Fees for selling your annuity are not common. In fact, when we heard the rumors we had to see it with our own eyes. Much to our surprise as well as the potential seller, the rumors were true. That’s why it is always important, regardless of your situation, to read the fine print and this case really drives the point home.
One day not that long ago, an annuitant gave us a call looking to sell their structured settlement annuity payments. The annuitant, we’ll call her Chelsea (not her real name), needed a lump sum to save their home from foreclosure. Chelsea like many Americans was struggling financially and was really having a hard time. Unlike others in her situation she had an asset she could use to get back on her feet. So she started to call around to a few places to see how this “cash now thing worked”.
During her search she called several companies to get quotes. One of the companies told her she could get the cash right now and an immediate advance. She was so relieved that she could get the cash she needed to keep her home. She thought she was seeing the light at the end of the tunnel only to discover that light was a train about to run her over.
What Chelsea soon discovered was that this “cash now thing” was quite expensive. In addition, to the rate they were charging her for buying her payments there was a potential to be charged an extra $6,000 in fees in order to process the transfer of her payment rights to the buyer as well as other fees if she decided to terminate the contract. Unlike some companies this company’s rates were not very competitive either. So in order to get her cash now Chelsea would have to pay top dollar.
Luckily for Chelsea she had talked to an advisor that she trusted. He told her that these fees were not common and told her to give us a call for a quote. She explained to us what had happened and we provided her with a no-obligation quote. Chelsea was pleasantly surprised with our rates and signed with us immediately. She has since gone through the court process and received her money.
If you’re struggling and considering selling your future annuity payments for a cash lump sum, consider all your options, do your homework and get multiple quotes. Don’t forget to read the fine print and speak to a trusted advisor to ensure you’re getting an offer that is in your best interest.
To learn more about Rescue Capital and how we can help you get the most cash for your future payments, call 866.688.3532.