In the last post we talked about the imminent foreclosure of our home that we were undoubtedly facing thanks to the loss of both my husband’s job and my own. We had done everything we could think of to find ways to keep up with our mounting debt and monthly bills but we were drowning quickly with no hope for escape; or so it seemed. When the foreclosure paperwork finally did come and we went to consult a lawyer we thought that all hope was indeed lost. But as he explained to us, we did have another option – to sell annuity payments from the structured settlement that we had been given some years ago.

The structured settlement was a cash award from a personal injury case; the final settlement amount which was put into an annuity that was then responsible for dispersing payments to us on a schedule that had been pre-determined. This money was extra for us when we were both working but when we lost our jobs it became our only source of income. We had little savings and after being out of work several months we pretty much went through all of that as we tried to pay down bills and just meet our utility expenses. With the job market being what it is we simply needed more time and that just didn’t appear to be available to us in terms of keeping our home.

As the lawyer explained, however, the annuity payments were ours to sell and if we worked with a buyer of structured settlement annuity – a purchasing company – we could sell future payments (as many as we needed to sell) for cash in our hands today. So that’s exactly what we did. We sold quite a number of future payments and with the cash we caught up on our mortgage and paid off our debt which improved our cash flow and allowed us to live in peace while we resumed our job hunt. We have since both gotten new jobs but the choice to sell annuity payments absolutely saved our home and allowed us to get back on our feet.

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Let me tell you from experience – nothing will motivate you to move quicker towards a financial solution then finding out that you are facing imminent foreclosure. With the loss of first my job and then my husband’s, mounting credit card debt that was only becoming more pronounced as we turned to our credit cards to help pay for day to day financial necessities, and substantial debt beyond that, we were under water and sinking faster each second. We knew it was coming and tried everything to stall the inevitable as we both looked fast and furiously for jobs but the day that the foreclosure papers came to our door via certified mail we thought our world had ended. What would we do? Where would we go? We knew that we were not alone; there were people all over the country going through exactly what we were going through but it didn’t make it any easier. We felt ashamed, alone, and terrified.

Believe me, if we had known more about our option to sell annuity payments from our structured settlement we would have done it long before then. But we so relied upon our annuity payment that came every month just to survive that we didn’t look at it in any other way than our life line of income that we were blessed enough to have when nothing else was coming in; we were grateful for it. But as much as it allowed us to continue living it did little to help us beyond covering our bare necessities and the minimum payment on bills that were growing by leaps and bounds. All in all, our annuity payment was doing nothing more than putting a band aid on a bleed that was only going to get worse.

When our lawyer suggested we sell annuity payments we were both incredulous that such a possibility existed. But in the end, it would be the very thing that saved us as we’ll explain in the next post.

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When it comes to anything financial my brain tends to shut down. It’s most certainly not my best quality by any stretch of the imagination and as you can well guess it has gotten me into hot water more than a few times. I am more the creative type and anything to do with the other side of my brain sends me into a state of panic that I can hardly even articulate. It’s as if someone is attempting to speak to me in another language – a language that I should understand but never do. So when it came time to sell annuity payments from my structured settlement, I worked with a reputable buyer of structured settlement annuity that I knew to be among the best in the business. I knew that I would need some major hand holding throughout the process and certainly someone who could explain what was happening in terms that I could understand.

All that I really knew was this: I had been awarded money in an out-of-court settlement after I was injured in an accident. The money – instead of being given to me all at once – was deposited into an annuity and I was receiving it bit by bit; the same amount every month through payments that were sent to me. Credit card debt and the need to come up with tuition propelled me to inquire about the ability to sell annuity payments; something that I had been alerted to as a possibility when I was first awarded the structured settlement.

I did some Internet research and found a buyer of structured settlement annuity that had experience in the industry and solid testimonials from clients and that’s where I began. The buyer that I chose was really great at helping me understand the process, answering my questions, and helping me determine my best course of action. When in doubt – it’s the professionals who will help you make sense of a confusing situation and put you on a clearer path.

