I have an annuity that expires 9/01/2010 I want $ now?
Barbie asked:
I have an annuity that I can’t touch til 9-01-2010…I need money now and I called MetLife who holds the annuity and they absolutely refuse to send me any of it til 9-01-2010. Since the money was from profit sharing at a company I used to work for and the company took out the annuity for me I can’t change the rules…I contacted JG Wentworth and they can’t even help me (they pay out lump sums for a fee against annuities, structured settlements etc.) they can’t help because I am not the one who set up the annuity….anybody out there have an suggestions as to what I can do to get some money…I don’t want all of it, only about $3000.00
I have an annuity that I can’t touch til 9-01-2010…I need money now and I called MetLife who holds the annuity and they absolutely refuse to send me any of it til 9-01-2010. Since the money was from profit sharing at a company I used to work for and the company took out the annuity for me I can’t change the rules…I contacted JG Wentworth and they can’t even help me (they pay out lump sums for a fee against annuities, structured settlements etc.) they can’t help because I am not the one who set up the annuity….anybody out there have an suggestions as to what I can do to get some money…I don’t want all of it, only about $3000.00
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No. You should have a copy of the contract you signed. A contract is binding. You signed it - you agreed to it. If there’s a way to get some money now, it would be mentioned in the contract.
That’s what contracts are all about.
I do not understand why they will not let you take a loan out against your annuity. The maximum is $50K and you are asking less than that. It seems as though you have the balance since the requirement start pulling from the annuity is $2K. Of course there are guidelines, which clearly must be met, but the money can be used for any type financial purpose. You can borrow tax free on some deferred annuities.
You need to find out if it is an accumulated earnings annuity or a disperse earnings annuity. I would call them back and have them explain to you what type of annuity you have. Also, do some research on your own to find out the guidelines regarding Annuities. But, if the money is really not needed, I would not touch it.
you can’t touch it until the annuity date, even then depending on the contract structure you probably will get payments, not the whole thing. You can check with a bank to see if you are able to collaterally assign the annuity against a loan, but since it is profit sharing, it is probably owned by your previous employer, so they would have to sign the assignment forms. good luck
Forget the money and thank the company which set up the annuity. Consider taking a lead from their activity.