Structured settlement brokers and settlement planners must recognize that certain business relationships conflict with their own business or the future of their industry as a whole. I am particularly amazed that any knowledgable structured settlement broker or settlement planner would choose to refer business to JG Wentworth despite the singularly negative affect that this company has caused on the information highway that affects the prospects upon which structured settlement brokers depend for their livelihood.
Structured Settlement Brokers should avoid permitting their names to be used in testimonial promotions by factoring companies as they could unwittingly be sabotaging the structured settlement industry message. Morever they are unwitting contributors to the fog on the information highway for their own clients and prospects. Here’s an example
Strategic Capital Corporation continues to post the names and comments of Charles Bradford and Fernandez Anderson longtime Georgia based structured settlement brokers on its web site. Having conversed with one of the two I know that such comments were made prior to the departure of Rhonda Bentzen from Strategic Capital. Strategic Capital is not a licensed insurance agent and therefore is not a structured settlement broker. It uses the reference to "structured settlement broker" to gain a higher position on internet search engines such as Yahoo and MSN thus taking up space that could be had by a legitimate licensed structured settlement broker. Strategic Capital continues to advertise "free structured settlement quote" knowing full well that what it does is not quote "structured settlements" It quotes the price it is willing to pay to an annuitant for his or her rights to structured settlement payments. It is not a structured settlement quote. Never was and never will be.
Consider a search on Google of "Connecticut Structured Settlement Quote" Download googlect_structured_settlement_quote.pdf Note circled in red is "Free Structured Settlement Quote" from Strat Cap as well as a host of other companies such as 123 Lump Dumb and a company called Structured Settlement Investments which have bought the words as "sponsored" or "pay per click" listings. Now lets look at simply "structured settlement quote" Download googlestructured_settlement_quote.pdf also includes the Strategic Capital reference as well as a host of others. In fact there is only one legitimate entity (on page 1) capable of giving a consumer a "structured settlement quote".
One of the offenders has the domain name faststructuredsettlement.com (also appears simplesettlement.com ) which appears to be a shill for several factoring companies. Filling out the "structured settlement quote form" on the site leads (which is peppered with pay per click ads from the usual suspects) generates an email response from vbansal@vrisolutions.com. I checked with that company’s web site and it appears to be a web marketing company out of King of Prussia, PA. I’m sure no one is surprised that there is no record, with the Pennsylvania Department of Insurance, of an insurance license for faststructuredsettlements.com or VRI Solutions. A recent telephone inquiry (12/4/2006) with Mr. Bansal revealed that he gets bids and provides you with bids for a flat finders fee from several comapnies (when asked he hedged on naming them-although he denied any relationship with the obvious) which is based on whether or not the deal to buy your structured settlement payment rights goes through. I would not recommend dealing with Mr. Bansal as constant hedging made him sound a bit shady in my opinion, and I told him so.
If you feel that you must refer business to a factoring company at least do business with one that has business practices compatible with your industry.
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