Need To Make Money? Sell Your Structured Settlement
If you have a structured settlement and receive periodic payments, you can make money by selling it. When you sell the settlement, you can receive your money in one lump sum instead of being paid in periodic payments.
Selling Your Structured Settlement
There are many reasons why you may want to sell your structured settlement. You may need to purchase a new home, make repairs on your home, have a child going to college, pay off your debts, etc.
Before you start, you need to decide on how much money you need and then have it approved by a judge. Below are the five steps you can take to sell your settlement.
- You must have a valid reason to sell your settlement. A judge will likely not approve it if will not have any effect on your financial needs.
- Take time to shop around to find the best service and discount rate on your sale. The funding company you use should have your best interests in mind, as well as have enough money to fund your settlement. They should also have experience going through the transfer process through the court.
- Once you choose a company, you will begin the paperwork process. This typically includes a benefit's letter to verify the payments. The company will review all of the paperwork to ensure it is accurate.
- When you finish signing the documents, an attorney files them with the court. The court will then schedule your hearing. At this time, you will have to tell the judge exactly why you need the money. The judge will decide if your need is approved.
- When everything is approved, the judge signs the order and then sends it to your insurance company. They will then transfer the money to you, usually through your bank account.
You should take your financial documents to the court with you, as the judge may want to see them. You should take your proof of wages and proof of the cost of your reason for the money. For example, if you are making repairs to your home, you many need to show the judge paperwork entailing what the costs will be.
How Long Will It Take
When everything is completed, how long it takes depends on your settlement, as well as the state you live in. In most cases, it will take a little over a month. If your circumstances are dire, you may receive the settlement immediately.
Even though the process is long and tedious, selling your structured settlement is a good way to make money when you have an emergency. For more information, contact a business such as John L Lynch Agency.