Did you know that the average American has over $90,000 of debt? This could be in the form of a mortgage, personal loan, or the result of medical expenses.
If you need debt help, what can you do? Some have chosen to receive a large sum of money in the form of a structured settlement, but then found themselves in unexpected debt.
How can you access this cash which is rightfully yours? Why not read on to find out how how to sell a structured settlement?
How to Sell Your Structured Settlement
If you need debt relief, knowing how to sell structured settlement arrangements can give you fast access to cash.
The first thing to remember is that you are not canceling this arrangement. In order to cash in your structured settlement, you will need to sell it to a buying company known as a factoring company. They will give you cash upfront rather than a settlement deal.
How Long Will it Take?
When selling a structured settlement, there are several steps that you must adhere to. These are part of the legal process and cannot be expedited in most cases.
First, you must find a factoring company that will purchase your agreement. You will also need to get legal approval. In most cases, this requires that you appear before a judge.
While this may seem to lengthen the process unnecessarily, it is actually in your best interests. The process is deliberately slow to allow you to think about your decision.
Further, you appear before a judge so that they can confirm that you are not being pressured to make this decision. They want to be sure that there is a genuine need for this cash.
For these reasons and more, the process of selling your structured settlement may take a month or more.
What Will You Say to the Judge?
When selling your structured settlement cash you will need to go to court to meet with the judge. They will judge as to whether your need of receiving this money is justified.
If you are looking to pay for unexpected medical expenses, they are likely to approve your request. However, if you provide unclear reasoning or want to take money that will be needed for medical treatment in the future, they may not accede to your request.
The important thing is to think it through carefully and present a clear and logical case to the judge.
How Much Will You Get?
If you are looking for structured settlement debt relief, many companies will be interested in working for you.
However, there are a number of factors that will influence how much you will get for your structured settlement. These include your age, the amount of the settlement, the state you live in, and more.
Remember that you made an agreement with a structured settlement provider. Now, you are selling this arrangement to a factoring company. Each company that handles your settlement will take a cut. Hence, you should expect to receive less than the overall amount you were first awarded.
How to Get Debt Help and Much More
If you need debt help, selling your structured settlement is a great way to get hold of capital without getting into further debt. By following the steps we have outlined today, you can get the full benefit of your compensation without having to wait for further installments.
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