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The Basic of Structured Settlement

If you have been injured in an accident or even if you have won a lawsuit against a company or person, you may have the option of taking a structured settlement. With regards to the insurance industry, this sort of settlements are commonplace because of the fact that it costs them less to pay you over time then to pay you immediately in a lump sum.

When you are originally given the offer to accept a structured settlement, you may see it as an excellent opportunity; especially when it is a tax-free settlement. However, as things always do, your situation may change and you might find yourself in the need of the remaining portions of your annuities immediately.

You have several options when you need your money right away. The first option is the ability to take out a loan using the structured settlement as a form of collateral. Some banks may even offer you loans long before the trial begins if they see that you have a strong case and will most likely win the suit. The second option is that once you have been accepting your payments for several years, you are able to sell your settlement to a third party. However this can be a daunting task to complete as these sales often require a court approval to be completed.

No matter what way you choose to go though, it is important that you speak to a lawyer during the entire process so that he or she can read the fine print for you. This is very important as it will help to protect your interests in the transactions seeing as though taking out loans of this type can include regularly changing interest rates and the simple fact that there are many scams going around offering the purchase of structured settlements in which the only one benefiting from the sale is the buyer.

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