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January 8, 2014:
Financial regulations and state consumer protection may define how money is paid.


Settlement Buyers:

Famous names and venture capital firms are the most common buyers of these settlements, since they have a guaranteed payout due to court orders and are often bought in the name of respected insurance companies.


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Can I sell my structured settlement?

In most cases, the answer is "Yes" but a further question might be: "Do I want to?" With commercials on TV an the internet encouraging people to sell their settlement, it sometimes seems easy to make this decision, and it is not necessarily a bad decision to make, depending on your circumstances. If you are paying interest on a lot of old debts, it may make more sense to eliminate or consolidate these debts with a lump sum payment. Only you and a financial advisor can take the next steps toward finding this out.

Things to look out for in making this sale include commissions, fees, and any potential taxes you may encounter in the process. Depending on your state and nation's laws, you might find yourself owing money for taxation, so always get detailed information about all fees and taxes up front. If you can establish exactly how much you are going to get from the buyer, and if you have made clear decisions about how the money is going to be spent, then you may want to enter the process of selling your settlement.


Notes and Special Information

Special note: Sellers of structured settlements should do a little more research beyond the glitzy pages of people who are trying to talk them into letting go of their money. Remember, you are the one with the power if someone is calling you and trying to get you to sign over assets that belong to your. It is, in fact, your money. Whether or not you have an immediate use for it, or are feeling the pressure from creditors and other parties, it is still important to see if you could work out a payment plan, get a short term loan against income, or find ways to negotiate lower rates and fees on what you already owe. One of the top problems for annuity recipients is that they have outstanding bills to pay and they may have been stalling creditors for years. Nobody is going to come and eat you if they don't get paid tomorrow. If you fought for a lawsuit settement, worker's comp claim, or other financial arrangement, you should think long and hard before taking quick money that may leave the buyer with a benefit totaling tens of thousands of dollars because he or she is more patient than you.