In recent years there has been a high demand in individuals seeking cash for the Structured Settlement and Annuity Payments. People receiving these types of payments are now consistently being marketed to by direct mailers and television commercials. There has also been a significant increase in people searching the web seeking companies to sell their payments to. The demand is most likely due to the current economic climate. So the question that I see most of the time online is “how do I sell my Structured Settlement and Annuity Payments”? This article will assist you in gathering insight on how to sell your payments and what the process entails.
A company that purchases Structured Settlements and Annuity Payments is referred to as a factoring company. They will purchase your payments for a discount. This means that if you sell them a total amount of $100,000 in payments, they will not give you $100,000. The average lump sum payout will typically be 50% of the total amount of payments you are selling. This figure depends on the monthly or annual payment amounts you are receiving and when those payments are due and for how long you are receiving them for. If your payments are due soon, this means your payments have a higher present day value and you will therefore receive more cash for them. If your payments are due to you in 10, 20, or even 30 years out you will notice that your payments will have a lower present day value and the offer you will receive will be less then if the payments were to be made in 3, 5, or 9 years. This doesn’t mean you are getting a bad deal, it just means that your payments are worth less in the present day.
The first thing to do if you are interested in selling your Structured Settlement and Annuity payments is to contact a reputable company that offers this service to individuals receiving these types of payments. You should have no problem obtaining a quote from a company. A good company will provide you with several options since you are not required to sell your entire payment stream. They will assist you in raising the cash you need and still leave you with some of your payment stream for your future. Always make sure to obtain at least two to three offers to make sure that you are receiving the best deal possible. Never accept a verbal offer from a company. There are some companies that exist that will make you an offer and then change your offer at the signing table. You should always review your paperwork in detail before you sign.
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A customer approached us a couple of months ago, she was scheduled to receive $150,000.00 lump sum payment in a couple years as a result of a car accident that had left her partially disabled. She needed the money since the bank was set to foreclose on her house. She had contacted a company that offered her $100,000.00 for her $150,000.00 lump sum but they changed her offer at the signing table and also included almost $3,000.00 in legal and processing fees. Luckily she did not sign the paperwork and instead called us. We were able to offer her $130,000.00 for her payments without charging legal and processing fees. With the money she received she quickly paid off her existing mortgage and now lives debt free. These are stories we hear time after time from our customers and how we were able to help them.
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