Since the Periodic Payment Act of 1982, structured settlements have been a popular choice for many personal injury victims when receiving their settlement. Structured settlements offer tax-free payouts of compensation through an annuity issued by an insurance company.
While there are many benefits to structured settlement annuities, they can also serve to harm you as well. You should consider selling your structured settlement if you are currently facing tough financial times and need money fast. If this is the case, you need to choose a reputable financial service, like Silver Dollar Financial, to help you close the sale. Call us today to learn more at (844) 871-0628.
The Main Benefit of Selling Your Structured Settlement Annuity
Structured settlements are known to be notoriously slow. That’s part of the trade-off for its tax benefits. You won’t get the money fast and have to wait years to get all of your settlement. This may be beneficial for budgeting and other reasons, but what happens when you need money now?
Selling your structured settlement annuity provides you with quick access to your funds. You don’t have to wait for slow payments to trickle in. That only worsens the financial situation you are in. Instead, you can get what is essentially a cash advance that you pay back with the slow payouts you receive. This way, you can cover all of your financial obligations with minimal stress.
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Options for Selling Payments
When it comes to selling your structured settlement annuity, you have two main options:
- Sell the settlement entirely.
- Sell only a partial amount of your settlement.
How you choose to proceed is your choice. Typically, most people opt to sell their entire settlement, but plenty of people also choose to sell only a partial amount as well. Which option you choose will depend entirely on your current situation and how much money you need.
If you choose to sell your settlement entirely, you will get the entire lump sum of what you sell at the discounted rate. All future payments will go towards the money that you receive. The benefit of this option is that you get early access to the entirety of your compensation. You no longer will have to wait for slow payments anymore.
People usually sell their structured settlement annuities partially through a set number of years. For example, you can sell three years’ worth of payments to get a lump sum for those, and then after those three years are up, you will continue to receive periodic payments.
This option is good for those that need just a bit of money fast. It’s also the best way to be as conservative with your funds as possible. Remember, there’s no rush, and you can always sell more payments if it becomes necessary down the line.
How Can I Use the Money I Get from Selling?
Even though the act of selling your structured settlement annuity requires court approval, there are no further restrictions thereafter. You can use the money you get to cover various expenses:
- School and tuition fees
- Living expenses
- Mortgage or rent payments
- Medical fees
- Unexpected expenses
- Repairs and maintenance
It’s your money, so you don’t have to make any justifications or reasons on how you choose to spend it.
How Do I Start Selling?
To get started selling your settlement payments, you need to get in touch with a reputable financial institution. Many predatory lenders out there want to exploit the vulnerable state many personal injury victims are in. They will try to buy out your settlement at a skewed rate and leave you hung out to dry.
Silver Dollar Financial built itself with transparency and honesty as essential parts of our operation. We always put our clients first above all else and will be upfront with everything we do. We will never seek to exploit or manipulate you. Our application process is straightforward:
- Apply online with our submission form or call us today to schedule an appointment.
- Submit your application and wait for our team of financial experts to review it.
- Receive notification from us about your application in as little as 24 hours.
We will work hard and fast to get you a quote. From there, we can discuss how best to approach selling your settlement.
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Court Approval Will Be Necessary
Keep in mind that you will need court approval to sell your structured settlement annuity. Federal and state law under the Official Code of Georgia Annotated (O.C.G.A.) §51-12-71 mandates this.
You should have a good reason to sell your structured settlement annuity. This is more of an “unofficial official” requirement. The main reason why the law requires you to get court approval is to ensure that your sale is not being made under fraudulent pretenses. This is meant to protect you from predatory financial institutions and to uphold the law.
Sell Your Structured Settlement to Us Today
Structured settlement annuities can quickly become a burden when unexpected financial problems arise. You shouldn’t have to be behind a paywall for your money. If you need access to it fast, call us today at (844) 871-0628. Our team is ready to help you learn about all of your options.