Do you have a structured settlement or annuity and thinking about selling off all or part of it? If so, you know what to expect up front so that you are not confronted later on with any unpleasant surprises so to speak.
People often ask why in the world anyone would ever want to sell off their annuity or structured settlement payments anyway? It's a fair question, but the fact is, things change in everyone's lives. You may have serious medical expenses or some other financial emergency that requires you to come up with a good deal of money. It could be to save a home from foreclosure or one of countless other situations.
Regardless of the reason, here's a look at what your rights are whenever you go to sell any part of a structured settlement or annuity.
1. You must be provided with disclosure statement that outlines all of the terms regarding the sale of your all/part of your annuity. Be sure to look this over and understand what it means. If for some reason you don't understand something, ask the company about it.
2. You must be given a specific number of days as a "cooling off period". This may seem like a pain, but it is for your benefit. What happens if you agree to a settlement sale offer and then suddenly have a change of heart, or your circumstances change? This gives you the opportunity to back away from the sale and keep all of your settlement.
3. You must get past hearing before a judge who will consider your potential sale. While this may seem sort of scary at first, it is really a matter of formality for the most part. Unless you are only wanting the cash for your annuity or structured settlement to go out and buy frivolous items like a trip around the world or a few extra cars, etc., the judge is going to approve the transaction.
Again, this is really in your best interests, even though it doesn't seem like it at the time.
How long does this entire process take? Honestly, every situation is different but you can expect it to take at least 60-90 days. That is from the time you accept a quote on selling the annuity to a judge approving the transaction and you get the money in your bank account.
If someone tells you that it will only take a week or two to get a check, don't buy into it. They are not telling it like it is. There are far too many variables such as the courts calendar, how quickly you submit items that are required for the sale to move forward, as well as other things to be able to give a specific time frame.
As you can see, selling a structured settlement annuity is not all that difficult. Throughout the process you will be kept aware of what is going on and what to expect. You will also be given several opportunities to step away from completing the sale if you decide you no longer want to sell it off.
People often ask why in the world anyone would ever want to sell off their annuity or structured settlement payments anyway? It's a fair question, but the fact is, things change in everyone's lives. You may have serious medical expenses or some other financial emergency that requires you to come up with a good deal of money. It could be to save a home from foreclosure or one of countless other situations.
Regardless of the reason, here's a look at what your rights are whenever you go to sell any part of a structured settlement or annuity.
1. You must be provided with disclosure statement that outlines all of the terms regarding the sale of your all/part of your annuity. Be sure to look this over and understand what it means. If for some reason you don't understand something, ask the company about it.
2. You must be given a specific number of days as a "cooling off period". This may seem like a pain, but it is for your benefit. What happens if you agree to a settlement sale offer and then suddenly have a change of heart, or your circumstances change? This gives you the opportunity to back away from the sale and keep all of your settlement.
3. You must get past hearing before a judge who will consider your potential sale. While this may seem sort of scary at first, it is really a matter of formality for the most part. Unless you are only wanting the cash for your annuity or structured settlement to go out and buy frivolous items like a trip around the world or a few extra cars, etc., the judge is going to approve the transaction.
Again, this is really in your best interests, even though it doesn't seem like it at the time.
How long does this entire process take? Honestly, every situation is different but you can expect it to take at least 60-90 days. That is from the time you accept a quote on selling the annuity to a judge approving the transaction and you get the money in your bank account.
If someone tells you that it will only take a week or two to get a check, don't buy into it. They are not telling it like it is. There are far too many variables such as the courts calendar, how quickly you submit items that are required for the sale to move forward, as well as other things to be able to give a specific time frame.
As you can see, selling a structured settlement annuity is not all that difficult. Throughout the process you will be kept aware of what is going on and what to expect. You will also be given several opportunities to step away from completing the sale if you decide you no longer want to sell it off.
| Next, go to this website at Cash For Annuity Payment where you will find information and tips on selling structured settlements and annuities. http://www.Cash-For-Annuity-Payment.com |
No comments:
Post a Comment