What is A Structured Settlement Cash Payout
Structured Settlement Payout - How To Sell
Sell structured settlement payment and find any easy way out of the cash crunch situation. The recipient of such payment is usually the victim of personal injury, medical malpractice, or worker\'s compensation lawsuit.
The victims are awarded structured settlements instead of a one-time lump sum payout. People are generally happy to receive such settlements, as they are highly secure and tax-free; paid at regular intervals for certain duration, even for a lifetime in certain cases.
Things may not stay rosy forever. There are times in our lives when we face financial binds and one way out of such situation is to sell structured settlement payment.
Is It The Right Thing To Do?
Many people are against people selling their structured settlements. They fear that people will not be able to safeguard the structured settlement cash that they receive in lump sums.
This may be true in some respects, but it is prudent to use the cash payments received from the buyer to get out of a situation that can turn ugly. At times, people may face medical emergencies, or may require cash to payoff their expensive mortgage payments.
They may face mounting debt situation with the debt spiraling out of control. At such times, the option to sell structured settlement payment can be wise.
People have the option to sell the full structured settlement or only a portion of their future payments and get a lump sum payment.
The structured settlement funding can be used to solve the financial crisis. If people are unhappy about selling their settlement, they can sell just a portion of the payment, equal in value to the sum that they need, say $10,000. They continue to receive further payments in future, while their current needs have been satisfied.
The decision to sell structured settlement payment has to be taken after consulting an attorney and a qualified CPA. Be sure to select a reputed buyer, who has experience in the field, has no complaints registered with the BBB and who will not default on the payment.
Equally important is safeguarding the lump sum payout that you received and investing it prudently for securing your future.
Miracle on Highway 259
It was a big day for Carolyn S. She was going to take a test for her elementary school teaching certification. But that morning in 1989 was a rainy one. Since the road conditions were poor, she decided to drop off her son at her mother's house and then proceed down Highway 259 to get to her test.
As she was driving down the highway Carolyn noticed a cement truck swerving on the highway in the next lane, almost as if the driver was drunk. 'Surely not at 10:00 in the morning,' she thought. She passed the truck from behind without incident.
A few miles down the road, stopped at a red light, she saw the truck again in her rear view mirror. It wasn't slowing down! Seconds later the truck, traveling at over 50 miles per hour, slammed into her Toyota.
The drivers in nearby cars were off duty Emergency Medical Technicians (EMTs). Their years of experience told them no one could survive what they had just witnessed. They phoned in a fatality call.
Then a miracle.
They saw Carolyn trying to walk away from the crash. Carolyn suffered massive and severe neck, shoulder and head injuries. As it turned out the driver of he cement truck was drunk, and 100 miles off course to his original destination. 'If only he had stayed on course,' Carolyn thought. 'My whole life would be different.'
Carolyn ended up suing the company that owned the cement truck. She won a settlement of $450 per month and lump sums that started at $5,000 every five years and increased over time.
But recovery from the accident was not the only challenge in Carolyn's life. To make matters worse, her husband left. "I was struggling to raise my son on my own, I bought everything on credit, and soon my bills were just too much. Suddenly, I felt like I would never get out of debt."
Strapped for cash and scared, Carolyn was looking for a solution. "One night I was up late – I couldn't sleep -- and saw a J.G. Wentworth television commercial." At first she didn't realize that she could sell her annuity for cash. Then she called J.G. Wentworth. The account representative offered her a number of solutions which could provide Carolyn with immediate cash and relieve the crushing debt she faced.
In the end Carolyn sold all of her monthly payments, but retained the payments which she receives every five years. In less than six weeks she had her money and was completely out of debt.
"I was very impressed with J.G. Wentworth's professionalism," said Carolyn. "Every step of the process thoroughly explained to me so I understood exactly what was happening. I can't even begin to tell you the difference this has made in my life!"