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Starting a business had always been something that I wanted to do; from the moment that I graduated college I envisioned working for myself and doing something that made me truly happy. But starting a business needed funding and in order to start accumulating that money I began working. Before I knew it I had been there eight years; time flies by so quickly and if you don’t pay attention you can forget what it is that you wanted to do with your life. I was forced to pay attention when I lost my job due to the economy. There I was with a dream that I was no closer to realizing and no steady income to cover my household expenses. So I decided to sell annuity payments from my structured settlement.

The structured settlement that I received was in response to a personal injury case in which I was awarded money. The money, now in an annuity, was sent to me in payments. It was one of the reasons that I was not completely panicked by the loss of my job – because at least the annuity payments would cover my mortgage; but beyond that it was of no use. But if I made the decision to sell annuity payments I could sell a multitude of payments at once and get the cash value which I could use to live on and start my business. I thought that made the most sense as the payments themselves would be sacrificed in the short term but would help fund the greater good – my own business and the chance to do what I always wanted to do. It was, it turned out, a great opportunity.

I worked with a buyer of structured settlement annuity to sell my annuity payments and before long I was getting down to the real work of my life – putting my own business on the map.

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In the last post we talked about the importance of working with professionals when it comes to anything to do with your finances – including the choice to sell annuity payments. I had done all the responsible research before making the choice to move forward with selling annuity payments from my structured settlement. But I knew that the final piece of the puzzle was to find a buyer of structured settlement annuity payments that would make sense of the situation in a more personal, and certainly more specific, way.

I sought out a buyer of structured settlement annuity payments that met all of the criteria outlined in the research that I had done. I looked for a purchasing company that had been on the scene for a good amount of time and had the experience that would benefit me, a company that had money behind it and could meet the financial arrangements that we made, and a company that was well respected in the industry as evidenced by the testimonials from its past and present clients. Once I found that buyer I looked to them to answer my most pressing questions like whether or not I would need permission to sell annuity payments, whether I had to sell my entire structured settlement or only the number of payments that I needed to sell, and other questions like:

• How long would the process to sell annuity payments take? Generally, it turns out this process is one that takes a minimum of 60 days. But with timely response by all involved I would have my money in hand quickly.

• How is the amount offered for an annuity payment determined? There are a number of factors used to determine the cash payment for the annuity including the amount of the payment, current economic conditions, the timing of when that payment will come due and the likelihood that those in charge of making the payment will do so on time.

• Do I know beforehand how much I will be given? A quote is provided for an annuity payment so that the seller can make their decision accordingly. A reputable company will provide a competitive quote within a matter of a day or two.

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When it came time to making a decision whether or not to sell annuity payments from my structured settlement, I did all the preliminary research that I could to help educate myself on the process. But in the end, I knew that I had to talk to an expert in the industry to really give me a comprehensive understanding of what was to come. I was especially worried about having to relinquish the entirety of my structured settlement which was not something that I wanted to do. So I worked hard to find a buyer of structured settlement annuity that would help guide the way for me.

I did find the professional that I sought and that professional helped to answer my questions so that I felt like I was going into the process with my eyes wide open and armed with information. Some of the things that my buyer of structured settlement annuity payments was able to answer included:

• How much of the actual settlement do I need to sell? Like I said, I was worried about having to part with my entire structured settlement. But, as the purchasing company that I worked with assured me, the decision to sell annuity payments was just that – selling payments. I could sell as many payments as I wanted to generate the amount of money that I needed. These options made me feel much more in control of the process.

• Was I able to sell annuity payments without “permission?” There are some states in which a structured settlement recipient must appeal to the court in order to sell annuity payments. The request is generally granted if there is a financial obligation that needs to be met including debt, tuition, money to stop a foreclosure, and so forth. I, however, do not need court permission to sell annuity payments and am able to begin the process immediately.

More to come in the next post…

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In the last post I related my experience with my structured settlement. I had been awarded money in a personal injury class action suit and instead of getting the money in hand (something that I had just assumed would be the case) the money was deposited into an annuity and it was explained to me that the money would be sent to me in equal payments each month. I had no experience with structured settlements and wanted to learn all that I could about them so that I could make the most appropriate financial decisions for myself. Most specifically I wanted to learn about my option to sell annuity payments; something that I had learned was a possibility.

