If you’ve been awarded a large sum of money in a lawsuit or through the lottery, odds are your payment will take the form of a Structured Settlement.
Structured settlement payments are designed to ensure people do not mismanage large sums of money they are awarded. In the case of a personal injury or medical malpractice lawsuit, structured settlement payments may represent an important source of reliable income for the injured or ill individual throughout the course of their lifetime.
But what about individuals that are subject to Structured Settlements in their senior years? An elderly lottery winner or a plaintiff in his 80s that wins a lawsuit won’t want their payments dealt out in installments for decades to come. Instead, they will want their cash award upfront, and in such cases, this probably makes more sense.
Fortunately, there is a solution to the structured settlement dilemma some people may be able to take advantage of. Companies specialize in advancing structured settlement loans to individuals and accepting assignment of their payments. Although they charge a fee, it may be more than worthwhile to some individuals to pay a fee for a loan in order to receive their money.
April 16th, 2008 at 5:21 pm
Anyone looking to cash in their settlements needs to take the time and do a competitive analysis….otherwise you could just be leaving money on the table.