Over the past few years, a number of commercials about selling structured settlement payments for cash have infiltrated the breaks between our favorite television programs. These commercials tell us that if we have a structured settlement or annuity that pays a little bit each month or year, we can sell future payments for an immediate lump sum of cash. While these offers seem great on the surface, most of us do not know enough about how selling a structured settlement payment for cash actually works to make an informed decision. Here are some things that you should know before you make that choice.
How Do The Companies Operate?
While each company that offers to purchase your annuity or structured settlement payments operates slightly differently, they all operate by giving you a lump sum of money in exchange for the rights to your future payments. Because there is a fee assessed on the transaction, you will receive less as a lump sum than you would have received in smaller payments over the longer time period. For most companies, the fee falls between 9 percent and 15 percent of your total annuity or structured settlement.
Each of the companies that offer to pay you a lump sum for your annuity payment should have detailed information available disclosing how they do business and what fees will be charged. One of these companies is Cash In Your Annuity (CIYA). CIYA, a newer annuity company, provides detailed information about every step of the process and provides answers to virtually every question an interested party may have on its website. Having this type of information about each company you are considering allows you to make an informed decision about which one has the best deal for you, potentially saving you a significant amount of money.
How To Choose The Best Company
Ideally, the best company to sell your annuity or structured settlement to would be a company that is reliable and is willing to give you the most money for your future payments. It is important for the company you choose to have a good reputation, which can be easily determined by reading reviews about the company online. The company should also provide you with a free quote based on information about the payments you are scheduled to receive. These pieces of information will give you a good picture of which company would be the best company for you to do business with.