Insanely high charges
Just like people wanting to sell structured settlement payments, many are interested to sell pensions for a lump sum.
I was just curious to see how the process worked. So after doing some Google searches I found companies that were "buying" pensions.
I reached out online and left my contact info. Within seconds of submitting my info I received a call from "company A".
I learned that they didn't buy out. Rather gave a "loan" with ridiculous fees. I wanted to see what would be offered for 10 years of pensions. Roughly $173k. They would only give a loan at nearly 50% interest.
So if I I went through with the terrible deal, I would be skimmed half of the money I would get. They also required to purchase life insurance.
You would be better off getting a bank loan, line of credit, or apply for a credit card with a cash back.
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