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Archive for October, 2008

Facing Financial Hardship?

Learn How Your Structured Settlement, Or 401K Can Help You!

Selling your payments could help you avoid financial hardshipFor individuals who have a structured settlement, or 401K, there may be a solution available to those who are currently seeking financial assistance, and who are experiencing hard times.  Today’s economy and credit crisis along with rising unemployment rates have left many people wondering how they are going to bridge the gap, and continue to pay for things like tuition, mortgages, debt, and medical expenses.

Unscrupulous companies claiming to have the power to wipe away debt, reduce your mortgage, or get you a quick loan are preying on and taking advantage of nearly desperate individuals and their families every day. Unarmed with no real direction or advice on where to turn, many fall victim to scams that are targeted at lower and middle income families.

The good news is there alternatives to high interest loans, or borrowing money from friends and family. If you contribute to a 401K, receive annuity payments, or if you are collecting payments from a structured settlement, you can tap into these in the times of hardship and need.

Your Structured Settlement

A structured settlement may be one of the best ways to get cash that you need now without creating more debt, or incurring additional high interest loans that cannot be repaid or are unaffordable. Although a settlement cannot be altered once it has been agreed on, you still retain the right as set by congress to sell your settlement payments either in part or wholly. A structured settlement agreement may have been ideally planned in the beginning, but a change in circumstances with one’s job, home, and or family can create an unforeseen expense or need not previously anticipated.

When you choose to sell your future payments from a structured settlement you can get a large lump sum of cash to use for anything you need. It is not a loan and therefore does not require a credit check or repayment. At a time when possible loss of a family home due to foreclsoure is imminent, cashing in on the money you previously agreed to wait for can be one of the single best possible sources of the money you need now to save your home and get back on track. Medical expenses, debt, and tuition are amongst the most popular reasons for most people to sell their settlement payments.

Selling structured settlement payments is not as daunting as some would think. Typically you can have your money in as little as 90 days. Finding the right company to buy your structured settlement payments is the biggest challenge. It is important that you find out how much your future payments are worth by getting multiple quotes. Remember that all of your future payments are not worth the same amount. Inflation, interest rates, and the time value of money all play a role in a company determining how much they are willing to pay to purchase your settlement payments.

It is a good idea to research each of the companies you contact and contemplate doing business with. Speaking to a representative and asking questions is the best thing you can do for yourself. You should be prepared to ask questions relevant to your situation. Letting the company know why you are seeking to sell your payments and how you intend to use the proceeds form the sale, will allow their representatives to provide you with various options available to you.

For more information on how to sell your structured settlement to to get a free quote visit www.woodbridgeinvestments.com  you can also call toll free 1-866-865-7044.  You can call24 hours a day 7 days a week.

Your 401K

If you are experiencing a temporary hardship or you are facing foreclosure, you can use your 401 to get cash to help bring your mortgage current and out of foreclosure. You can choose to make a early withdrawal or get a loan against it’s value. There are pros and cons to these actions that should be carefully considered before making your decision. Unlike applying for a traditional loan there are no credit checks and there is not lengthy paperwork process. Typically you can arrange a loan through your 401 with as a little as a phone call and a small stack of paperwork.

The downside to this can be the stiff taxes and or penalties imposed when taking a loan or early withdrawal and can vary depending on which you choose and how old you are. Make sure that you speak to a financial professional or contact the IRS directly to learn about your rights, and how your age will affect rates, interest, and penalties.

Here are some 401 Loan Basics

Plans typically allow you to borrow 50% of the amount in your plan, up to $50K. With the exception of loans taken for a mortgage for your primary residence, nearly all loans must be repaid in 60 equal monthly payments over a five year repayment period. The interest rate you pay will be determined on the day you take the loan and using the “prime rate” plus one percent. The “prime rate” can be found in the business section of your newspaper. Repayment of a plan loan is made through payroll deduction, only a few companies allow you to pay in any other way. You can always repay your loan at any time with no penalties.

WARNING: The consequences of a plan loan default are different than for other types of loans. If you fail to pay the plan loan, you will have to pay both regular federal and state income taxes. If you are under age 59 1/1, and additional federal income tax equal to 10% of the outstanding balance will be added.

To find out more about your 401K visit www.401k.org

If you have questions or concerns about you potential tax liabilities contact the Internal Revenue Service at www.irs.gov or follow the links below.


Call  The IRS With Your Tax Questions

Live assistance is available Monday through Friday. There is also a 24 hour recorded assistance line for your convenience.

Contact Your Local IRS Office

IRS Taxpayer Assistance Centers for when you believe your issue is best handled face-to-face. Hours of service and other local information is provided on a per state basis.

IRS Mailing Addresses (“Where to File”)

For those who don’t file their federal tax returns electronically, the “Where to File” pages provide mailing addresses for filing all paper tax returns. You may also use your appropriate “Where to File” address for other written correspondence with the IRS.

