Structured Settlements New York

A Partial Lump Sum Option?

As the recipient of a structured settlement, you're entitled to sell a portion, or all, of your rights to your future payments. This is referred to as the lump sum option. But, did you know you could also receive a partial lump sum option?

The term isn't anything official, but it's still a valid option. A partial lump sum is when you sell part of your future monthly payments. For instance, if you receive $500.00 a month, you could sell the rights to $250.00 of that monthly payment, and still receive a monthly check for the other $250.00. This is a popular choice with people who need some cash, but aren't to keen on giving up their monthly income from their structured settlement.

It's Just As Important Today As It Was Back Then

How long has it been now? Ten, twenty years? Just when did the words 'identity theft' become an integral phrase in our society? In any event, the warning to protect your identity is never more true, and that includes during structured settlement selling.

More scam artists are making their way onto the scene with each passing month, and the tricks and fallacies they use to bait their victims are growing more realistic. It's for this reason that a reminder to protect your identity is in order.

Never divulge your personal information to any structured settlement company that hasn't made human contact with you. This type of information is irrelevant when it comes to getting a quote. Nor is it needed when giving a company your contact information over the internet.

Before You Sign On That Dotted Line

Did you know that on average it takes about 90 days to receive your money when you sell a structured settlement? The process might be a little quicker if you didn't need to seek court approval, but the courts are there to protect your interests. Anyways, if a structured settlement company tells you you'll get your cash real quick, think twice before you sign on that little dotted line.

It takes, on average, 90 says to see any money from the sale of a structured settlement. There's really no getting around it. There's a lot of documents to gather, paperwork to fill out, and then a waiting period before you can actually see a judge, and all of this takes time. So the claim that you'll see your cash real quick isn't really true.

If You Owe Child Support

sh in your structured settlement to pay off a child support arrearage? The answer is yes. In fact, you can sell your structured settlement for any reason you want.

Selling a structured settlement in order to catch up on child support is a noble thing to do. It shows you are putting your child/ren's needs in front of your own. It will not only benefit your child, paying off that kind of debt may even keep your mug shot off of one of those dead-beat-dad websites. And, remember, any arrearage on your child support will be reported to the credit information bureau, which can negatively impact your ability to borrow.

Something For The Older Generation To Consider

ow that most payments from a structured settlement are paid out over a thirty year period? It's true. As such, if you are an older person you may want to consider selling your structured settlement.

Let's face it, the older we get the more susceptible we become to injury, illness, and all the other things that come with old age. As such, there's a chance that you may not be around long enough to collect all of your payments, and in essence you won't be able to collect the full value of your settlement. Selling your structured settlement for a large lump sum of cash may be a better choice for you. This way you will be able to enjoy your money today; just incase something should happen tomorrow.