Sell My Structured Settlement Payment
My clients often come to me and ask "should I sell my structured settlement payment" and I always give them the following advice. If you absolutely need a lump sum of cash to pay for some immediate need like medical expenses from an illness, to pay off high interest credit cards or perhaps to avoid foreclosure on a home, then selling your structured settlement payments for cash might make a lot of sense.
You must of course be careful with the money you receive, use only what you need for that short-term financial emergency and then wisely invest the remainder for your long term benefit. David Millers has some good advice for people considering just such a move as he explains in the following article...
Should I Sell My Structured Settlement Payments?
By David Millers
A common question from people who have annuities and structured settlements is, "Should I sell my structured settlement payments?" When you do this you get cash now while the person who buys the payments will collect the future payouts. Here are some things you should consider when trying to decide on selling.
The first is if you need the money now. In some cases it makes more sense to keep the settlement payments because they will give you long term financial security. But in many cases the small payment amounts aren't enough to cover your immediate needs. If you are paying on high interest credit cards, a large lump sum payment would let you pay them off and be debt free. Large medical bills could also be paid off with the cash payment you would receive should you decide to sell your structured settlement payments. If you're unable to work, you may face losing your home or being evicted. A lump sum payment would fix this problem.
Even if you've been happy with your settlement in the past, things change. A new medical problem, a job loss, a move, a new child, or a broken down car might all require you to have cash now. In these cases it makes more sense to be able to pay in cash than to put everything on a credit card. Credit cards keep increasing interest rates making it harder to make payments.
Any time you have a structured settlement or annuity you can settle it for cash. Some of the types of cases include a wrongful death settlement, a personal injury structured settlement, a lawsuit settlement, a structured settlement annuity, or a medical malpractice settlement.
Only you can answer the question "Should I sell my structured settlement payments?". It's important to consider all of your options. You should also trust the company that is buying the payments from you. Make sure they are established and reputable.
When you receive cash from selling a structured settlement payment, be prepared to spend or invest the money wisely. By planning beforehand you will pay off what needs to be paid and will be using the money in a wise manner.
For more information or a free quote on selling your structured settlement payments, contact Professional Settlement Buyers [http://professionalsettlementbuyers.com/]
Article Source: http://EzineArticles.com/?expert=David_Millers
In conclusion, just as David Millers suggests, I would only sell my structured settlement payment if I had a present-day financial emergency. I would prefer to keep a guaranteed long-term stream of regular cash payments rather than settle for a present-day lump sum of cash if I could at all avoid it. The future payments are certain and guaranteed, while the management (or mis-management) and future of a lump sum of cash is much less certain. What would you do if the lump sum payout got spent and there were no future payments coming to you? Your financial future would look pretty grim, that's for sure. So seek professional advice before making such a life impacting decision.