A structured settlement is a regular payment schedule of money that is owed to you. Usually it is a case that you have won the money in a law court and you have a regular payment coming to you. In such a manner you will likely have turned down a lump sum of the full value to receive the money in such a settlement - for any number of reasons including tax breaks. For most people this will mean that they get a monthly payment from an insurance company, as part of a personal injury compensation for example. Such a structured payment will be guaranteed via a number of means.
Selling policies
But whilst you may have decided to receive the repayments by monthly installments rather than one lump sum times change. For many people the recent recession has meant that financially times are hard, harder than when they agreed to the settlement. Because such times change what was the right call to change a lump sum into a monthly payment it could easily be the wrong call now. But a structured settlement is enshrined in law once it is agreed - you can not change your mind and get the money in one lump sum now, you are stuck getting the regular installments.
So is there no way of getting the money?
Well you can always sell the structured settlement policy. How you do it depends on the laws in the state or country that you are in - but the majority of states allow for the selling of structured settlement policies, with a variety of legal regulations that have to be met. For specific advice about the laws in your area you will need to talk to legal experts. Companies exist that are happy to buy the settlements for you. Most of them will be experts in doing so - and will have the knowledge needed to walk you through the process. It will take experts because in most states you will need court approval to be able to sell the settlement.
Consider your options
When you are selling structured settlement payment plans you need to give it serious consideration before going through the process. Companies that buy such plans are obviously not doing so for the benefit of the person they are buying from - they are doing it because they are looking to make money.
The way they will make that money is by paying you less than the amount you would have got over the life of the settlement. Their profit will come by paying you x amount (where x is less than the amount you would receive) and then claiming the full amount - can be as much as 30% difference (and sometimes more) between what they pay you and what you would have received. This makes selling settlement solutions a difficult decision. It can give you the lump sum that you need, but at a price you may not want to pay. Consider your current situation and need for money carefully before making a decision.
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