When you won the lottery taking your payments in installments seemed like a good idea. You wouldn’t be tempted to spend the money foolishly and you could rely on additional income for years. Now something outside of your control has changed your financial situation and you need the money before your next installment will come through. Now you need to sell your lottery payments for a lump sum.
Lottery winners that need to cash out future payments have a large number of options because there are many companies that are willing to buy the payments. To get the best value for the future payments you need to make sure that the company you are working with is in a position to give you a good lump sum payment.
There are some companies that buy future lottery payments with the intention of reselling them at a higher price. This means that they are unlikely to give you the best lump sum payment because the less they pay you the more money they can make on the resale. These companies essentially act as brokers between you and the final buyer, which is usually a bank.
To try and get the best deal available you can sell your future lottery payments directly to a bank. When you work with a bank you can be reasonably sure that they are not going to sell your lottery payments and are not seeking a profit on a resale. This means that the bank can offer you a higher lump sum payment when you sell your future lottery payments.
Working with a bank can also help provide you with peace of mind. Banks have reputations to uphold and some are publically traded companies or affiliated with publically traded companies. They have a responsibility to their shareholders to act in a professional manner.
When you decide to cash out future lottery payments and take a lump sum you want to make sure that you are being treated fairly by the company that you are working with. Working with a bank can eliminate the middleman from your sale and give you confidence that you are working with established financial professionals.
