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How can i get money out of my annuity?

Discussion in 'Members' Lounge' started by MthaFuknGreen, Jan 17, 2009.

  1. MthaFuknGreen

    MthaFuknGreen Green on the scene.

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    Ok, so i canceled the deal i had with woodbridge investments to sell them my final annuity payment, but i still need money..
    does anyone know how i can break my annuity to get the money now, or in the near future without giving away more than half of the fucking money to a fucking bitch ass company?

    the lawyer for the company said that there was a way, i dont remember exactly what he said.. but he said the chances were "slim to none."
    i may try giving him a call and seeing if hell tell me again, but since i canceled the transaction, the chances are slim to none. lol

    i got the annuity from state farm as a settlement because when i was 7 i got half of my ear bitten off by a dog..
    i dont start receiving payments till i turn 19, except for the 7500 i got on my 18th birthday.
    on my 19th birthday, they will be monthly until i turn 23, then i have three more annual payments.
     
    Last edited: Jan 17, 2009
  2. phyregod

    phyregod !!YTINASNI

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    Forget it exists. Go get a job!
     
  3. MthaFuknGreen

    MthaFuknGreen Green on the scene.

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    im trying to get a job..
    but my mom is pissed that im back at her house, so i kinda need the money to buy something to live in.. lol
    and somewhere to put it.
    cuz theyre going broke, and me living here is just making them go broker quicker.
     
  4. Briansol

    Briansol Admins Admin VIP

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    To get money out of an annuity, you pretty much have to Sell it to someone else. Thus, there goes 40-60% of it.
    Then, you have to pay penalty taxes on it... up to 35% of that.


    just leave it and get a job. its not worth it at all.
     
  5. MthaFuknGreen

    MthaFuknGreen Green on the scene.

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    no taxes on it cuz its from a personal injury.
    i guess i should have mentioned how i got it..
    original post edited..
     
  6. MthaFuknGreen

    MthaFuknGreen Green on the scene.

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    i guess technically, its a structured settlement.
     
  7. Briansol

    Briansol Admins Admin VIP

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    doesn't matter... if you pull early through a firm, they can't just give you the money...
    THEY aren't the settlement... they are a profit business, and thus, they can't just cut you a check and call it a day.

    call jg wentworth. 1800 cash now

    it's your money, use it when you need it.

    lol
     
  8. MthaFuknGreen

    MthaFuknGreen Green on the scene.

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    they wont deal with you if youre under 21.
    lol
    i used a different company.
    but no, im done with that shit..
    a structured settlement purchasing company tried to fuck me over once, saying 28,500 for 60,000.. then dropping it down to 21,000 because they were doing deals with a bank illegally..
    fuck that shit.

    there has to be someway to get the money from the structured settlement company..
     
  9. dacheat

    dacheat ..is grounded.

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    settlement indicates settling for terms. whoever settled for these terms on your behalf when you were 7 should have to pay you whatever it is you're looking to get.

    lol. kidding, you've gotten good advice here; you're far better off just dealing with the current financial situation and letting the settlement be there in the future.

    get a damn job. i worked a damn corner today (lol i can't wait to see who quotes that) .... holding a 'going out of business' sign (hehe i can hear the disappointed sighs -- you thought this was going to be a goldmine post).... and i'm nearly twice your age. you do what you have to sometimes (but never that, dammit)... and i happen to know trader joe's is hiring in cali. apply.

    :slap:
     
    Last edited: Jan 17, 2009
  10. MthaFuknGreen

    MthaFuknGreen Green on the scene.

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    the closest one is like 20 miles away, and my dad wont let me drive without my license..
    but ill still apply.

    getting paid to hold a going out of business sign.. kinda ironic.
    lol

    i posted this thread because somebody said something about it before..
     
  11. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    The only way you can do this is if you can prove financial hardship in court of law. I handle worker comp claims and i setup structured settlements allot. If you try to get money up front, unless there is a clause in your structure contract, you will loose about 50 percent of it.

    What do you need to money for? your 18? You have guarenteed payments from 19 until your 23, then 3 more lump sum payments, sounds likea good deal to me the way the economy is. Leave it in the structure.
     
    Last edited: Jan 17, 2009
  12. totalburnout

    totalburnout Well-Known Member VIP

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    The way an annuity is structured is to provide a consistent income stream.

    Once you pull your first payment from most annuities, the stream begins and payments begin on a structured basis and continue until the money is depleted.

    You can sell the annuity as B said or you may be able to pay a fee and withdraw a portion of the money, if the the company provided this option when they created the annuity.

    Generally you can't pull money from the annuity early.
     
  13. phyregod

    phyregod !!YTINASNI

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    Seriously, forget it exists. Look at it as a bonus.

    I hate seeing people living in poverty in ragged clothes and half starved to death because they "have a settlement coming". Its not an excuse to skip out on a job. Stop waiting for your hand out and get a job.
     
  14. MthaFuknGreen

    MthaFuknGreen Green on the scene.

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    im working on getting a job, but even if i do get a job, it probably wont make enough money to help my parents pay their mortgage, cuz my dads been putting a lot of bids in, but hasnt gotten any jobs lately and my moms unemployment is running out even though its only been 5 months and shes been working for 30+ years.
     
  15. phyregod

    phyregod !!YTINASNI

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    Not your problem.

    Move out.
     
  16. UNDR8D

    UNDR8D ...has a job!

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    ROFL

    Shit. Beat me to it:D

    Seriously. If you are smart you will forget about it and have it diverted into some type of interest bearing security. By the time the annuity is over you will have earned a steady 5-7% compounded and then you may actually have some money.
     
  17. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    reminds me of the movie "8 mile". "oh, hes gonna get his insurance, so lets live in a trailer park until then".

    www.craigslist.org.

    if you can't find a job there, you are being too picky. get out and fucking work.
     
  18. UNDR8D

    UNDR8D ...has a job!

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    Ya. I can't tell you the number of people I have heard that think their settlement is the way out of the life they are living. It's sickening.
     
  19. cheese9988

    cheese9988 Senior Member VIP

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    I agree with everyone else. Wait for it and then save it, it would be a nice start to a savings account. In the meantime get a job. I worked full time, went to college full time and lived on my own at the same time. Making money takes time.
     
  20. MthaFuknGreen

    MthaFuknGreen Green on the scene.

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    i dont need a way out of the life im living.. i need to continue the life im living.
    lol
     
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