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.