Sometimes payments for structured settlements are great, but other times you need a lump sum of cash now. The motivations for selling payments for structured settlements are different for different people, depending on their life and their goals. Some people want to pay for college and their monthly settlement payments are simply not enough.
Other people want to buy a home outright or they want to start a business, planning to support themselves into the future. And there are other life emergencies as well, such as unexpected additional medical expenses, saving a home from foreclosure, or digging out of high interest rate consumer debt.
Here are some reasons why our clients have decided to sell payments for structured settlements in exchange for a lump sum buyout – see if some of these resonate with your situation:
Glenn Recovers from a Motorcycle Accident
Glenn was hit by a truck while riding his motorcycle; the impact of the collision broke his leg in three different places, making it impossible for him to walk normally on his leg for the rest of his life. In 2007, Glenn was awarded structured settlement payments to be paid out for the next 18 years. Glenn’s leg injury had forced him to be on long term disability payments, which only covered 65% of his regular pay. With two children in college, a mortgage and other ongoing expenses, Glenn was already started to get buried under by debt. Thus, Glenn decided to sell his structured settlement for a lump sum to help pay for his increased family costs at this time. He was able to move on debt free, and is now retraining for a new career.
Robert’s Back Injury
Robert injured his back and neck in a car accident and he was awarded structured settlement payments to be paid out for the next 25 years. Robert’s injuries and the time it took to deal with his personal injury claim meant that Robert was not able to work and so he lost his job. Despite a bankruptcy filed back in 1992, Robert was able to sell his structured settlement payments without any problems. Since he had no other income to support his family, Robert decided to use his payments for structured settlements, getting it in a lump sum, to go into business for himself. Robert is doing well, earning enough money to support his family.
Brett and the Cannon Explosion
Brett was injured by a cannon explosion at a high school football game. As a result, he broke his left leg to the point that he needed to have steel rods inserted into his leg to make the bone grow back properly. Brett was awarded structured settlement payments to be paid out to him by 2020. After graduating from high school, Brett decided to join the United States’ army. After, his discharge from the military, Brett needed to come up with a new life plan and he needed cash fast. He decided to sell his structured settlement payments and use the lump sum to go back to school and start a new career.
The Stories Continue
What is your story? Tell us why you had to sell your payments for structured settlements, and if you are still writing your happy ending.