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Get rid of your structured settlement and amass wealth to repay debt

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Jan 3, 2013 11:24 am

With the increase in the level of consumer credit card debt in the US, a large number of people are looking for ways in which they can close the doors on debt without having to get help from a professional agency. As there is a rise in the number of people resorting to the debt settlement advice and debt consolidation help, there’s also a simultaneous rise in the number of scam companies that are deceiving the debtors. During such a time if you can make way by selling off your structured settlements and amass wealth to repay your debts, wouldn’t that be a great idea? If answered yes, you have to know the exact steps in which you can sell them off. Read on to know about them.

Contact a reputable structured settlement buyer: There are many structured settlement buyers in the market and your task is to choose the cream of the crop. Shop around and get quotes from various lenders so that you may choose the one that offers you the best price. A reputable and a trustworthy structured settlement buyer who has your best interests in mind will give you enough advice about the idea of cashing them out. They will tell you how to cash out and how much to keep aside for future usage. However, when in debt, you need to have a strong drive to make this entire process successful and live debt free. Determine the payout and the debt amount: A reputable settlement company will not cheat you and let you know the exact amount that you may get by selling a portion of your structured settlement. Before selling off the amount, you have to make sure that it is equivalent to the total amount of debt that you’ve accumulated. Without getting an idea of the exact debt amount, you can’t take the decision of how much to sell and how much to keep aside. Restrict your selling so that you have enough inheritance to fall back on in future. Trigger your payments and pay off debt: Once the structured settlement buyer agrees to start off with a payment plan, you can also start triggering your debts. As high interest debts have a bad impact on your credit score, you should immediately take steps so that they’re repaid. If you plan to get debt settlement advice, you can start making the payments to them or you may also repay your creditors yourself if you don’t want to get help of professional companies.

If you consult a financial consultant, they’ll always ask you to take certain steps on your own so that you can save your dollars on high fees and service charges. If you have any kind of structured settlement, you can certainly plan to sell them off. Utilize the money that you earn in repaying your debt obligations and build your credit score in the long run.

Nov 9, 2013 6:49 am

Finding yourself in debt is never a nice feeling. It can cause you a lot of stress and take control of your life. The best thing to do is to try to assess the situation and keep yourself calm. A lot of people have debt and it won’t be a problem as long as you keep working to get rid of it. There are two parts to reducing your expenses. First the money you save (or stop spending today) will go directly to paying off your debt. Second this “not spent money” will now be managed properly (with the new skills you have) to generate positive cash flow investments as part of your financial freedom plan. Either way but start today.