Don’t Be Denied YOUR Money
When it comes to settlements and receiving them, most of the time the money will be in the form of payments. These payments usually are month to month and while these are handy and help, sometimes the need arises for a larger amount than the payment is. This is when the thoughts of selling the annuity to get cash comes up. But there are things that must be done first before the sale can be approved.
It All Depends on You
Getting to the point where you need cash for settlement can be something that happens. The necessity of paying for bills and other expenses is always going to be present and taking care of them is important. But sometimes, when a sale of a settlement has gone to the judge, it gets denied. Here are some ways to make sure this doesn’t happen to you.
- Needs versus Wants – If you are looking to sell your annuity to buy a new car, new home, pay off debts, make sure that you explain very carefully why this is a need and not a want. A judge will look at your reasons for wanting to sell the annuity and then look at all of your finances to see if this is indeed necessary. If it isn’t then they will deny the sale. The judge will look at buying a car as a want, if your current vehicle will still be adequate. Same goes with purchasing a new home. If you can justify how selling your settlement will be beneficial in regards to your overall situation, the judge most likely will not deny the sale.
- Paperwork – Every sale of a settlement annuity comes with a large amount of paperwork. Working with a company that handles these types of sales can make it easier to navigate the paperwork. Make sure that the paperwork is done correctly and filed in the proper manner. If it isn’t this can make the sale of a settlement not possible.
- The Company – This is usually something that most people don’t think about, but the judge does. All companies that handle settlement sales will charge a fee for using their services. A judge will look at what they are charging and then decide if it is fair and if all parties involved are being treated evenly. If they see the charge is more than reasonable, they will then deny the sale based upon those grounds. Research companies and find out which would work best for your needs.
- Time – It takes upwards of 90 days or more to go through the process of a settlement annuity sale. If this isn’t something that is feasible for you, then consider different methods of acquiring a loan. If too much time is taken, the sale of a settlement annuity can be denied because these can be considered time sensitive.
- Read the Settlement – Some settlements have clauses written into them to make it hard to sell them. Others will allow for a percentage of the settlement to be used as a loan without the need to sell the entire thing outright. By reading the settlement, this will help determine which course of action would be best.
Approval Can Happen
Just because you go through all of the processes and legal hoops to get your settlement sale done, it doesn’t always mean that you will be approved. Making sure that everything is carefully planned, worded and documented can make it easier for a judge to say “transaction sale approved” rather than hearing “transaction sale denied”. Your diligence and time invested in working on the sale can pay off. You can then get the lump sum for your settlement annuity and use that money to take care of debts, medical expenses or purchase a new vehicle or home.Call Us Today
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