Decision to Sell Annuity Payments: Money in My Pocket, Part II
- This was posted on May 25, 2009
In the last post we went over the basics of a structured settlement arrangement. When a claimant in a personal injury case is awarded money in a settlement it is often distributed through a structured settlement rather than the money being handed over all at once. I had received money through a structured settlement – set up as a result of a personal injury case in which I had been involved. And for quite awhile the payments I received from this structured settlement were adequate to meet my financial obligations.
But there came a point when I needed more money in hand that the payments would allow me. I, like many other people right now, had been laid off from my job due to the economy and the bills were piling up fast. I was hard and steady looking for another job but in the meantime I had to pay my mortgage and all of the other bills for which I was responsible. The structured settlement payment was the only income I was receiving in addition to unemployment and it was simply not enough to see me through. I needed a lump sum of cash in hand and it was completely frustrating to me that I could not access the entirety of my structured settlement annuity even though it was technically my money.
That was when I made the choice to sell annuity payments. I did some research and found out that – yes – the payments were my money and I could do with them as I wished. All I needed to do was find a reputable purchasing company – a buyer of structured settlement annuity – that would purchase the number of future payments that I wished to sell in exchange for their cash value that would be given to me today.
Once I made the decision to sell annuity payments the rest fell right into place. I found a buyer of structured settlement annuity that had a great reputation and I was able to have the cash in my pocket that I needed.
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