Quick Cash for Your Structured Settlement Payments.

So what do you do to sell your structured settlement? There are some things that you need to think about before cashing in your structured settlement annuity.

A company or broker has to be found, who deals with the sale of structured settlement annuity payments.

Buying structured settlement payments is difficult. Find someone who knows what they are doing. Find out how long they have been in business.

You should also consider checking to see if there are any lawsuits being filed against the company or broker. - contact your local Department of Consumer Affairs.

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.

Will I get my money in a week or two?

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. You have to go to court in your state to have the judge approve you selling your payments. If you don’t get a court approval you pay a 40% tax. To get this approval can take up to 4 months.

2. We need a copy of the annuity and other documents from the the Insurance Company. This takes time, some companies send it out quickly others will take their sweet time.

3. What kind of payments do you have (quarterly, semi, annual, or are they a lump sum)? Different funding companies have their own requirements and it’s critical for your broker to know these requirements. Do your homework on the company or broker you choose - you will get your money faster and with a lot less hassle.

4. Its good to have an A rated Insurance Company holding your annuity. Selling lower rated companies annuity payments, will get paid less money. Investors are looking for the safest investment for their money.

5. In addition to the above you will need the necessary documentation such as copies of the following: The annuity, the settlement agreement and release, photo ID, recent payment check and application. These are some of the things to consider. For now it gives you a good idea of what’s required.

If you add up all the payments and think you are get something close to that figure, your wrong. Why? If you WAIT for your payments, you will get that amount. Your NOT WAITING, someone else is. They want a profit and they have to wait to get their money back, they gave you. $120. paid today is worth $120. $10. a month paid for 12 month is not worth $120. today. Its worth $120. in one year when you get all the payments. This called the time value of money and to many its confusing. Look at other sources for money like family, friends or a bank loan.

Now that you have decided to sell your structured settlement you will need to take some things into consideration. Ask yourself? Is there going to be a tax consequence? As of January 23, 2002 a new law that governs such sales, does not impose any tax liability for selling a structured settlement.

When selling your structured settlement, think about selling only a portion 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 a structured settlement payment 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.