I got to work online looking at the process to sell annuity payments. What I found out was that I could identify a number of payments that I wanted to sell and then present them to a buyer of structured settlement annuity – a purchasing company. My job was to determine how many payments I had to sell to come up with the amount of money that I wanted in hand. The job of the buyer of structured settlement was to give me a quote on the market value of selling those payments today instead of waiting to receive them tomorrow. Once I chose a buyer of structured settlement annuity – a company that was reputable and that I felt comfortable working with – I would collect money today for future payments and the buyer would then be the rightful recipient of the payments they bought when they came due.

I was happy to note that the decision to sell annuity payments was just that – selling annuity payments. I was not obligated to sell my entire structured settlement – just those payments I needed to make some money.

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There are those concepts in life with which you will likely never be familiar until you actually have to deal with them. This described my experience with structured settlements. I had absolutely no idea what a structured settlement was until I came face to face with it. To make a long story short I was hurt because of a product that malfunctioned; a product that I had bought and was using. It turns out that I wasn’t the only one. In fact, it turned out there were quite a few people who had the same experience and before I knew it I was involved in a class action suit against the product manufacturer. In the end, those of us who sustained injuries were awarded money; and that money was given to us through a structured settlement.

This was completely confusing to me. I thought that when you were given money you were actually given money. But while I had not been handed a check outright I would still be getting the money – just in a different way. A structured settlement is essentially an arrangement – a financial plan to distribute money. Money is deposited into an annuity and then payments are made from the annuity. This was what I understood to be the case and I wanted to learn as much as possible about the structured settlement and what was in my right to do – in terms of continuing to accept payments or making a choice to sell annuity payments.

I was especially interested in the choice to sell annuity payments because there was much more that I could do with a lump sum of money even though the payments themselves would be most helpful. So I began to research the process of selling annuity payments and how this would help me which I will relate in part two of this post.

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Just like any other professional who helps you to make sense of your financial situation, a buyer of structured settlement annuity matters to the successful outcome of any transaction. Here’s how it works: a recipient of a structured settlement has been awarded money in a personal injury case. The money is then deposited into an annuity which is held by a third party. The recipient is then sent payments on a scheduled basis. This is how the money is dispensed to the recipient for the remainder of the settlement unless they decide to sell annuity payments.

Yes – the potential is there to sell annuity payments, which means that the recipient chooses to part with a particular number of their future payments in exchange for cash right now. Who buys those payments? A buyer of structured settlement annuity payments. And it’s important to choose a buyer that is reputable, experienced, and has a solid standing in the industry including solid financial backing and the ability to offer competitive quotes.

Choosing a buyer of structured settlement annuity wisely is significant to having a successful result. There is variation between what one buyer of structured settlement annuity can offer in terms of cash value as opposed to another; it is important to research a buyer to ensure that they are at the top of their game and can offer:

• Guidance. Those who enter into the process of selling annuity payments are often not very uneducated about what to expect. A solid buyer of structured settlement annuity payments will be able to guide their clients through the process by educating them along the way.

• Competitive quotes. Money is, after all, the reason that you choose to sell annuity payments. You want to make sure that the buyer you are working with is able to provide competitive pricing.

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In the last post we talked about our recent decision to sell annuity payments from our structured settlement; a settlement that had served us well over the years in terms of the payments that were sent to us every month. Now we were looking at our structured settlement not just as another monthly income stream but as a way to accrue a lump sum of money to pay for our daughter’s tuition payments as she was ready to set off to college in the fall. We did a lot of research to determine the best course of action and found that we did have the ability to sell annuity payments – sell a particular number of payments to a purchasing company that would give us their cash value in return and would then receive those payments instead of us when they came due. From all that we learned it was very important to find a reputable buyer of structured settlement annuity in order to have the best results. And we did.

We looked for a buyer of structured settlement annuity that had experience, time in the industry (not a fly by night company), a great reputation, solid financial backing, and a way of explaining the process to us so that we could understand what was to come.

The buyer of structured settlement annuity that we chose worked very hard on our behalf – explaining the process and ensuring us time and again that we did not have to sell our entire structured settlement which we did not. We only sold the number of upcoming payments that would accrue us the cash that we needed in hand for tuition. With the purchasing company’s expert guidance and having felt like we really did our research we felt like we made the best decision for our family and are happy to say we had a very positive experience.

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