In a recent study done by one of the leaders in the structured settlement buying industry it is noted that almost 94% of people never sell their settlement payments. JG Wentworth stated that their recent studies confirmed that many people never even attempt to sell their payments to them or companies like Imperial Structured Settlements.
The company went on the future report that when a person does attempt to contact a structured settlement buyer they are indeed looking to purchase a home, pay down debt, cover a hospital bill or in many cases looking for money as a means to pay for education.
What Are Structured Settlement Buyers Anyway?
Companies like Peachtree Financial, Woodbridge, Stonestreet, Imperial Structured Settlements, and JG Wentworth are all companies in the settlement business. They purchase future payments from structure settlement holders in order to give them a lump sum of cash immediately The process can take any where from 25-65 days and must get approved by the courts.
When you look at the over all picture only about six percent of settlement holders actually deal with structured settlement buyers. You can call these companies or get a quote over the internet. They compete to give you the best deal and rate possible so it is best if you have shopped around to see who is giving you a better deal and service. You can visit www.Jgwentworth.com or www.imperialstructuredsettlement.com to see what type of quotes they are offering.
What about the Small Percentage that Do Sell Payments
As the study reported, only about 6-7 percent of structured settlement holders actually resort to selling their payments for a lump sum of cash. And of those structured settlement holders that do sell they on average hold their payments for about 9 years before they even consider selling those payments.
In short structured settlements work just as they are intended, which is to make sure they are around to help support the policyholder. The reason courts grant the rights to structured settlements are to make sure that people who are awarded the settlements have money that will last for months and years to come. With this study it shows that people are indeed keeping those settlement payments and in fact are usually only using them to better themselves and their personal lives.
Just in Case You Need To Sell Those Payments
While it is worth noting how many people are actually holding on their payments you have to still be aware that there are several reputable companies out there that will buy your settlement payments if you need to sell them. The study clearly points out that very few choose to sell and if they did it is well after 5-7 years of receiving the payments. However things do happen and you may need to sell those payments to help you get out debt, purchase a new home, or pay some medical bills.
If you need to sell some of those structured settlement payments for a lump sum of cash you can contact Imperial Structured Settlements, Peachtree, and even JG Wentworth. Remember to shop around and also to get quotes from more than just one of those companies. The fact remains that if you don?t really need to sell you should just hold on until the time comes when you truly need those payments to be sold for a lump sum of cash.
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