Contact Us for Status of Your Refund

Want to check on the status of your refund? You can check online with the Where’s My Refund application, or call 1-800-829-4477. (Please wait at least four weeks before calling.)

Contact Your Taxpayer Advocate

If you have an ongoing issue with the IRS that has not been resolved through normal processes, or you have suffered, or are about to suffer a significant hardship/economic burden as a result of the administration of the tax laws, contact the Taxpayer Advocate Service.

Categories: Buyer of Structured Settlement Payment, Sell Structured Settlement Payments, Woodbridge Investments LLC.

Current Credit Crisis Creates Increased Sales of Structured Settlements, Annuities, and Lottery Payments.

As an eager nation waits to see how Congress plans to detail it’s economic rescue plan, many individuals and small business owners have drawn down their credit lines afraid it will soon be unavailable. Recipients of structured settlements, annuities, and long term lottery payments are also making sure their money is safe. Spooked by the failure of Insurance giant AIG, individuals have decided they do not want to feel the anxiety of having to wait twenty to thirty years for their money and are selling their payments for top dollar today.

President Bush urges our executive and legislative branches to act now before global repercussion defeats attempts to thwart crippling cash crisis here in the U.S. Today’s news is overwhelmingly reminiscent of a darker age over half a century ago. People are emptying their bank accounts afraid that their banking institution will be the next to fold, gathering guns and arming themselves out of excessive fear there will be social chaos. The Federal Deposit Insurance Company hopes that raising cap amounts will encourage depositors to allow banks to manage their money rather than deplete vaults.

Economic paralysis has not yet taken place, but for many Americans watching the media, reading their newspapers, and not understanding wholly what has taken place in our country’s economy is enough to ring the bells of panic. Some of the largest settlement purchasing and factoring companies are seeing record highs numbers of people coming to them for help to simply, get their money now. Companies that buy structured settlement and annuity payments offer a large lump sum of cash now when sold rather than having to wait months or even years. Credit is even harder to come by and for many selling their settlement, lotery, or annuity payments is their only option.

Several States are wondering how to continue operating without Federal aid, and many more American businesses large and small, are pleading for help they may not get, to continue funding their payrolls without further cutting jobs.

Oct. 3 (Bloomberg) — California Governor Arnold Schwarzenegger sent a letter to U.S. Treasury Secretary Henry Paulson asking for an emergency federal loan for his state of as much as $7 billion, a Treasury spokeswoman said. Schwarzenegger e-mailed the letter last night, Treasury spokeswoman Jennifer Zuccarelli said. She declined to give further details.
California may need the loan within weeks as the state is having increasing difficulty funding day-to-day operations and accessing short-term loans, the Los Angeles Times reported earlier, citing a copy of the letter. – John Brinsley

An except from the Bloomberg Report cited:
“Service industries, which include banks, insurance companies, restaurants and retailers, subtracted 82,000 workers after eliminating 16,000 in the previous month. Retail payrolls slid by 40,100 after a 25,400 drop. Government payrolls increased by 9,000, the smallest gain since January. In the past month, Hewlett-Packard Co., the world’s largest personal-computer maker, announced it will cut 24,600 jobs, and auto-parts maker Federal-Mogul Corp. said it would eliminate 4,000 positions globally.”

The Labor Department today in Washington said payrolls fell by 159,000 more than projected after the 73,000 decline earlier this year in August. With a dampening labor market, borrowing costs rising, and the worst financial meltdown since the Great Depression, the world’s largest economy, the U.S., may suffer even bigger job losses ahead as consumers and companies retrench.

“The financial panic is a body blow to business confidence, and companies are now battening down the hatches,” Mark Zandi, chief economist at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. “We’re in store for very sizable job losses across many industries. A rate cut by the Fed could come before the next meeting.”

It is not surprising to see why so many people are choosing to make sure their money is in the safest place possible:their own hands. Unsure of how much longer their job will last, if they will be able to pay for things like mortgages, tuition, household and medical expenses, thousands are turning to companies who will buy their future and long term payments from settlements, annuities, or lotteries for top dollar, and getting the cash they need now.

Scott Schwartz, Vice President od Sales for one of the largest and oldest purchasers of structured settlements, lottery and annuity payments, Woodbridge Investments, was asked about the record high sales the company reported earlier this month.

“People just don’t know what to expect, and they have a need to make sure that they have some sure footing financially. We are here to help our customers and Americans nationwide, get their money now from settlement, annuity, and lottery payments. Too many unfortunate circumstances and unprecedented hardships have befallen too many people, we see it in our numbers, and until another form of economic relief comes forth, we will continue to provide individuals with the help they want and ask for to get their money now. Waiting ten, twenty, or even thirty years for long term payments is just too scary for some people, and for others it is not an option.”
-Scott Schwartz,Woodbridge Investments LLC.

In the days, and weeks ahead Americans will wait and watch to see which Presidential hopeful wins their trust and proves to have answers and action to improve our economic future, but until significant change is seen, many more will continue to fear leaving their money in someone or something else’s hands.

Categories: Structured Settlements.