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Structured Settlement Buyout
When you hear the words, “Structured Settlement Buyout”, don’t get confused. What is being discussed is the selling of a structured settlement for a lump sum of cash. That means cash now, when you need it. You are giving up your rights, and claims, to any of the future payments of the original settlement agreement, be clear on that point.
After a person has become injured through no fault of their own, such as an auto accident, slip-and-fall, workplace accident or some other personal injury, a structured settlement agreement will be offered to the claimant. At the time of this offering, it may sound like a great idea. They will receive a steady flow of payments into the future for a set period of time. It could be five, ten or more years, or even a lifetime.
Nobody Can Predict The Future
As frustrating as it may be, we cannot assume, nor predict, that our future will be bright. It could be after five years have passed, and a person’s financial situation can change drastically. Maybe the kids are ready for college, and you don’t want to pay high interest rates that are tied into restrictions and guidelines. Some folks find themselves without a job, and can’t make mortgage payments.
Months can go by quickly, and one day you get a letter of intent to foreclose on your property. If you are lucky enough to be the owner of a structured settlement, you can get yourself out of hot water very easily, and relatively quickly. Not only that, but many people that are successful business owners used a lump sum of cash from their structured settlement to fund their new business.
How The Buyout Works
First you would fill out the Contact-Us Form on the website of a structured settlement company. This first step is critical, because you want to begin the process with a firm that has years of experience in this industry. This is why I always recommend my clients to get in touch with Einstein Structured Settlements.
They will have an Account Executive contact you and ask some pertinent questions. You would have a Quote in your hands very quickly. Einstein has earned a reputation for getting people the highest settlement buyout quotes in the industry. You are under no obligation to accept anything, but if you do, the structured settlement company must have the experience and the trained staff to follow all of the guidelines.
If you accept the Buyout Quote, the company would submit a Petition to the court that originally awarded the settlement, for approval to change the terms. After that is accomplished, you would get your lump sum cash payment.
You may elect to have part of the lump sum given to you in the future, or you may decide to only sell a portion of the settlement. It is up to you when you contemplate a structured settlement buyout.
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