You beat the odds and you were one of those rare people who won the lottery. You probably double checked your lottery ticket to ensure that you were actually seeing it correctly, but after numerous double checks, the numbers were still the same and you really were a lottery winner. You probably jumped up and down and then called your closest friends and family to tell them the good news. Your mother then asked you the question, what are you going to do? Are you going to take the lump sum or the structured settlement? After much consideration, it is likely that you took the monthly payments to ensure that you didn?t spend it all in one place, but now, years later, you are struggling to make your payments to your debt and you are still working many hours a week, trying to keep up. You could do a lot with that money that is owed to you, it is after all, your money.
Fortunately, there are ways to get access to the money that is yours, even if you signed off to receive a monthly annuity. You can get settlement money now. An annuity settlement does not allow you to make large purchases, such as a new house or a new car. It also does not allow you to pay off your outstanding debt. Finally, it does not allow you to invest into any higher returning funds. There are many different ways to invest your money, all of which cannot be done when you are only receiving small, monthly payments.
There was a daily average of 3,422 bankruptcy filings in February 2015. Some structured settlement payment recipients may actually be forced into bankruptcy if they are unable to gain access to their money. You can get settlement money now by singing over your monthly payments for a larger lump sum. The small fee is only taken out of the lump sum, still leaving you with the majority of your money, allowing you to do whatever you want with it. Receiving cash for lottery winnings can provide you with many benefits.
Someone who gets cash in structured settlement payments has the option to invest their large amounts of money into a high return stock. They can also invest or begin a business that will produce additional profits down the road. The Kauffmann Foundation estimates that the average cost to start a business is approximately $30,000. Without the large amount of money at hand, this may not be possible. Additionally, the average adult owes $3,761 in revolving credit to lenders. Many of these credit options are also loaded with interest charges. If you are able to pay off the loans, you will save money by not paying outstanding interest charges.
Winning the lottery can be an exciting thing. It opens up many door for you that you may have not had access to before. You have the ability to pay off debt, make large purchases such as cars or homes, invest your money or even begin a business. All of the great options may not be an option if you are receiving smaller monthly payments. However, you do have the ability to get settlement money now by selling off your monthly payments for a large amount of money. This can actually save you a lot of money, but paying off high interest credit cards, not paying interest on large purchases and having the ability to begin a profit producing business.