Selling Your Structured Settlement without Losing Your Mind or Your Money

A Guide to Everything You Should Know about Selling Structured Settlements

Chapter 2

If you have read our structured settlement guide now you know how valuable a structured settlement can be, how it can provide financial security. But maybe something has changed in your life. Maybe the structured settlement is no longer meeting your needs. Or perhaps it never did. When you start wondering, “are structured settlements good?” you know that they are. You know that they provide security, they protect you from your own poor spending habits, and they can pay the bills. But you also know that you can sell them, if necessary, and that’s ok. But, there are things that you need to know about why you might sell, when it is a good decision, when it may not be the best decision, what the experts say and more. So keep on reading this guide to selling structured settlements.
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Three tales of people who made the right decision to get cash for a structured settlement payment

Is getting cash for structured settlement payments the best decision for you? Well, every day we all make the best decisions that we can with the information that we have. Often, we are fortunate and we make great decisions. Why sell your structured settlement? Because it seems like a smart idea, of course. In this page we talk about three people who made the best decision, to sell, and we consider what you can learn to apply to your situation and make the best decision for you.

Mary Paid off Her Credit Cards

Mary received a settlement a few years ago. Before the settlement she had accumulated about as much credit card debt as she had earned income in a year. Now, Mary is catching up and doing well, but she can’t seem to get those credit cards paid off; she just owes too much. So, Mary sold about half her remaining payments and paid off her cards.

What can we learn from Mary’s story? We can learn that sometimes paying off credit cards by selling your settlement can do two things: first, it can put you in a stronger financial position; second, it can provide peace of mind. Both are important. If you owe so much money that it is damaging you financially and keeping you awake at night then selling your payments may be wise. Suze Orman, financial advisor to the country, says people first, then money, then things. Why sell your structured settlement? So you can put yourself first and relieve your financial stress.

Jason Sold His Payments to Buy a Truck

Jason received a settlement just a year ago, but now he is healthy and back on the job. In fact, Jason just opened his own business. It is going well, but he knows that if he invests in the business, for example buying a new truck, he can get more clients and earn more money. Jason gets cash for a structured settlement payment to buy a new work truck.

This tactic can work for you if you own a business or are training for a new career. Investing in yourself is almost always a sure thing – no one knows you as well as you do! If you know that you can make it, you have the drive, the talent and the knowledge, then take the leap and invest in yourself.

Terry Sold His Payments to Rescue His House from Foreclosure

Terry had a tough last couple of years. His injuries lost him his job and he didn’t work for two years. He scraped up enough to keep the house a float for a while, but now he is so far behind that they are foreclosing. However, Terry has enough money in his structured settlement that he could sell it and pay off the house in full.

This is a good choice for Terry because he can pay off the house in full and his wife is working, easily earning enough to pay utilities, taxes, insurance and groceries. So, if Terry can pay off the house they can live on his wife’s income. If you are in a situation where you know that you can afford the incidentals of the house then selling your payments to buy a new house or save your home from foreclosure could be a great solution to a family problem.

Good and Bad Decisions

If you think, “I want to sell my structured settlement payment” just be sure to take the time to think it through carefully. Strategic Capital recently asked a number of attorneys who specialize in structured settlements cash now transactions what good and bad reasons to sell are. One said that paying off credit card debt was a bad reason; another said this was a good reason. So again, it depends on your personal situation.

When asked about the good and bad reasons to sell, Matt Bracy, J.D., a lawyer specializing in structured settlement and sales, said:

“Ultimately, reasons for selling payments are as varied and complicated as people themselves. For example, you could say it is a “bad” reason to sell payments so you can take a vacation. What if the seller is dying, and this is an effort to spend good time with his family? Imagine a seller’s reason to sell is that she just doesn’t want to get the checks on a monthly basis anymore. At first blush that may seem like a financially irresponsible position. What if you learned that each month she gets the checks, she is reminded of the injury that she suffered, and it has a detrimental impact on her psychological wellbeing? The converse can also be true. What if a seller wants to sell payments in order to pay off debt? That is a common reason for selling, and generally a pretty good one. But what if the payments he is selling would leave him with no way to support himself on a monthly basis, even after elimination of the debt?”

In the end, while Strategic Capital can help inform you, the answer to “do I want to sell my structured settlement payment” is yours, but this is all good food for thought.

Tip #10: Selling your settlement might change your life.

Sometimes selling your settlement is the best thing you have ever done, offering you amazing financial freedom and relief from financial stress. Remember, finances are important but your emotional health is important at all. Selling your settlement could provide much needed stress relief.
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Your Need for Cash Now
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Three Stories of People Who Should have Reconsidered their Settlement Sale
Lesson 10 of 50

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