When You Sell Your Structured Settlement Payment Do What You Meant to Do With the Money
So you have decided that selling your structured settlement payment makes the most sense for your current situation. And you are probably right. But, seller beware! Now only do you have to watch out for companies that are purchasing structured settlement payments, but you have to watch out for yourself! Studies have shown that more than 80% of people who receive a lump sum settlement of cash spend all of the money in three to six years. Money that might have paid their rent for ten or twenty years, or may have kept the utilities running and food in the fridge for more than a decade, all gone – in just a handful of years.
When you ask yourself, “Should I sell my structured settlement?” You need to think about what you need the money for and what your financial situation will be after the sale. If you want to avoid becoming another “lost their money” statistic you need to adhere to the following steps: