Want to Sell Your Annuity? Here Are 3 Reasons Why It’s a Good Idea

Want to sell your annuity? Reasons to Sell Your Annuity

When it comes to selling your structured settlement payments or annuity for cash, one of the first things you’ll be required to do is distinguish whether the money you’re requesting is a necessity or something nice to have (e.g. you may want a new car, but do you really need it?). Reputable companies that buy payments will want you to state why you need a lump sum in the near future. If you have a great reason for needing your cash faster, then there are a slew of reasons why selling your structured settlement payments is a good idea.

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Structured Settlement Buyout: Why Choose RSL Funding?

strutuctured settlement buyout

So you’ve been awarded a structured settlement. Maybe these payments are a recent acquisition, or perhaps you’ve been receiving them for over a decade. Either way, the time has come when you need a lump sum of cash for a legitimate financial need. Unexpected medical expenses or home repair emergencies may prompt you to sell future payments from your structured settlement. People who find themselves in these situations often feel panicked, as making the wrong move could mean getting less money for their payments. Before you go with the first offer on the table, take a deep breath and prepare yourself for the paperwork and possible legal endeavors that might be ahead.

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Can You Borrow Against Your Structured Settlement?

borrow against your structured settlement Usually, people want to find a way to use their future structured settlement payments if they’ve hit a major financial snag. Instead of selling, some people might be wondering if they can get a loan by borrowing against their structured settlement. After all, it is guaranteed money coming to you, so you should be able to use it as collateral for a loan, right? Not really. In situations like these, opting to sell your structured annuity for a lump sum is your best bet.

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Why You Should Use a Structured Settlement Annuity Calculator

structured settlement annuity calculator

Many people with a structured settlement or annuity find themselves in the predicament of needing a lump sum of cash in a short amount of time. RSL Funding is a viable option for those needing their cash sooner rather than later. In these pressing times, it’s important to understand the principals of calculating just how much your structured settlement or annuity is worth.

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The Dos and Don’ts of Selling Your Structured Settlement

Selling Your Structured Settlement Dos and Don'ts

Though you’ve been fortunate enough to obtain a structured settlement or an annuity, often times the installments are small and dragged out over the years. There are many reasons so many consider receiving a lump sum instead of waiting for meager payments to trickle in: you may want to put a down payment on a new home, pay off medical bills, or enroll in school. No matter what your reasons are, you have the option of selling a portion of your structured settlement to get a lump sum up front.

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The Purchase of Your Settlement Annuity

purchase settlement annuity

There are companies on the lookout for any opportunity to purchase settlement annuities. Structured settlements are awarded as means to compensate plaintiffs for the injuries and obligations by a defendant. For most people, this type of arrangement is enough for them to have a dependable means of support for financial needs, including medical costs resulting from the incident.

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Choosing the Best Structured Settlement Companies

best structured settlement companies
When you are looking for the best structured settlement companies, there are many things you want to learn. It can be devastating to be ripped off and there are several things you can do to protect yourself.

You never want to do anything involving money without having the right answers. You want to make sure that you completely understand this process before you begin. If you are like many people your structured settlement may not be paying the bills. This can be very frustrating when you need more money now.

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4 Important Tips on Selling Structured Settlements

tips on selling structured settlements

Sellers of structured settlements ought to give major consideration to the prospect of whether or not the sale of a structured settlement is indeed the ideal choice for their particular situation. Let us suppose that you already have thought this decision through quite thoroughly, and you’ve concluded that it is the best choice. In such a case, here are some tips covering a few potential issues to watch out for.

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The Problem with Pre-Settlement Loans

Pre-Settlement Loans Funding

Usually used as a last resort because of their often unregulated fees, pre-settlement loans can be expensive and somewhat difficult to acquire.

With traditional loans, credit reports are pulled and questions about finances and income help shape terms of repayment. Since pre-settlement loan companies look for cases that have the best chances of winning in court, a client’s credit, amount of collateral or income situation is not useful in negotiating better repayment terms. Typically, the terms of repayment, including interest rates and length of the loan are unregulated, and depend totally on the company issuing the loan. It is up to the client to work with their attorney to do proper research to make sure that prohibitive costs are kept at a minimum.

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How to Choose the Best Structured Settlement Companies

African American man in park using cell phoneWhether it is due to an injury from an on-the-job accident, or a lawsuit from a wrongful termination, your structured settlement payments can span a few months, a few years, or even a lifetime, depending on the terms. There are many reasons why you may want to sell part of your annuity to a structured settlement company, or cash in the entire amount for a large lump sum. But there is one fact that’s for certain: all structured settlement companies are not the same. It’s up to you to do your research and choose a company with a good reputation.

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Why Sell Your Structured Settlement?

Why Sell Your Structured SettlementThe saying goes, “The best things come to those who wait.” Well, that isn’t always the case. When financial need arises, waiting for your structured settlement payments to come in may do more harm than good. If you need a lump sum to cover expenses, pay your mortgage, pay outstanding medical bills, buy a new car to get to and from work or for any other reason, selling your structured settlement could work in your favor. Unlike pay day loans or get-rich-quick schemes, your scheduled payments belong to you and you do not have to pay them back.

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What is a Structured Settlement?

What_is_a_structured_settlementWhat You Need to Know about a Structured Settlement

A structured settlement is a legal, financial arrangement whereby tax-free periodic payments are made to a claimant as resolution for a personal injury tort claim. Lump sum payments alternatively are made all at once and are taxed by the government. Structured settlements became more widespread over 30 years ago, in 1982. Congress passed legislation that amended the federal tax code that advocated for the use of structured settlement in physical injury cases as each payment wouldn’t be taxed. The action was called the Periodic Payment Settlement Act of 1982.

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Things to Consider Before Selling Your Annuity Payments

Advice for selling your annuity paymentsWhen you decide to sell your payments, your lump sum will be less than the original amount of the settlement. So why do it?

For starters, people who expect to receive structured settlement or annuity payments are in a great position. They have a fixed income stream that will last for a predetermined period or in some cases, for the duration of his or her lifetime. As secure as this situation might seem, there are times when cash is needed on-hand.

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Leveraging an Annuity Broker

Annuity_BrokerIf you own a structured settlement, you’re likely receiving regular payments as a result of a positive outcome from a lawsuit or winnings from a lottery. These regular payments are great on the surface, but if you prefer to receive all or a portion of this income stream as a lump sum payment, you can do so by using a structured settlement annuity broker.

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