Many times, civil lawsuits never even make it to court. That’s because in the vast majority of civil cases both parties eventually accept a structured settlement agreement that pays the defendants enough money to recoup their losses. Whether your case was the result of an accident, medical malpractice, insurance dispute, or another type of liability claim, your compensation should be all about helping you get better and move forward with your life.
It’s very common for awards from cases like these to be distributed through a structured settlement annuity, in which case you will receive small, recurring sums of money over a long period of time — sometimes as long as 20 years or more. This is a great way to ensure a steady flow of income if you’re otherwise unable to work or provide for your household after an incident.
However, there are times when those small paychecks may feel more like a burden than a blessing. Under certain circumstances, it could be beneficial to get settlement money now, rather than having to wait for that next check to arrive.
Do these frustrating hypotheticals sound all too familiar? Then it’s time to consider whether or not to sell annuity settlements.
But how do you know if it’s the right decision?
You have medical bills to pay. If you received your structured settlement annuity from an accident or injury case, chances are you still have a long road of recovery ahead of you. Pending and overdue medical bills aren’t just stressful; they can actually hurt your credit score.
As many as 20% of credit reports are damaged by outstanding medical expenses, and in turn, the interest acquired on those bills can add up, too. The average American household pays $950 in interest alone every year, an expense that could easily be eradicated by simply having the cash for structured settlement payments upfront.
You’re swimming in debt. Most people carry some amount of debt throughout their lives, but there’s debt, and then there’s debt.
There were an average 3,422 bankruptcy filings per day in February 2015. This is a particularly cruel fate when you know you have a settlement amount waiting to be delivered to you in slow increments over time. If you’re looking for ways to reduce debt, you might want to think about selling your annuity to a financial institution for a lump sum payout.
You’re ready to start over. Moving on after a traumatic injury or stressful lawsuit is difficult, but the money you receive is supposed to serve as a way forward. Whether you’re looking to buy a home, start a business, or move to a new city for a fresh start, a safety net of cash from your settlement can be the security you need to take the next step.
If any of these situations sound familiar, it may be time to think about selling your structured settlement annuity. Talk with 123LumpSum toll free at 1-800-397-6721 today to learn about how you can turn in those small checks for a lump sum to get you on your feet again.