Animated Dogs, Opera Singers And Baseball Players: Why Do They Need Cash Now?
You may have seen the commercials on TV of operas
, animated dogs, baseball players and the alike talking about their need to get cash from their structured settlement. Perhaps youve wondered what is structured settlement and why do people need cash now? So I thought I would give you a quick overview of this transaction and why someone would want to sell their stream of payments for a cash lump sum.A structured settlement is money awarded by the courts as a result of a lawsuit. The payments are paid over a fixed period of time or over the recipients lifetime. Some settlements may include a portion of the money to be paid as a lump sum payment, while others only offer periodic payments.
Structured settlements are often awarded to:
People with temporary or permanent disabilities
Guardianship cases involving minors or persons found to be incompetent and workers compensation cases
Wrongful death cases where the survivors need monthly or annual income
Severe injury with long-term needs for medical care, living expenses and family support
There are a variety of reasons why a person may decide to sell their structured settlement payments for a cash lump sum including
Financial difficulty such as debt or pending foreclosure
Loss of a job or other income
Health issues
Medical bills
To start a business
Re-invest their money
Down payment on a house
Purchase a car
Pay for schooling
Some people may even use the money for travel
Regardless of their reason, the underlining factor is that these people find having a small stream of payments isnt as flexible as having a cash lump sum that they can use how and when they see fit.
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