Ask Mo!

The Question

I’ll get my Big Money in a few months but I could really use the money right now. I got a phone call the other day from someone who said she could give me my money right now, all I have to do is sign a few forms and pay some processing fees. It sounds like a great deal. What do you think?

Our Answer

You must be very careful about deals like this. It sounds a little shady to me. Recipients of large settlements are often targeted by professional scammers who want a piece of the pie. They may encourage you to sign up for early upfront payments or loans against your settlement. BE CAREFUL. While it sounds like a great idea, these loans or early upfront payments usually come with a cost such as high fees and interest rates as well as possible tax penalties from receiving an early payment. Best read the fine print, ask someone you trust to review the forms, and get straight answers to all your questions before signing anything. Times are tough for everyone right now and a lot of people are struggling financially. Think about your options and decide whether you can wait a few months or take a less costly loan from another source. There’s no reason to lose money if you don’t have to!

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