Popularized in the 1970’s, structured settlements have become common practice in cases like personal injury suits, insurance claims, and lottery winnings. It gained in popularity because it offered its recipients steady cash flow while it gave the other party time to gather money for the payment. While the income from a structured settlement helps with household bills and day to day expenses, it doesn’t take surprises expenses into account.
Suppose Jane Doe has a structured settlement due to an accident. The settlement helped her keep up with her household expenses, but when her basement flooded, she needed money quick. The smart thing for Jane to do is to sell her structured settlement for a lump sum payment to help her cover the cost of repairing the damage done to her home.
What Jane should do, is research reputable companies with plenty of experience dealing with structured settlement payments. There are lots of companies out there, so she should take her time and really weigh the pros and cons of each company. While there are plenty of reputable companies out there, there are some that will try to swindle you out of a good deal by offering Jane much less than what her settlement is worth. The end result will be Jane not getting the money she deserves and the company making lots of money off of her when she sell her structured settlement to another company.
Jane can avoid this headache by going directly to a bank to sell her structured settlement. By going straight to the bank, Jane is skipping over those middlemen. Because she eliminated the middle men from the picture, she will most likely get the best and the fairest deal.
Interested in selling your structured settlement
payments? AnFed Bank is a good place to
start your search. With years of
experience in the industry, AnFed will work with you to develop the best deal
for you. AnFed Bank is a division of
BofI (NASDAQ:BOFI). BofI is a publicly
traded company and is FDIC insured.
