Black Friday and Structured Settlement Cash Advance
With all the advertisements on television, internet and via print and direct mail, you may be feeling the desire to go shopping and pick up a few new times. Who would want to miss the great deals that are to be had this time of year? CNN reported in 2012 that slightly over 139 MILLION adults visited websites run by stores in the 4 days following Thanksgiving. That is a lot of people and a lot of shopping.
On average the shoppers spent over $400 each during the black friday weekend following the 2012 Thanksgiving. There are mixed stats on whether that number improved or declined in 2013. While grabbing these so called “bargains” in the upcoming week may be tempting, selling your structured settlement and receiving a cash advance may not be prudent.
Federal and state laws require that a court approve the sale of your structured settlement and that the sale be in your best interest. While reasonable minds can disagree on whether this system is reasonable when applied to a person of sound mind, the law is the law and it must be followed regardless what company you are thinking about working with. The question therefore becomes, when is getting a cash advance on a structured settlement in your best interest.
While we guarantee an immediate structured settlement cash advance of up to 10% of your purchase price (i.e, the full amount we will pay you in exchange for agreeing to assign to us your annuity payments), just because the cash advance is available to you does not mean procuring it makes sense. One should generally not sell their structured settlement for material items. While a new flat screen tv on a super sale at Walmart for Black Friday 2014 may seem to good to resist, the security and income from your structured settlement is probably of greater import. Keep in mind that a judge will not be likely to grant your transfer if the sale is simply for luxury items.
Generally, you should think of not just the short term upside of getting a lump sum
(heck everyone would benefit from that), but instead you should balance that against whether it is in your best interest in the long term to sell and get a cash advance. While different people proceed in different fashions, you may want to get a quote, consider your options, talk to an adviser or trusted family/friend and then decide what is right for you.