Why Sell My Payment?
Life happens. And we all have dreams to make the world a better place for ourselves and our loved ones. Annuities and structured settlements are designed to pay recipients over a long period of time to insure a steady stream of guaranteed income and overall financial security. But you can't invest payments that you don't have yet or borrow against them. And if the best thing you can do for your loved ones is to buy a home or add onto a house to make room for a new member of the family, you should have that option. This is a valid reason to consider selling the rights to your future payments, as is starting a new business. Or sending your kids to college. Or paying off monthly debts (including student loans) that drag you down. Weigh the options.Get Cash Today
- Buying or repairing a home
- Starting or investing in a business
- Funding a college education
- Paying off debt (credit card, student loans, medical, etc.)
- Investing (property, stocks, retirement fund)
How the Process Works
The process of selling your structured settlement payments is fairly straightforward, starting with your decision to sell, setting up a court date, and ending with money in your hands. However, what we can offer that our competitors can't is fast, speedy and dedicated customer service; a free quote in minutes and cash advances when approved.
Make the Decision to Sell
If you need the cash for a valid reason, it''s your only alternative, and selling payments won't hurt your financial future, then go ahead and start the process.
Get in touch with one of our representatives who will guide you through all the steps of selling your structured settlement payments.
Get a Free Quote From Us
We offer competitive pricing, and will guarantee you a free quote in minutes.
We Provide a Cash Advance
Once you sign up, we can provide you with a cash advance now so you can start using some of your own money immediately.
Setting a Court Date
After all the paperwork is submitted, you'll first need to present the reasons for selling your payments before a judge prior to getting your money.
Cash in Your Hand
Once the court accepts the transfer, you should have access to your money.
How Much Will You Receive?
The amount of money you get from selling your future structured settlement payments depends on a few things. The first thing is the company with whom you choose to do business. Many potential sellers shop their future payments in search of the best up-front price. Nothing wrong with that: Our personal representatives offer competitive pricing against all other companies.
Your cash-out total also depends on how many payments you sell - and when those payments are scheduled to pay out. The more payments you sell, the more you will cash out. And we advise people to hold on to as many future payments as they can.
- Amount of payments and how much you wish to sell
- Length and timing of your payments
- Any lump sums you may want to sell
- Current economic conditions
- Fees and extra charges
Factors Affecting the Future Value of your Annuity
Interested in Selling Your Annuity?
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You will not get full price
You need to go into this process with a clear understanding that this is a business deal. Companies that buy structured settlements intend to profit from their purchases. For you, this means if your annuity is worth $250,000, you'll be offered less than that in a cash payout.
How much less?
It could be as low as 50 percent. In many cases, the offer will come in at 60 percent to 80 percent of the original value. Percentages are based on market conditions, particularly institutional interest rates set by the Federal Reserve, and conditions constantly change. In effect, the discounted purchase amount is the price you are paying for the ability to tap into immediate money.
Research the Laws
Although language in your annuity contract may try to restrict its sale or redirection to any other entity, selling the rights to future payments from your structured settlement is legal. Forty-three states passed laws known as Structured Settlement Protection Acts (SSPAs) that safeguard your rights, while providing rules covering the transfer of structured settlement payment rights to a third party. The U.S. Congress in 2002 created a federal regulatory model for the factoring industry by amending the Internal Revenue Service code. Section 5891 imposes a 40 percent excise tax on factoring transactions that are not in accordance with a "qualified state statute." The revision means that all structured settlement transfers have to be approved by a state court judge who must determine whether your reason for wanting to sell your structured settlement is not only legitimate, but also in the best interest for you and any dependents.
Get advice from an attorney or financial planner
Although it may cost you a little bit of money, sound advice from your lawyer or financial analyst may save you thousands of dollars. Your advisors can warn you about a poor valuation of your structured settlement or save you money in taxes. As part of the structured settlement selling process, you will have to be represented by an attorney before a judge or court approves the sale.
Having Your Own Lawyer
Often, your factoring company will provide you an attorney as part of process, but the company won't discourage you from having your own lawyer. Or, at least, it shouldn't. If it does, that's a warning sign that maybe you should look elsewhere for a buyer.