by John Darer® CLU ChFC MSSC RSP CLTC
Apparently a number of factoring company representatives are turning to Mother Goose to ward off the competition at the expense of structured settlement annuitant consumers.
I have now heard from two different sources that some are telling consumers that they "have the same computer system the judges have". They use this as part of a fairy tale to convince the annuitant that the lower cash payment on offer is more likely to get approved by a judge than the competitor's higher cash payment.
I couldn't believe it myself until I heard a recorded conversation supplied to me of an employee of one of the major "playahs" in the settlement purchasing industry very clearly utilize the "same computer software as the judges" sales pitch. And this wasn't just some flunky at the call center. This person held themselves out as a financial advisor.
The structured settlement watchdog has the names of these individuals and companies and has decided to chew on his bone for a little bit, holding off publishing them temporarily in the hopes that some of the factoring executives who read this blog (and we know you do) examine the practices of their salespeople.
We're watching "Humpty Dumpty"!
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