Learn about Settlements and Lump Sum payments!
There are quite a few structured settlement brokers who advertise on television, on the radio, and online. It is important to "shop and compare" when you are seeking advice on a broker, just as it is important to consult with an advisor or attorney to make sure you can get the best deal and your money will be spent wisely. It is far better to leave your settlement arrangement in place than to find a buyer of a structured settlement payment who will not meet your short and long term needs.
Whenever
possible, you should first communicate with your creditors and other parties
if you have more debts than your structured settlement can pay. If you let
them know that you are unable to work and you have a fixed income, then
you should be able to create a payment plan that avoids the need to take
a lump sum payout that might only be a short term solution. Even if you
are in collection with creditors, remember that they will often be satisfied
with a portion of the debt because they purchased the debt from the original
creditor. As always, ask a financial counselor about your particular situation,
because there may be solutions you have not considered..
Notes and Special Information
Special note: always consult with an attorney or trusted advisor before accepting any cash settlement. Make sure that you will be able to pay for future expenses or the taxes that may result from your transaction. You may decide that keeping your settlement unchanged is the best long-term financial strategy. No part of this site should be considered financial or legal advice, as this website is intended to be for informational purposes only. We do not endorse or recommend any service, person, or attorney mentioned on this site or its advertising..