Take Your Time When You Sell Annuity Payments
- This was posted on August 29, 2008
So you are currently receiving a structured settlement payment on a monthly basis; which means that you were involved in a personal injury case of some kind and were awarded money in an out of court settlement. But instead of the money being given to you all at once you were given a structured settlement; which essentially means that all of the money awarded to you is now in an annuity from which you are sent equal payments on a scheduled basis.
These payments may have served you quite well for a long period of time but now you may find yourself in the position of needing a substantial sum of money – perhaps you have medical bills that need to be addressed, college tuition is coming due, or you are facing significant debt and are even behind on your mortgage payment. Under such circumstances, you may be able to sell annuity payments in order to come up with the cash you need.
The way in which this works is that you locate a reputable buyer of structured settlement annuity payments. Take your time in finding a buyer that has solid financial backing, has a strong reputation in the industry, makes competitive offers, and is willing to explain the process to you every step of the way. No buyer of structured settlement annuity should ever pressure you to sell your entire structured settlement. In fact, in most cases the sale of the entire structured settlement is absolutely not necessary; you should only sell that number of payments that will give you the cash you need.
A buyer of structured settlement annuity will then purchase the number of future payments you have offered for sale. Essentially you will receive those payments now through the cash for structured settlements given to you from the buyer. The buyer will then receive the payments they have essentially purchased.
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