Money Problems $999.99 Cash Give Away
Last month we hosted our first giveaway here at StructuredSettlement-Quotes.com. That giveaway was for $1000 cash. You can see the details here.
That giveaway went extremely well and there were over 20,000 entries. We’ve contacted the lucky winner and hopefully she is very deserving of winning this free cash.
This month we continue the giveaway contest series by announcing the launch of our $999.99 cash giveaway. This contest will run until the end of February 2013. To enter, refer to the rafflecopter widget at the bottom of this post.
The theme of this contest is money problems. As I’m sure you realize, a lot of people are forced to sell structured settlements or annuities due to various money problems. These are often circumstances beyond their control.
Think of how the bills would pile up if you are injured and unable to work. Your structured settlement may provide your monthly living expenses, but it doesn’t necessarily consider everything that has built up between when the accident happened and when you were awarded the settlement. The only practical way to create some breathing room may be to sell some of your future settlement payments.
Who really wants to be harassed by creditors and collection agencies after already going through a traumatic experience? Luckily you don’t have to. With companies like Structured Settlement Quotes, you can get relief from your money problems. Take care of your money problems now so that you can focus on getting your life back on track.
Potential Structured Settlement Buyout Problems
Structured settlements are designed to help mitigate your financial situation and pay restitution for pain, suffering and injuries. Most of these settlements are due to personal injury or liability claims. However, if you find that your settlement payments aren’t quite enough to make your situation tenable, you might considering selling it. While this is possible, you need to know a bit more about potential structured settlement buyout problems. There are quite a few that can rear their heads, but you can avoid many of these.
You’re Going to Court
One thing that surprises many people is that they have to go back to court in order to sell a structured settlement (technically called a transfer). The judge will be responsible for determining if the sale is in your best interest and allowing it to proceed. This decision will be made on many different factors, including your financial situation and need. The court will not approve a transfer if you don’t actually need the funds immediately or can’t prove that you do.
Buyer Considerations
A huge issue when it comes to structured settlement buyout problems is the funding company buying your payments. The court is going to take a long, hard look at the terms being offered and if they don’t consider them “fair”, your transfer will be denied. What are fair terms? Essentially, the court wants to make sure that you’re not being taken advantage of, so fair would indicate a deal in which you get to keep the majority of your funds. In many instances, you can keep up to 90% of the money due you, but this varies considerably from company to company, so shopping around is very important.
Information on Using Structured Settlement Money for Today’s Needs
Structured settlements represent your victory in court over the individual or company who caused you injury. Most structured settlements are the result of a personal injury case, or a liability case (but that’s not necessarily always the case). The structuring of your settlement was done for a number of reasons, including to help ease the financial burden on the defendant, and it was also based on your needs at the time, but needs change. Can you use structured settlement money for today’s needs?
Changing Needs
Life is all about change. Hopefully, those changes are for the better, but all too often, they’re not. For instance, if your settlement came about as the result of a personal injury, your payments certainly helped pay for medical bills at the time. But what if you’ve now lost your job due to your injury? What if you’re facing foreclosure on your home? In instances like these, it would be nice to have a lump sum of cash, simply because those monthly payments aren’t enough to meet your financial needs today.
How You Can Change Your Circumstances
While you can’t go back in time and revisit your original settlement case, there is a way that you can start using structured settlement money for today’s needs. You can sell part or all of your payments to a company that buys structured settlements and get cash up front. How does this work? It’s at once simple and complex.
Information on Deciding Whether to Sell Annuity Payments
Annuity payments can be lifesavers – they provide ongoing financial support and stability. However, there can be times when those payments are simply not enough to help you meet your financial obligations. It would be nice to have the entire lump sum that your annuity entitles you to, but how can you go about doing that? One option available is to sell your annuity. Below, you’ll find information to understand when deciding whether to sell annuity payments or not.
It Will Take Time
One of the factors you’re going to have to consider here is time. If you’re pressed for cash right now, then selling your annuity might not be the right decision. The process does take time – generally about 30 days, though sometimes it can be longer depending on your situation, local jurisdiction and the court’s decision about selling the payments. When deciding whether to sell annuity payments, the time factor should certainly be considered. If you cannot wait, then you should look into other options.
A Range of Options
When deciding whether to sell annuity payments, you should also take the time to determine exactly what you want to do. Do you need a small amount of money to make ends meet? If this is the case, then you can sell only part of your annuity. If you need a larger sum of money, you can sell a larger share of your annuity, up to the entire amount due you over time. If you decide to sell your entire annuity amount, you will no longer be entitled to any payments beyond the lump sum offered by the purchaser.
Do I Need a Lawyer to Sell Annuity Payments?
Selling your belongings doesn’t usually require legal assistance, but the situation becomes a bit different when you’re talking about selling annuities. Do you need a lawyer to sell annuity payments? The answer here is a bit ambiguous. What should you know about the process and the need for expert legal help? Below, you’ll learn a bit more about the situation.
Maybe, But Maybe Not
First, understand that there are only eight states in the nation where “independent professional advice” is required for those selling annuity payments. Those states are Ohio, North Carolina, Alaska, Louisiana, Delaware, Minnesota, Maine and Maryland. The types of advice that you’ll need include tax, legal and financial, and a professional in any of those areas can help. While only those eight states require it, all other states heavily recommend it.
It’s a Definitely a Good Idea to Sell Annuity Payments
While only the aforementioned states require that you have advice from a professional, it’s really a good idea to speak with an attorney or at least your financial planner before you decide to sell annuity payments. A financial planner can help you ensure that you’re making the right decision for your financial future, and a lawyer can help you learn whether or not your annuity can actually be sold (there are many instances in which sale of annuity payments is prohibited, including an inherited annuity or one where sale is prohibited by a trust). Therefore, while it might not be a legal requirement for you, it’s always a good idea to have access to expert counsel from an attorney.
Can I Get a Cash Advance on a Structured Settlement?
Structured settlements are very common. America has billions of dollars tied up in these payment programs. For all their benefits, though, they can be lacking in many ways. In most instances, a structured settlement will offer a specific amount of money each month over a long period of time. Once set, you can’t get more money per month or increase the frequency of payments. For those who find that their financial needs are greater than what their settlement offers, the situation begs the question, “Can I get a cash advance on a structured settlement?”.
The Short Answer
To give you the short answer, yes, you can get a cash advance on your structured settlement. This gives you the means to improve your financial situation right away. However, the situation is not necessarily as simple as it seems.
The Reality
In reality, any time you consider getting a cash advance against your structured settlement, you’re basically selling a portion of your payments to a buyer in exchange for cash on the barrelhead. You don’t have to sell all of your settlement to get a cash advance, and most people don’t. In fact, selling only part of the settlement is the most common action for payees, though full settlement sales are certainly possible as long as they meet the necessary legal requirements.
