Article provided by: WePayMore Funding LLC
At We Pay More Funding, we offer the best TX structured settlement services to our clients. Our team will oversee all the legal work and ensure that our clients receive their compensation in the shortest time.
Understanding structured settlement
Individuals winning a personal injury lawsuit are entitled to receive a certain sum of money as winnings. You can receive these damages either as a one-time lump sum or as periodic payments spread over the years. When a recipient receives his/her winning in periodic payments, it is called a structured settlement. You can choose to receive a lumpsum payment or a structured payment after considering your tax liability, your plans for the money, and other factors.
When you choose a structured settlement, you will receive your payments annually. Some plaintiffs design their structured payment in such a way that they receive a large initial payment and receive the remaining amount in the form of smaller subsequent payments. You may also plan it in a way you receive smaller payments in the initial years, which then increases over time or vice versa. You may also defer the payment until your old age and choose to receive regular payments in your old age to financially secure your retirement life.
Cashing out your settlement annuity
When you cash out your settlement annuity, you are selling your right to receive future payments to a factoring company. A factoring company will buy your rights to these payments and give you cash in return. For instance, if you are to receive $10,000 per year for 20 years and if you need an extra $50,000 at the tenth year mark. You can contact a factoring company and sell your right for the next five years and receive $50,000 from the factoring company immediately. The company will receive $10,000 from the annuity company in the following five years, instead of you.
You will start receiving your settlement payments again from the 16th year and beyond. We offer the best TX structured settlement services with the shortest processing time.
How much money can you get if you cash out your future settlement payments?
The amount you receive when you cash out of your future payments depends on factors like your age, health conditions, the state you live in, the number of payments you wish to sell, the size of payments, etc. Sometimes the financial health of the company that has your settlement annuity also has a major influence on the amount you receive when you cash out. Make sure to shop around and talk with the most credible and experienced companies to nail the best deal.
Do not fall for those companies that guarantee fast cash. Instead, choose a company that offers the best price in the market and make sure to run the numbers with your financial advisers and evaluate the consequences of a decision before finalizing a company.
We Pay More Funding is one of the few TX structured settlement providers to take care of all costs in the transaction process.