If you were involved in an auto accident and injured you may be considering or be in the middle of a lawsuit; against the person, a company or insurance provider. These types of lawsuits can take many months if not years to complete. Unless the victim choose a settlement, which usually is much lower than what is deserved. Regardless if you ride the case till the end or accept a settlement you’ll most likely be stuck with a structured settlement.
A structured settlement is basically an alternative to a large one sum payment. A pre determined amount of money is awarded to the victim and to be paid out at specific amounts over so many months or every year. This can help protect the company or person making those payments from financial ruins. However, it can add a financial burden to the victim since they cannot access all of the money at once. Resulting in negative reports on your credit history; lose of house or auto and even bankruptcy.
There are a few solutions the victim can opt for; one would be what’s called a settlement loan or pre-settlement loan. This is where the victim would actually apply for a settlement loan with a settlement loan provider in the middle of the lawsuit. They can receive money ahead of the verdict and use the cash as needed. This can be much more useful than a traditional loan since if your case is lost you don’t need to pay back the advance that was given.
Another solution would be to sell your structured settlement. This is where a company or investor would buy out your payments for one large payment. You wouldn’t receive the full amount of your structured settlement, you’ll get around 75% to 80% at best. This is a good solution if you need money now to pay off bills. However, you can only sell your structured settlement after an agreement has been made in court. If you still have a pending lawsuit you’ll have to opt for a settlement loan.
So, if you’re an auto accident victim and need cash now you just need to weight your options. You’ll be able to do one of two things; if you’re in the middle of a pending lawsuit you can apply for a pre-settlement loan. If you have a structured settlement you can opt to sell it to a 3rd party provider for a large one sum payment. Whatever you choose discuss your options with a financial advisor prior to accepting any agreements.
article source : www.articlesbase.com
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