We get monthly payments for property that we sold.Can we get a lump sum payment to pay off credit card debt?
Posted by MarkMay 24
We get monthly payments from an office building that we sold a few years back…We are in debt to our ears in credit card debt.Can we get a lump sum payment from someone against these payments to pay off our debt?
Yes but…
There are companies like Peachtree and JG Wentworth who will buy your monthly payments for cash but they’ll only offer you about 1/3 of what its worth.
No your contract was for monthly payments. You could attempt a loan but the reality is you are living above your means now and it will only get worse paying back another loan
Yes. The better question is: "Can you avoid credit card debt in the future?"
Possibly – but the people who offer such structured settlement loans are usually ripoff deals who only give you about 30 or 40 cents on the dollar. Plus, if you do it, your monthly payments will be gone (and if you are living on those right now, what will you do when they are gone).
You could talk with the person who is giving you the monthly payments and see if they will refinance with a conventional bank and pay you off. At least you stand a better chance of getting paid in full.
Otherwise, stop using your credit cards completely so it doesn’t get worse, increase your income in other ways (second job, etc.) and pay everything you can on the cc balances, and try to make it go away that way.