Before cashing out on a structured settlement annuity, all clients must have their specific cases reviewed and approved by a Judge in the state where their contract originates. One of the most important determining factors to gain Court approval is whether or not the Judge believes receiving a lump sum is in your best interest, and in the best interest of your family. We’ve put together a list of the top 4 reasons people choose to cash out on their structured payments. Do any of these apply to you?
- Tuition and school costs: Going to college is an expensive endeavor. Paying for books, housing, food, and living expenses adds up fast…and that doesn’t even include tuition. Selling your structured payments for a lump sum can push you over the hump and provide for a more financially feasible college experience! For more information about college expenses, check out this article on Common College Costs.
- Pay off medical bills: A large number of individuals receiving structured payments from insurance companies find that the amount of money provided isn’t enough to cover their medical costs. After paying for power, gas, and other common expenses, added medical bills can serve as the straw that breaks the camel’s back. Fairfield Funding provides expedited lump sums that assist individuals with their payments and help relieve some of the financial stress bills can put on you.
- Put a down payment on a house: Buying a home is an exciting, but very costly undertaking–for most people, it is the most expensive purchase they will ever make. Fairfield Funding frequently works with recipients of structured payment plans to sell their settlement for a lump sum that can be put towards a down payment on a home.
- Start a new business: Much like with buying a new home, starting your own company has many different costs associated with it. From unforeseen legal fees and licenses, to leasing a property and paying employees, the bill can quickly add up. It is always good to have an extra cushion of funds to fall back on and utilize to build your business. Many of our clients have chosen to receive a lump payment in order to get the ball rolling and start their dream company!