Structured settlements are common as a result of a personal injury suit, a person winning the lottery, an insurance claim and more. When you are awarded a structured settlement you are given your winnings as installments over a set period of time. After the time is done the payment is completed and the settlement is over.
Structured settlements are popular because the benefit both parties involved. The person or company making the payments has time to come up with the money, particularly if it is a large sum, and the person or company receiving payments can rely on the income for the settlement’s timeframe.
Sometimes a structured settlement isn’t enough. You’ve won money and you need or want to use it right away. You might need to money to cover medical expenses or pay bills that your payments aren’t covering, or maybe you want to buy that dream home that you’ve always wanted. Whatever the reason is, if you want a lump sum cash payment instead of a structured settlement annuity you can sell your payments.
Getting the best lump sum payment from selling your structured settlement depends a lot on the company that you work with. There are some companies that act as brokers between you and a bank. They buy your annuity for a lump sum and then sell it to a bank and take a larger payment. These middlemen take money from selling your structured settlement that could be yours.
To eliminate these middlemen and possibly get a better deal you should work with a bank that buys structured settlements. These banks have professionals in the structured settlement industry that can help you get the full value of your deal in a generous lump sum payment. Some of these banks, like AnFed Bank, are owned by public companies. AnFed is a division of BofI Federal Bank (NASDAQ: BOFI), which means that they have a responsibility to shareholders to treat you the right way.
When you need or want to sell your structured settlement payments, don’t let a company take a portion of the money you could make. Work directly with a bank to make sure that you are getting the help you need to get a generous cash payment.
