Hopefully, you’ve never had your day in court. Costs are high, and the process is often highly stressful. Sometimes, even winning a settlement in court can be a daunting, headache-inducing thing to have happen. Often times, damages awarded to an individual are not required to be paid up front in the form of a lump sum, but instead are paid out over long periods of time. This can be a huge inconvenience for most of us, as the costs of participating in a settlement of any kind can leave someone really hurting for disposable income. Luckily, if you’ve been awarded damages of any kind, there are ways to get settlement money now.
There are tons of reasons why waiting around for all the pieces of your settlement might be doing you more harm than good over the long run. To start with, if you’re looking to purchase an automobile, go back to school, invest your money, pay down some debt you’ve built up, or anything else that requires having a little bit of cash on hand, piecemeal installments might not be sufficient for you to do any of those things. It would be much wiser to get settlement money now rather than later.
In the average American household, an adult typically owes about $11,244 in student loans and tuition, about $8,163 in automobile maintenance costs, and over $70,000 on their mortgage. It’s a safe bet for practically anybody that some quick cash would be a huge help.
Getting cash for structured settlements is actually a fairly straightforward and simple process. There are a lot of companies that deal specifically with this sort of situation. These companies will typically purchase your settlement (which could take years to pay off) from you and allow you to have access to a significant portion of it right off the bat — no waiting around necessary!
It’s easier to see why these services are so popular when you look at how courts prefer to deal with annuities. Annuities are basically payments made to someone over a long period of time, usually annually, lasting for a predetermined interval of time or until a predetermined date. The most common types of annuities are 25 year payments, and deals where payments are made until the death of the person receiving the money. It can be hard to reduce debt that you have now with money you won’t receive until 25 years from now!
You aren’t alone, either — about 64 million people in the United States, which is about a third of us, are said to have difficulty paying bills or were otherwise still stuck paying off medical debts in the year 2014. Imagine paying them all off at once and becoming debt free! Get settlement money now rather than later, and you’ll be all that much closer to achieving financial freedom.