Debt Settlement and Structured Settlement

DEBT SETTLEMENT
People who are in serious debt have the option of proposing an Individual Voluntary Arrangement to their creditors as a means of clearing their debt whilst avoiding bankruptcy. It will generally last for a number of years, over which time, monthly repayments are made to the creditors through an insolvency practitioner, but also it is possible to propose a settlement of just one payment referred to as full and final settlement.

To set up a settlement, the debtor must have very little, if any, disposable income with which to make their monthly contributions and the debtor need to have access to enough releasable equity from a property they own, or know a third party that is prepared to introduce a sufficiently high lump sum and act as their benefactor.

STRUCTURED SETTLEMENT
It is a financial agreement between two or more parties (plaintiff) that compromise a statutory cyclic payment contract. A structured settlement can protect a plaintiff from having settlement funds dissipated when they are necessary to pay for future care or needs. Sometimes a structured settlement can help protect a plaintiff from himself.

Some people simply aren't good with money, or can't say no to relatives who want to "share the wealth", and even a large settlement can be rapidly exhausted. Minors may benefit from a structured settlement as well, such as a settlement which provides for certain costs during their youth, an additional disbursement to pay for college or other educational expenses, and then one or more disbursements in adulthood.

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