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December 07, 2005

Instant Money For Your Settlement Brings Its Problems: Sure You Want All Cash For Your Settlement?

by John Darer® CLU ChFC MSSC RSP CLTC

Yet another sad dissipation story appears in today's New York Times. This story involves a Kentucky man who won the lottery in 2000. In less than 5 years his life and that of an ex-girlfriend, with whom he shared his winnings, is turned upside down and she is dead. We have all read factoring company ads stating that "its your money" so you should "sell your structured settlement" payment rights. The temptation to take all cash or to "sell your structured settlement" payment rights may seem right to you but be very very careful and always get qualified independent professional advice.

Posted at 12:18 PM in Boston Structured Settlements, Bridgeport Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Buffalo New York Structured Settlements, Cash Now Pushers | The "Cash Now Fix", Chevy Chase Structured Settlements, Chicago Illinois Structured Settlements, Dissipation Stories, Factoring Company Bad Business Practices, Got Settlement...what now?, Just Found Out I Have a Structured Settlementt A Structure and I'm 18, Newark NJ Structured Settlements, Structured Settlement Factoring, Structured Settlements |

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Mark Wahlstrom

John,

I read this same story and linked it over at The Settlement Channel. This is a classic case that is seen too often in our business of people who "take the cash" and in a short time a either dead, drug addicted, buried in law suits and other problems. The biggest safety net many people have in a structure is that it gives them the ability to tell their "friends and family" I only get a monthly check and I can't give you the $200,000 you need for your lhama farm. An instructive story.

Posted by: Mark Wahlstrom | December 07, 2005 at 12:25 PM

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