Finding it difficult to make ends meet before your next structured settlement payment hits the bank? Well, you’re not alone. Actually, many structured settlement payees have a hard time living off their periodic payment stream.
This is understandable considering life has a way of throwing financial road blocks at us when we least expect it! What do you d0 as an annuitant when you need to sell structured settlement payments as quickly as possible?
- First, it’s important to make sure you actually need to sell your payments. Many structured settlement annuitants won’t take the time to look into other financial options other than selling their payments. This is a major mistake because your annuity is an ill-liquid asset that needs to be treated with care. This leads us to our next pitfall.
- Make sure you have a sincere motivation to sell. Every transfer of structured settlement payments must be approved in court. The courts look at every transaction on its own set of facts, but if you don’t present the judge with a true vision as to why you want to sell your funds, your transaction could be in jeopardy.
- Another mistake to watch out for is misrepresenting yourself and/or your payment stream to the lump sum company helping you transfer your payments. Not only does this create unnecessary confusion, but it will also severely decelerate the process time of getting money into your pockets.
- While misrepresenting yourself will slow down the processes of getting you paid, it’s just as important to deal with a company that takes excellent care of you. Remember, this is YOUR money that you’re selling. If you feel that the company can’t meet its obligations to you and/or is unfriendly, move on to another company that will. Don’t settle for being treated like a number or being neglected and ignored during this crucial time.