Should i Sell my structured settlement?
Posted by MarkApr 11
Okay i was in a car accident when i was four. Drunk driver 18 wheeler. Made it out alive By the Grace of God.
We sued, when i turned 18 i started receiving checks from the settlement money. the way it set up is 2500 twice a year until i’m 21 it will stop for a few years & then at like 25 & 27 i will receive a big check
& then it will be done.
Not bad right?
well currently i don’t have a job and i still live at home everyone here is experiencing financial troubles,
I used to think it would be dumb to get the money out early because the people who would do it for me would charge to much, not that i’m sure at all of what they’ll charge.
But now that the money is needed so badly i am considering just going and getting the lump sum.
What should I do? Help.
Do NOT sell your structured settlement.
Those companies give you pennies on the dollar. You will lose a fortune if you sell the structured settlement.
If you need money….pound the pavement looking for a job and take any job you can get.
If you have to….clean houses for people (you can hang filers and post an ad in your church newsletter). House keepers in my area get 70-100 cash per house and you can clean more than one in a day. If you are really good….word will get out and you will have more clients than you have time for.
You can also baby sit. Advertise to be a nanny for someone.
If you have to ….sell your car….sell your computer. Do NOT sell that structure.
Expect to pay about 45% of what you have coming to you.
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Unless your lives depend on it, don’t sell the settlement.
Don’t get a partial settlement early. It will vanish in no time at all. You and your family need to find other ways to be financially independent. Don’t let others try to talk you into cashing this in.
If you are out of school, really hit the job search.
Well, selling structured settlements is generally a really bad idea because they pay very poorly.
If there is any way to avoid selling the settlement I would strongly advise that you do so. If you are up against the wall and are willing to settle for a fraction of what you’d eventually get, you can go ahead and pursue the sale.
But I repeat! It’s a REALLY bad idea! especially since there are always plenty of people experiencing financial trouble. And your efforts, although commendable, would likely not really change things in the long run except that you would not have a large lump sum coming your way.
Best of luck.