A friend of mine was in financial distress earlier this year. He was trying to come up with some money but after borrowing from friends and family and taking out a loan against his credit card and overdraft, he was still short of funds.
He told me that he has annuity which he would like to cash out but I think it is not possible for him to sell annuity like that. My friend subsequently managed to get a short term loan from loan sharks.
Last night, I came across an article on annuity and it says that it is sometimes illegal to sell annuity BUT one could get the rights to the annuity TRANSFERRED for a sum of money.
So in my friend's case, he may not be able to sell his annuity but he could get it transferred, and then he would not have to take out a short term loan from loan sharks and pay an exorbitant interest rate.
I am definitely going to let my friend know about this so that he has a new option should he need some cash on hand.
He told me that he has annuity which he would like to cash out but I think it is not possible for him to sell annuity like that. My friend subsequently managed to get a short term loan from loan sharks.
Last night, I came across an article on annuity and it says that it is sometimes illegal to sell annuity BUT one could get the rights to the annuity TRANSFERRED for a sum of money.
So in my friend's case, he may not be able to sell his annuity but he could get it transferred, and then he would not have to take out a short term loan from loan sharks and pay an exorbitant interest rate.
I am definitely going to let my friend know about this so that he has a new option should he need some cash on hand.
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