When you are awarded with a structured settlement you know that you are going to receive a certain amount of money over a set period of time. What you do not know is what is going to happen between being awarded the settlement and the end of the payments that may require more financial resources than you currently have. Medical bills, paying down debt, buying a new car, or paying for an education can all be priorities that require money now.
If you have a structured settlement but you need more money than the scheduled payments are providing, you can sell the payments for a lump sum. With the lump sum payment you can address your immediate needs, or even invest for the future.
There are a lot of companies that are willing to buy your structured settlement payments and give you a lump sum, but you need to make sure that the company you work with is giving you the best value. Companies that buy your structured settlement payments with the intention of selling them to a bank need to make a profit on their sale. They will probably give you a lower offer for your payments than if you were to work directly with a bank.
Working with a bank helps reassure you that the offer you are getting is fair for the value of your structured settlement. The bank is unlikely to sell your structured settlement payments to another party and does not rely on reselling your payments at a higher price, meaning more of the money can be paid to you.
Working with a bank can give you peace of mind as well. Banks that are publically traded companies, federally chartered, or FDIC insured are established and are not going to disappear if you need to speak with them about getting your lump sum payment.
When you sell your structured settlement, be sure that you are doing yourself a favor and getting the best lump sum payment that you can. Selling your settlement directly to a bank is a good way to find a fair value for your payments and to make sure that you are working with a company you can trust.
