- Personal Finance
Cash For Annuity Payment
Getting cash for your annuity payment can give you more options than you think. There are many companies online as well as off line that will give you information on how you can get cash for annuity payments. There are many reasons why people accumulate annuity payments such as , insurance payments, lottery winnings, pension benefits, law settlements to name but a few. During financial hardships annuity payments can be a welcome asset to ease your financial burdens. You can receive these payments in a lump sum, this is ideal if you are wanting to pay off those unwanted debts. There are many companies that will exchange your annuity payments for cash such as J.G. Wentworth Peachtree Financial , or GH financial holdings, to name a few that will give you cash in a lump sum payment.
How It Works
When you have discussed all details and information with the company you have chosen to exchange cash for your annuity payments, and you are satisfied with what they have to offer. Then an arrangement will be made where you will have to sign over to that company the rights to receive your regular installments which maybe on a weekly or monthly basis. The company will then proceed with the exchange and if all is well , they will pay you a lump some, this lump sum is estimated by valuing your annuity payments in total, minus any fees the company may require you to pay. This is where the catch comes in as these companies may well charge you any where between %10 to %15 in fees alone. But like any business , fees are part of the package. these fees are to be deducted from the amount you would receive for your annuity payments.
Not only will you have to pay fees to the company you are dealing with , you will have to consider related taxes that will be applied should you receive a lump sum. As well as dealing with the tax department you will also need to contend with what they call surrender fees that apply to annuity paymnts. You may well have cashed in your annuity payments for $50,000 but if you consider the fees to be paid to the company, the surrender fees as mentioned, and also sorting out your tax obligations, you maybe disappointed to find out that your annuity payment of $50,00 has literally halved after all deductions have been met. As i said before even though you will be hit with such fees, annuity payments will come in handy if you are in financial debt and need money ASP.
Finding a buyer
Finding a buyer for you annuity payments requires a little background information on who you will be dealing with in terms of getting the best and financially sound deal for your annuities. Finding a buyer online maybe your first option and you can simply let your fingers do the walking. If you do decide to find a buyer online simply type in "selling structured settlements" to pull up a list of companies who are willing to pay cash for your annuity payments. Study their terms and conditions , find out what the best deal would be for your specific needs, don't limit yourself to one company, take time to asses a few of these companies. Then you will be able to compare out of which one has the better deal in terms of what you require. Tell them any concerns you have pertaining to the type of deal they are offering, some companies will give you a quote for free, but you'll never know until you ask.
Once you have decided which company offers the best deal for your annuity payments. Carefully read and re- read all paper work fine print and documents before making a final decision. Remember that once you have signed and sealed the deal it's highly unlikely that you will be able to compromise another deal unless there are legalities that have been misrepresented on the companies behalf. So do your home work and do it well before considering to sell your annuity payments.
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