With the average structured settlement amount for injured workers being just under $100,000, a structured settlement debt collector can be a great asset in recovering the money you are owed.
You already know that receiving your settlement money on time becomes even more critical when facing medical bills and unemployment because of a workplace injury. In addition, you do not want to have to fix a bad credit history because of a missed settlement payment.
You can avoid these issues by reading below to learn more about how a structured settlement works and how a structured settlement debt collector can help.
How Does a Structured Settlement Work?
A structured settlement is a process of receiving periodic payments throughout several years for your workplace injury claim. For example, you may have a $250,000 structured settlement that requires the defendant to pay you $25,000 every August for ten years.
Here are a few more ideas for how you can structure your settlement:
- large initial payment
- additional amounts for extra expenses
- payment increase over time
- payments decrease over time
- delayed payments
Please, work with your lawyer to design a structured settlement that gives you the money you need when you need it most.
Structured Settlement Annuity
For your payments to be carried out over several years, you will need to purchase an annuity from an insurance company. The defendant can remove you as an obligation from their books and transfer that liability to an experienced insurance company.
Should You Take a Structured Settlement or a Lump Sum?
When choosing between a lump sum or structured settlement payment, there will be several questions you need to ask yourself to avoid personal finance and tax problems. Some of those issues to consider are listed below:
- What Is Your Tax Obligation?
- How Will You Use the Settlement Money?
- Will You Be Able to Manage a Large Lump Sum?
- Would You Spend a Lump Sum Irresponsibly?
- Will Friends and Family Want a Handout?
Make sure that you answer these questions as honestly as possible. Then, your future self will thank you.
How Can a Structured Settlement Debt Collector Help?
A structured settlement debt collector will not only save you valuable time but could save you from possible financial trouble from not receiving your settlement payment on time. You do not want to have to face unpaid medical bills, mortgage or rent payments, or auto loan payments from being unemployed due to your workplace injury.
Approach the lawyer in your settlement case when seeking a reputable structured settlement company like RightWay Funding LLC.
Get Help With Your Structured Settlement
Don’t try to go it alone when collecting the money from your structured settlement case. Always seek the counsel of your lawyer before you decide to hire a structured settlement debt collector. You do not want to put your financial future at risk.
We hope that you found this article helpful. If you did, then head back over to the business part of the blog for more excellent finance information. See you there.