by Structured Settlement Watchdog®
Does the silence mean that neither the structured settlement industry or factoring industry give a crap about the structured settlement “servicing” question? Or is there something to hide?
On August 12, 2009 I asked
“Who Will Answer the Question on Structured Settlement “Servicing” by Factoring Companies?” in Understanding Structured Settlement Payment Servicing – Structured Settlements 4Real® Blog
Also see Wikipedia entry on Controversy About Servicing of Structured Settlement Payments By Factoring Companies
How would the Bankruptcy of a Structured Settlement Payment Servicing Company Affect You?
For those that sell only part of their structured settlement payments to factoring companies, what needs to be addressed is what effect the bankruptcy of a factoring company “servicing company” would have on the payee, with respect to the payments being serviced. Until this issue is decided, payees who are considering partial structured settlement transfers should be wary about participating in “servicing agreements”.
The National Association of Settlement Purchasers (NASP) holds their annual meeting each Fall around this time.
Why doesn’t the National Association of Settlement Purchasers come out of the closet on the issue of payment servicing?
- Confirm whether or not servicing agreements are necessary because certain life insurance companies that issue structured settlements will not split payments
- Reveal the names of the structured annuity issuers who some of you allege will not split structured annuity payments, if this is indeed true.
- Issue a public statement that answers the operative question of what happens in the event of bankruptcy of the servicing company.
Frankly if members of my industry are the cause of this problem I want to know about it, the majority of my industry needs to know about it, and the problem needs to be addressed.
Ostrich Gallery
Ringing them by the neck!
Life Company Ostrich dancing on issue?
NASP Board Ostrich?
NSSTA Board of Directrich?
“Patrick Hindrich” Inert on Servicing .
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