Hunkering Down with the Choice to Sell Annuity Payments, Part II
- This was posted on June 29, 2009
In the last post I began to tell of the situation in which had found myself and which I was facing with much trepidation. While my family had never been considered wealthy by any means we always had enough every month; even if it was just enough. Our salaries – along with the structured settlement payment that we received every month was enough to see us though until I lost my job and my salary along with it. Suddenly that structured settlement payment became a lifeline and, even more than that – it became a possible safety net.
Our choice to sell annuity payments was a decision we looked into as it would grant us the lump sum of money that we needed to pay off our debt and hunker down with what we had until I was able to find a job. We began the process by working with a buyer of structured settlement annuity – someone that we had found through word of mouth and that appeared to be a reputable source for getting the money that we needed.
The structured settlement was set up by the courts as a result of money we were awarded in a personal injury case. The payments came the same time every month and they were certainly helpful; but now they were necessary. We found out that we could sell annuity payments – as many as we wanted or needed to sell – to a buyer who would give us their cash value all at once. In return, the buyer would receive the future payments instead of us. I was relieved to know that I did not have to sell my entire structured settlement – just the number of payments that would accumulate the amount of money that I needed to pay of my credit cards and other outstanding debt.
The choice to sell annuity payments was the best choice we could make to get through this difficult time and we worked with a buyer of structured settlement annuity that would help us make the transition.
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