December 2, 2016
A personal injury can be a life-altering event where a person is not able to function as they used to and this can lead to trauma, stress, and an inability to remain financially stable. There are thousands of people who are put into positions such as these on a regular basis, and it becomes pertinent to find a way out.
This is where structured settlements come into action as a viable solution for claimants. The premise behind a settlement of this nature is to resolve personal injury claims in a structured manner. A set of payments are allocated in the claimant’s name based on what both parties have agreed ensuring a lump sum isn’t required, but funds are still provided to those in need. This compensation is necessary and will take into account one’s income (before the injury) and what the lawsuit claims.
This will create a consistent stream of money for the claimant to live off of while they’re recovering even if the condition is a long-term one. This ensures both parties come to a complete settlement that works well and provides sufficient value to the claimant as desired.
For some, the settlement is an incredible reality and can ease some of the concerns of a personal injury and its impact on the body. However, it is possible to sell structured settlement payments to acquire a lump sum instead of having to wait. There is a process in place to ensure this is done legally and in a manner where one can get a fair amount of money for their settlement.
Let’s begin with the process of selling the settlement once it has been established. There are five steps in the process before a person can get the deal sealed and passed through.
It’s a simple process ensuring a person can get things done legally where all parties are aware of what’s taking place and the amount being received. The motivation to do this is to ensure a lump sum is being acquired in the long-run rather than having to wait for the scheduled payments to come through one by one. Most people are not willing to wait for long periods to get the funds they require.
Now, beyond the lump sum, why would a claimant want to get the money through this method? It begins with being able to take the money and invest it for long-term growth. Most individuals who are dealing with a personal injury have continued concerns, which will make it hard to earn money for a long time to come. This is an excellent opportunity to eliminate some of the waiting periods and start investing in what one deems best for their fiscal future.
Another benefit comes from being able to plan based on the entire amount rather than having to wait for money to come in. Most people will have debt on their shoulders and might want to make those payments immediately rather than letting the interest rate get out of control. If that’s the case, it becomes better to go down the path of making the sale. It will take away most of the risk and enable a person to move forward with their life having all the pieces in their hand.
This is where selling the settlements makes a lot of sense.
The next step for the claimant is to find a good company that will go through with this process and remain reliable at the same time. Some companies purchase these settlements, and they’re popular options for those who want to play things safe and get the deal in place immediately. It’s important to know what is required to find a good deal and move on with life.
What should a person be thinking about when choosing a structured settlement company? There are multiple factors to ponder over when it comes to finding a good agreement that will work for both parties and give you favorable results in the long-term. The first thing to look for is reliability because you will want things to move along at a good pace where you get cash as soon as possible. You want the court and judge to be passing the agreement through, and when a trustworthy company is on your side, these things move along rapidly giving you the funds when you want them rather than having to wait. Go through these details and choose a good company that will have value to add and will give you a good deal.
There are three good companies on the market right now for a claimant to consider. These companies are called JG Wentworth, Peachtree, and SenecaOne. Here is a little review on each to determine what they bring to the table for those who are intrigued.
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