Selling your annuity or structured settlement can be a great decision if you’ve decided that there are better ways to spend and/or invest your money. Maybe you’ve decided that you want to go back to school and earn a degree, maybe you want to make a big purchase (such as buying a house or a car), or maybe you’ve just been focusing on paying off your debts. Selling your annuity payments can be a great way to get the money you need now, without worrying about fees for breaking your contract and without taking out extra lines of credit.
Here are just a few tips on how to sell your annuity payments or structured settlement payments if you don’t know where to start:
- Many people find a reason to sell their payments before taking any action, and this is a good way to proceed if you don’t have experience handling large sums of cash.
- Even if you don’t have plans on how you’ll use your money, selling your payments can still be a good decision. Contacting a financial adviser is a great way to get some ideas on investment opportunities and this will also help you feel more confident in the purchases you make.
- Keep in mind that you won’t receive the full payment amounts when you sell because there will be fees involved — but also remember that these fees are probably a lot cheaper than the fees of breaking your annuity contract!
- Make sure that you don’t agree to anything too quickly, and make sure that you’re selling payments to a service which will have everything approved by a judge. Selling annuity payments and structured settlement payments is completely legal but it does require court approval — this is only to make sure that the payment transfers are safe, especially for you.
If you have any other tips on selling payments, be sure to share them!