There are many instances where you make a mistake entering into a transaction that you and all of us here at 500Cashout wish you didn’t do. It can be easy to sign the paperwork when you need cash now and there are television commercials running all day asking you to sell your payments. After all it is your money and you wanted it now right? So if you’ve signed up and taken advance money as you wait for your court date for your transfer approval and decided that it’s not a good time to sell. What we can advise is that you are under no obligation to enter into a transaction that you absolutely do not want to move forward with. We can potentially help you with a lawyer that has relevant experience in helping annuitants just like yourself get out of these type of situations.

The process for getting out of a transaction is as follows:

  1. Call us to discuss your situation
  2. Find out which company you entered into a transaction with
  3. Calculate what fees have been passed through so far
  4. Confirm if you’ve received advance funds
  5. Go over your signed paperwork and court date
  6. Speak with a lawyer about cancelling your transaction or let us handle the cancellation
  7. Get release from doing a deal and ensure that your court date has been successfully cancelled

So in a recent case somebody asked if they can get their annuity payments back after the sale has already happened. 

How to Cancel an Annuity Transfer After The Transaction is Completed

So a case happened where 20+ years of future structured settlement pay outs were sold by somebody who was under the influence of drugs at the time of selling. The single mother of two was having issues working due to her disability and realized when it was too late that her reliable periodic payments were a great source of income to support her kin. Now that she’s entered a rehab program and gotten clean she’s seen the light that this was not the right financial decision. So she wants her payments back as the company that helped her facilitate the transaction allegedly knew that she was a drug addict despite the fact that she didn’t disclose this to them or the judge at the time of transfer. The company even went as far as to text her family members and email them to make sure they could stay in touch with her.

The plaintiff thinks that she would not have signed and entered into a transaction had she been sober and would like to fix this mistake. Now she is homeless and not because of the covid-19 virus and pandemic but because of the prior drug usage and lack of annuity payments coming in anymore.  So what can she do in this situation?

Unfortunately it would be very hard to overturn the transaction but to void out the contract and return the payments she would need to return the funds she received. Since she is homeless it is unlikely she will have the funds to re-trade her deal back to what it was. This sounds like a case of sellers remorse which is what we try to help annuity holders to avoid by using our service for $500 cash now for 15 minutes of your time as long as you are receiving or due to receive settlement payments. If she didn’t have the “capacity” at the time of the transaction there is a chance that you could get an inter-pleader involved but the process will not be overnight and the best interim solution is to find a job so that you’re children have food and shelter.

No settlement transfer deal is cut and dry and there will always be remorse if things don’t work out after the fact. We advise against entering into tricky financial transactions from companies that advertise all day on television commercials like JG Wentworth who have such negative overall reviews. They don’t have your best financial interest in mind and have to pay for those expensive tv commercials somehow.