4 Reasons Why You Should Sell Your Annuity Payments
People choose to sell annuity payments for a variety of reasons. Getting cash for structured settlement payments provides a lump sum of cash up front to use, as you need. This cash is beneficial to resolve sudden financial problems or to provide a specific need or desire at the time. Making the choice to sell annuity payments may be the best option if you are needing a large sum of money quickly and not over a period of time.
Pay off Your Debt
High interest credit cards and loans, which carry a high interest rate, are like throwing money down the drain every time you make a payment. These payments and the interest rates can begin to take a financial toll on you. Selling your annuity for a cash lump sum provides extra cash to pay off these debts eliminating the payments all together.
Even the best of people fall on hard times occasionally. When bills get behind stress sets in and collectors begin calling. If you fall behind on your mortgage, you could be faced with a foreclosure. Bankruptcy is an option that many turn to in times like these. Selling a portion of your annuity benefits provides cash needed now to avoid bankruptcy.
Buying a Car
It’s no secret that reliable transportation is needed to get you to and from your job. Without this, you will not have a job, and without a job, there will be no money to pay your bills. Those with poor credit or no credit often have a harder time getting a car. The down payment is either extremely high, or the interest rate will be high. Selling you annuity settlement provides a lump sum of cash to buy a car with. This eliminates financing companies and interest charges completely.
Nobody ever plans to get sick or injured, but the fact is that sometimes it happens. When you don’t have insurance, or when insurance doesn’t cover all medical costs, then these expenses can add up quickly. Using all or some of your annuity can get you the cash you need now to pay for medical expenses.
There are many reasons you could come into an annuity payment. In the year 2013, medical malpractice suits totaled $3.6 billion dollars, and employee lawsuits paid on average $150,000. When these suits are settled annuity payments are usually awarded. Immediate annuities usually start paying out within 30 days, and usually come once a month. Monthly payments may be helpful but not always practical. When you need a lump sum of cash immediately, don?t overlook the benefits you get when you sell annuity payments for cash.
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