Did you know that you might be able to sell some of your structured settlement? That’s right, you might not have to sell all of your structured settlement payments. Have you thought about splitting your structured settlement payments so that you have money coming in each month and you can get a lump sum now?
Keep reading for more information about selling some of your structured settlement.
How do You Sell Some of Your Structured Settlement?
If you want to sell your structured settlement payments but can’t afford to give up the entire amount, you are not alone. The majority of the people who sell their structured settlement payments, sell only some of their payments. You have a lot of options for selling your settlement. You have the option to split your annuity payments in just about any way you want. You have the choice to:
- Sell some of each payment
- Sell payments starting in 2, 3 or maybe even 5 years.
You can cut up your structured settlement payments up and sell the smallest amount you need to get a lump sum and keep the rest.
Consider Jimmy’s situation, as example
You might be in a similar situation as Jimmy, who receives monthly annuity payments of $1,500.00 for the next ten years. Jimmy has been unemployed for the last 14 months, but thinks he’ll be able to find a job in the next few months. Jimmy’s been living off his annuity and unemployment benefits, but it’s not enough to pay the bills, so he’s been using credit cards to pay the balance. Jimmy’s credit card debt is getting really high and he is struggling to cover the minimum payment. Also, his truck needs a new transmission and the windows in his house are old & drafty, so his energy bill sky-rockets in the winter.
Jimmy needs to sell some of his structured settlement for a large lump sum so that he can:
- Pay off his high-interest credit cards(minimum payment of $510.00), which will save him money in the short-term and the long-term.
- Have his truck repaired so he can have reliable transportation
- Replace the windows in his home to save money
If he had a lump sum to take care of these things, Jimmy would be able to set up a better financial situation for his family now and in the future.
Jimmy needs to sell some of his structured settlement payments for cash now, and found out when he called Mainstreet Funding that his structured settlement payments could be split. He didn’t have to sell all of his annuity to get the cash he needed. By selling only $500.00 of his monthly structured settlement payment starting in 6 months for the next nine years, Jimmy was able to:
- Keep $1,000.00 of his monthly payment
- Pay off his credit card debt
- Repair his truck
- Replace the windows in his home (which will help keep his energy bill down in the winter.)
Will my insurance company allow me to sell some of my structured settlement payments?
Typically yes, however, some insurance companies may object to petitions to split structured settlement payments. If you’d like to know if your insurance company will allow you to split your structured settlement payments, please call Mainstreet Funding today at 1-404-939-0029. One of our friendly, knowledgeable representatives will be happy to let you know if your structured settlement payments can be split. If you’d like a free, no-obligation quote on your structured settlement payments, you can request one right here on our website or call us toll-free at 1-404-939-0029.