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If you?ve been involved in a law suit where you?ve won a payment from a company you may have found it being?delivered?to you in structured settlement payment scenario. While this can be good income wise it?s not good very every person. The reasons for this are many but include things like debt. If your settlement is based upon and injury you could have accumulated a lot of debt whilst waiting for your annuity.
If this is the case with you then fear not ? you?re not stuck getting a small payment. There are companies that will buy your structured settlement from you. This means you will?receive?the lump sum of cash that you need instead of the monthly payments you get now. This can help you fix debt or cover large financial transactions.
You could use your annuities lump sum to start a business, purchase a home, pay off debt, or even just free up cash flow if you?re trying to get yourself ahead of the game. A lump sum could be put somewhere to be earning you an interest rate where as you are earning nothing with it being held some place else.
Usually a company will buy this plan from you for a lump sum, because in the long run its an investment for them. You may lose a small percentage buy taking this deal. If you need the money immediately this is a good option. Make sure to check the details of your annuity buy out before you sign anything.
If this sounds like an option for you then you?ll first need to check your state regulations and rules to see if you?re eligible. If you received your payment based on an injury, lawsuit, worker?s compensation claim, or from an insurance company you are most likely in the clear. It is advisable to consult an attorney and a third party advisory before you sign any legal documents. They can offer you the best options, put you in contact with annuity buyers, and help you tailor your contract to suit your needs.
Source: http://www.pennyseeds.com/bills-and-paperwork/how-to-get-a-lump-sum-for-your-structured-settlement/
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