Supposedly "Emergency Credit Meetings" are going on involving Structured Asset Funding and their bankers to be able to pay what was promised to the Connecticut woman (who related to this author this morning that she has now lost part of her utlities), and 9 others. Supposedly this is the same "bag of donuts" that the Connecticut woman was told weeks ago.
According to both the Connecticut woman and the NSSTA member broker* who referred the case for the structured settlement factoring transaction, SAF WILL NOT give a date that the money will be paid despite repeatedly saying that the deal is done.
SAF purportedly told NSSTA the structured settlement broker that the Connecticut woman is "over the top". Speaking of "unreasonable", how about these apples?
182 days (5 months 31 days) since start of factoring process October 23, 2008
90 days (3 months 3 days) since first Court hearing January 20, 2009
56 days (1 month 28 days) since "closing" date of February 26, 2009
Meanwhile the clock goes tick tock, tick tock…
and will keep ticking on this page until the Connecticut woman is paid.
This lady's experience with SAF demonstrates a good reason for the structured annuity issuers to offer commutation riders, or at the very least, to offer liquidity to their own annuitants under extreme hardship scenarios.
*the structured settlement broker stated to this author on April 21, 2009 that he did not receive any kick back or fees as a result of the referral
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