Structured Settlement Annuities
A structured settlement is a defined set of payments granted to the injured person of a lawsuit case comprising of an annuity. These types of annuities are called single premium immediate annuities (SPIA). The payments are negotiated with the attorney that managed the lawsuit and the insurance provider that represented the defendant. Structured settlement payments are paid as monthly, annual or one time payments that are paid out at various intervals. The concept of a structured settlement is to provide toward the long-term needs of the victim. Now and again, however, the unexpected happens to the annuitant such as the loss of job, loss of partner, hard financial times etc. Quite often these people don’t have a bona fide option but to make use of their annuity payments in their structured settlement. Other times individuals simply want to make a large investment such as buying a home but lack the traditional means of coming up with a sufficient down payment which the bank would approve. Federal regulation requires that all the structured settlement transfers be approved in court, generally in the corresponding county where the annuitant lives. I highly recommend reading the following if you’re thinking about selling your annuity.
Benefits of Selling Your Annuity
There may be benefits and drawbacks to assigning your structured settlement. It fundamentally has to do with your financial situation and what you intend on doing with the lump sum of cash you’d get from the annuity exchange. For example, if you have a reasonable paying, stable job and would really like to purchase a house for you and your loved ones but can’t come up with a down payment, then it may be worth consideration. Right now is a great time buy real estate as the asking prices are very low. However, the housing market won’t stay like this permanently. Perhaps you’re in a situation where you’ve found a great job but don’t have a vehicle to get back and forth from work. Trading in some of your structured settlement to buy a car you need may be worth it in this case, assuming of course you have no other means. Additional legitimate reasons are eliminating credit card debt, home remodeling, continuing your education and learning, starting up a business (with which you have experience), and health related needs. Naturally you should make an effort to get traditional financing prior to selling your annuity simply because it will normally be less expensive.
Cons of Cashing in Your Annuity
Conversely, if your annuity is your only type of livelihood and you have no other ways of sustaining yourself then cashing in your annuity wouldn’t be in your best interest. How will you be able to pay for simple daily expenses? How will you be able to continually lay food on the dinner table for your family? It wouldn’t be a good idea to cash in your annuity to embark on vacation, begin a business with which you have no previous knowledge, buy a vehicle you don’t need just because its “cool”, satisfy wagering or drug addictions, or trade it in just because you feel the need for a huge load of cash in your pocket. Don’t forget that once you cash in all or a part of your structured settlement it’s gone. You can’t merely change your decision after the court signs an order approving the application. You can easily blow through the lump sum of money in a limited amount of time. Thus if you’ve got a legitimate plan and a good reason then feel confident in your choice to sell your structured settlement and be sure you find the best quote you can. If you are not positive of precisely what you’d do with a lump sum of cash then you may want to think again. You should seek advice from a lawyer and/or financial counselor previous to selling your structured settlement to ensure that you completely understand the contract. You can find various organizations that buy structured settlements, nonetheless, lots of them charge unbelievable rates.
Importance of Working with a Structured Settlement or Annuity Exchange Broker
Alternatively, Corona Capital doesn’t charge extravagant rates. We are agents that maintain a web of premium investors wanting to buy your annuity at a premium price. Write today if you want to have an idea as to how much cash you’d likely be given for your structured settlement. In addition please feel free to use our Present Value Calculator on the right half of our web site. You could expect to be imposed a discounted rate of around 10-15% if you assign your structured settlement payments. Match that up with other rates being charged by other structured settlement factoring companies. Take your time to shop around and obtain the most money you can for your annuity. If you have the need for a lump sum for genuine reasons but don’t have traditional financing available then cashing in your annuity can be a reasonable alternative. Eventually the choice is yours to determine whether you ought to trade in your structured settlement annuity. Send a message to Corona Capital with questions you may have about the structured settlement annuity transfer process.
For more information about Uk marriage visa structured settlement transfers, visit Corona Capital. For Uk marriage visa an instant quote on a structured settlement please fill out our online form. Mary Michaels can be reached at +1 (302) 200-8480.