Is $11,500 in interest on $37,000 over 2yrs. seem fair?
I’ll make this as short as possible. I had an annuity fund set up when I was 5. The payments were to be paid out in 2000, 2002, 2004, 2006. Right before turning 18 my father practically forced me to sell the annuities for one lump sum payment. I talked my way into keeping the last one. So we sold the first three for pennies on the dollar. I entered the contract before I was 18, but it was finalized a few days after my 18th B-day. In 2004 I received a check for X amount of dollars from the annuity fund by mistake. I kept it and spent it all. Soon after I was contacted by the buyers. Since I still had the last payment, we came to an agreement for repayment. Now they are wanting me to sign the agreement again because they lost the originals. I’ve now changed my mind about how much to repay them back while the money is just sitting in the fund. I called the annuity company and they said it can’t be touched until both parties reach an agreement. What should I do?
To answer your first question, it seems fair.
If you want your money, sign the agreement.
dont sign anything without a lawyer
First of all, you have 2 grounds for nullifying the initial agreement. First you were under 18. You cannot enter into a legally binding contract under the age of 18 unless there is a cosigner. Even in that case, you signed the contract under duress, therefore the contract is null and voidable by you. I’d recommend contacting an attorney to get this squared away. You may be able to work favorable arrangements with the help of counsel.
Hope this helps,
Andy
http://www.my2centsonline.com