surgery in your family? Are you in a life or death situation? If so, you should consider selling your structured settlement for cash now. Do you want to buy new clothes or go on vacation to get a relief from your stress? If you answered yes, it's probably not a good idea to sell your structured settlement. You should only consider selling if it's a true life or death situation, or if your debt is just too much for you to handle and you need cash now. If there is another possible way to solve an issue or problem, selling your structured settlement might not be the best answer. Again, you should only sell in a true financial emergency, otherwise, hold on to that structured settlement.
You are elderly or Ill If you are elderly or ill, you may want to consider selling your structured settlement so you can give small portions out to your friends and family. Not only would it be a kind gesture, but it doesn't do you any good to hold onto your structured settlement when you could get cash now and hand it out to those you love.
An Investment Your structured settlement is most likely being invested by professionals, usually employed by the insurance company administering your settlement payments. In today's low-interest environment, high-return investments are risky. Remember, when you sell your structured settlement, you will only get a fraction of the amount of money you would have received if you decided against selling. Your new investment will have to overcome that discount rate, which will likely be smaller.
Selling your structured settlement or an annuity doesn't happen quickly. It's a process with many dicey steps. If you are considering selling your structured settlement, be weary of companies that guarantee they'll have the money in your pocket quickly. Find out how long, realistically, you will have to wait for your money before you sell. If these reasons are raising a red flag in your head, you may want to consider selling your structured settlement for cash now.
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