The Simpsons has come up with some classic episodes in the twenty-five years it has graced the airwaves. And of course, such a long running show has taught us many valuable life lessons. Homer Simpsons’ morbid obesity has perhaps made a few of us put down the doughnut and get some exercise, and we have all become aware of the dangers of a baby accidentally shooting someone. The show has also taught us the perils of falling into debt, such as when Bart Simpson applied for a credit card in the name of his dog, Santa’s Little Helper (which becomes Santos L. Halpa on the card), and then embarks on a gigantic shopping spree, with less than happy results… although it’s a cartoon, so you know everything will return to normal by the very next week. Real life debt isn’t so easy to deal with, and those of us who wrestle with debt and financial obligations beyond our means will know that it can take over your life, sometimes being the only thing you can think about. Unloading assets for whatever cash you can get for them is a common way to try and relieve some of the burdens of debt, and while this is an option that can work for some people, you might be able to make some of your assets work for you in a more intelligent way. If you’ve been receiving structured settlement payments, then there are some things you need to know.
What is a Structured Settlement Payment Anyway?
Unfortunately, a structured settlement payment isn’t like some kind of hidden bank account or insurance policy you’ve forgotten about – if you have one, you will know about it. A structured settlement payment occurs when a significant sum of money that is owed to you, usually as the result of a successful injury claim or the payout of an insurance policy, is paid to you in regular, smaller amounts, rather than as a lump sum. It’s as though the debt is owed to you, and you’ve agreed to receive the money in weekly or monthly instalments. Even with larger companies, it’s often easier for them to pay you in instalments, so you’re more likely to get the full amount… eventually.
A Structured Settlement and Debt
It might not seem like such a good idea to cut off your structured settlement, since it more or less works like an additional stream of income. It’s not as though you would be diverting your structured settlement to paying off a credit card, bank loan or mortgage, you would in fact be selling it altogether. Depending on the amount and duration of the structured settlement, you could sell it for anything from $20,000 and up. Just think how much such an amount would impact on your debts – it might not take care of the whole amount, but you would certainly get some much needed breathing space.
How Do I Sell my Structured Settlement?
The sale of a structured settlement isn’t something that you can really do alone, since there are a number of legal obligations that need to be met, so it’s not really something you can post on Ebay or Craigslist. Happily, there are a number of specialized financial services companies around that are dedicated to purchasing structured settlements at a generous rate. Not everyone has access to a structured settlement, and yet if you’re lucky enough to have one, it’s like some kind of brilliant safety net that can really go a long way towards helping you out of debt.