30 Jul Why You Should Consider Selling Your Structured Settlement Payments
Hopefully, you will never have to take part in a lawsuit involving personal injury, wrongful termination, medical malpractice, or other cases but, as thousands of Americans every year know, sometimes it is unavoidable. In fact, if anything these cases are increasing in the United States. In 2013, for example, medical malpractice lawsuits generated over $3.6 billion in payments, and employment-related lawsuits have grown by 400% since 1995. As unpleasant as this kind of litigation is, it is the only way many people can get the compensation they need and deserve.
However, there is more to winning a lawsuit than meets the eye. Even after winning a lawsuit, it can take some time for the plaintiff to receive payments. Contrary to popular opinion, payments from lawsuits usually aren’t granted all at once. Lump sum payments are rare. Instead, most settlements are paid in installments. As you can imagine, this can cause problems for the plaintiff, especially if he or she has serious medical problems or are no longer able to work. As a result, plaintiffs are stuck in a difficult situation, which goes against the whole point of filing a lawsuit!
There is an option for claimants who want their payments immediately or at least granted in a timetable they are comfortable with. Selling your annuity settlement payments is a great way to see the money you need fast. Financial companies buy structured settlements and use the money for investment. In turn, the claimant gets the full amount (minus the fees charged by the financial company) either immediately or on a schedule they are comfortable with. Claimants can choose, for example, to hold their money for a certain number of years before touching it in order to accrue interest. Of course, lump sum payment are available.
Regardless, the average structured settlement annuity payment is $324,000. More than 37,000 Americans rely on such money every year, and 92% of claimants who sell theirs claim to be happy with their decision. To find out more on how companies buy structured settlements, feel free to leave a comment or question at the bottom.