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Setting up a Structured Settlement Plan is Not Just for the Short Term
July 17, 2021
Beware of the Structured Settlement Opportunists
While it may be nice to have some cash in your bank account, choosing the cash now option or selling your structured settlement may not be in your best financial interests. You'll be able to buy a new car, home or go on vacation. But then what?
Taking a cash lump sum is a viable option to access more of your money. It’s imperative to have a plan that will help you improve financial security over the long term. Let's look at a comparison between a structured settlement and taking the lump sum of cash now option.
Taking a cash lump sum is a viable option to access more of your money. It’s imperative to have a plan that will help you improve financial security over the long term. Let's look at a comparison between a structured settlement and taking the lump sum of cash now option.
Structured Settlement vs. Lump Sum
There are two types of structured settlement; you can either choose to receive monthly payments or take a lump sum. Some structured settlement plans offer a combination of the two.If you've been offered a 'cash now' structured settlement, you should carefully consider your options. In recent years there have been many scams that involve selling structured settlements. People often cash in their structured settlements to pay medical expenses or other costs.
While it may at first seem that cashing in a structured settlement is a good idea, you'll need to consider your options carefully. You don't want to end up getting a small payout and have your monthly money going to the wrong people. Beware of companies offering cash sums, particularly if the amount is a lot lower than the settlement was at first.
If an offer seems unfair, tell the company you'd like to negotiate another deal or walk away. Ensure that you settle your structured settlement and get a cash settlement legally. Don't just trust that you're being treated fairly, as there are many scammers out there. You may need to seek legal advice as you should look at the situation from all angles before making a deal. Don't be tempted by the money, as this may blind you and result in a bad deal. Of course, there are times when it's best to take the money, but you should thoroughly research all your options first.
