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Want to Sell Your Structured Settlement Payments Quickly.

Aug 24, 2008
What are some things that you need to know about before cashing in your structured settlement annuity.

A honest structured settlement annuity payment purchaser must be found.

The structured settlement buying company or broker's expertises must be checked. Buying structured settlement payments is not easy.

See if there are any lawsuits against the company or broker buying your settlement. Your local Department of Consumer Affairs may have records to check.

If the person you are talking to seems genuine and has your interest at heart than you may have the right person. No one has all the answers, but any one who you feel is willing to take the time and make you feel comfortable about what you want to do is the right person. Trust your instincts.

When will I get my money?

It's going to take a minimum of 1 and a half months to 4 months. Anyone saying less time is not to be trusted.

1. A Court Order is required. It is now required by all states for a court order to be issued. If there is no court order, a tax equal to forty percent must be paid on the total amount of payments being sold. Do not fret, this is a good thing ? it makes selling your settlement a little safer.

2. The Insurance Company ? This includes both the issuer and the owner of the annuity. These things do not happen overnight. It takes time when dealing with companies.

3 An expert broker or a company that knows the different funding companies and their requirements will save you time and effort.

4 Price for your payments may depend on the rating of the Insurance Company holding your annuity. A company with a lower rating may get less because the profit is lower to the investor.

5. Necessary documentation: Copy of the annuity, the settlement agreement and release, photo ID, recent payment check , any child support payments out standing and application for selling payments. A honest expert can help you gather these documents.

What will Cashing Out Cost Me? Most likely you are going to be some what disappointed in the amount you receive. Total up all the remaining payments and know that cashing out will offer you much less than that. They based the structured settlement on a certain amount of money put into an annuity and then that principal amount, plus interest paid out, equaled the settlement amount. Consider other options before selling your payments.

You have decided to sell your structured settlement and some questions to ask yourself. What about taxes? As of January 23, 2002 a new law says no tax liability for selling a structured settlement.

Another thing when selling your payments, is selling only a portion. Sell the payments that will meet your current needs, and leave the rest in an annuity so that you will still receive some sort of monthly income. A financial emergency or other unexpected expense may come up requiring you to access and sell your structured settlement payments in the future .

Know that your settlement was meant to be used over time and selling it now can leave you with money problems down the road.
About the Author
Frank ReCouper Sr. has been in financial services (financial planning) for over 45 years. Buying structured settlement payments for 17 years and can be reached by going to R
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