The Advantages of Receiving Cash For a Settlement
Today, many Americans are struggling to pay their debt off. This debt might be in the form of credit cards, medical debt, student loans or many of the other commons sources of debt. Debt is not anything new, but it does become a problem when you?re owed money; money that you could be using to pay off that debt. A common way to pay out settlements is in the form of a structured settlement. The concept of structured settlements emerged in the mid 1950s and 1960s. It was provided as a way to extend your lump sum payment. Some people enjoyed the idea of receiving many monthly payments over one large amount of money. Today, however; this system isn?t as favorably accepted. Many people are stuck with debt and bills. The ability to pay down or to eliminate debt is often better than making small monthly payments to it, causing more in interest over the years of the loan.
Fortunately, structured settlement owners now have the ability to receive cash for a settlement. There are companies available who are willing to purchase these structured settlement payments. They will take over the payment that you are receiving, and in turn; they will provide you with cash for a settlement. This allows you to receive all of your money at once in a large lump sum. There really are many benefits to receiving cash for your settlement. Firstly, it is your money and you should have access to your settlement cash, in any way that you prefer. Secondly, the ability to receive a large amount of money can enable you to not only purchase items that you desire, but to also pay down debt and to cover your current living expenses. The biggest advantage of selling your annuities is that you can receive larger amounts of cash now instead of waiting for five, 10, 20 or more years for an annuity to reach maturity. Additionally, it is wiser to sell your annuities (instead of surrendering them), because you will avoid surrender charges. Surrender charges are typically explained in your annuity contract and they typically range between 7 and 15% of the amount that you plan to withdraw out of your annuity.
Receiving cash for a settlement is actually a pretty simple process. After you find a company that you are comfortable working with, you will provide them with your structured settlement annuity information. This is your contract which will state the monthly payments that you are receiving, your termination percentages and your length of annuity. After all of your information is taken into account, then you will be provided with a quote for your annuity. This quote will reveal the amount of one large payment that you will be receiving. It will also outline any advantages that accepting this amount will provide to you. There are many options for those with structured settlements who wish to receive cash for a settlement.
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