How to Get a Lump Sum for Your Settlement

If you’ve been offered a settlement for an injury or other claim, you may have been given a structured settlement. Instead of receiving a large one time lump sum, you will receive your settlement in increments. This can be anything from monthly to yearly payments depending on your structured settlement agreement. For people who feel they would benefit more from a lump sum, there are options.

Difficulty: Moderately Easy

Instructions

1. Decide of selling your structured settlement is beneficial for your situation. If you depend on the cash increments you get as part of your monthly support, selling may not be for you. If you need money for immediate debt, medical expenses, to buy a house or other major buy, selling your structured settlement might be for you.

2. Make a plan for any money you will receive if you to decide to sell a settlement. Many people go through a lump sum quickly. Be sure to have a budget before you get your money.

3. Be aware that a lump sum will most likely be smaller in the long run than a monthly or yearly payment. Look into all fees, taxes and the fact that companies that buy structured settlements factor in inflation on your settlement.

4. Shop around for the best deals. Many companies like J.G. Wentworth and Strategic Capital will help you with all the necessary paperwork you need for the process of selling a structured settlement, saving you the headache of court dates, papers and confusion. Most businesses can get you a lump sum in around six weeks.

Tips & Warnings

• You can sell just a part of your settlement. You do no have to sell the entire thing.
• Get quotes from several companies before you decide to sell your structured settlement.
• Check all companies with the Better Business Bureau or FCC before doing business with them.

Resources

• J.G. Wentworth
• Strategic Capital

[jull14]

on 7/12/2009 Excellent article and very helpful for many here at ehow. Thanks for sharing with us, keep up the good work. I really love your articles, they are very helpful and provide easy steps to follow.

[JesaLynn]

on 10/29/2008 Awesome tips, very informative. 5 stars!