by John Darer CLU ChFC CSSC RSP
Eugene A. Ahtirski, a Studio City California lawyer who says he has handled in excess of 6,000 petitions for Court appoval of transfers of structured settlement payment rights lays to rest the “cash now” marketing fairy tale. He says:
Three Primary “Unspoken” Truths THEY Don’t Tell You
There are three primary “unspoken” truths that most structured settlement purchasing companies, which advertise their services, generally do not want you to know—at least not initially—when you first encounter their television commercials or find them online..
1.That “CASH NOW” really means that the SOONEST you will be able to receive “YOUR MONEY” will probably be about 90 DAYS AWAY; if you are lucky!
2. That a completely SEPARATE COURT PROCEEDING IS ALSO REQUIRED FIRST, where a Judge must ACTUALLY determine that it is both in the “best interests” of the seller, as well as any dependents the seller may have; AND
3. Most Important, that the FINAL AMOUNT that a seller can expect to receive for their payments WILL BE FAR LESS “CASH NOW” than the actual “face dollar amount” of the payments that are being sold! Ahtirski states on his CV that he has “acted as Outside Counsel on behalf of the majority of companies in the structured settlement purchasing industry at one point or another since 1996” including:
- J.G. Wentworth, Inc.
- 321 Henderson Receivables, LLC,
- Stone Street Capital, Inc.
- Strategic Capital Corporation, Inc.
- Peachtree Settlement Funding, LP
- Structured Settlement Investments, LP
- R&P Capital, Inc.
- Colonial Settlements, Inc.
- Future Annuities of America, Inc.
- North Eastern Capital Funding, Inc.;
- Law Cash, Inc.; and
- Andres Financial Group, LLC
I’ve certainly given alot of air play to the “cash now” controversy, particularly when companies continued to bellow the cash now misrepresentation throughout the financial crisis of 2008-2009 when some of these companies had a tough time funding deals on time , or at all. I think between Ahtirski and Earl Nesbitt who confirmed the same in an interview with Mark Wahlstrom on LBN, when he was President of the National Association of Settlement Purchasers, we have all the inside information we need to arm consumers with reality. Cash now is not even a half-truth!
Should a consumer engage with a company whose first message to them about their product or services is an outright lie?
The other day I praised NASP for not having any “cash now” references on its website. I continue to encourage other members of the structured settlement secondary market to take positive steps to move away from “cash now” advertising. Ultimately as the secondary market moves into a mature business phase, the implementation of such action bides for a more harmonious relationship between market segments and improves the perception of both.
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