Shortcut Navigation:

Question for the Money Doctors

Question submitted on Aug 22, 2012.

Question

I receive a guaranteed monthly commission, paid to me through an attorney who is our paymaster for brokering the sales of commodities. We have a new deal that is closing with my first month commission check due in 3 weeks, in the amount of 65,000.00 USD, and then increasing to 95,000.00 USD per month for 12 months. I need fast access to my first month commission amount to cover a major medical expense, and would like to know if it is possible to borrow against this or to sell it.

Answer

In this quick of a timeframe, I am unaware of any reputable lenders or buyers who would be willing to give you such a large sum of money based solely on a pending commission.  If you have not done so already, contact the attorney paymaster for possible solutions.  If the installments are guaranteed as you mention, perhaps the terms of the agreement could be amended to advance you the first payment.


For additional information visit http://www.360financialliteracy.org/