by Structured Settlement Watchdog
" I feel violated" said the annuitant who called and texted me yesterday about her experience attempting to sell structured settlement payment rights to an East Coast based factoring company. Shortly after starting the process of selling some of her rights to receive structured settlement payments from Executive Life of California, she received a letter from another East Coast factoring company "congratulating me (her) on choosing to sell part of my structured settlement and questioning why I (she) had not chosen them ".
Is this not like someone buying a life insurance policy from Company A and then receiving a solicitation from Company B within days or a few weeks that confirms that the second company is aware of the application to Company A, or choosing to invest money with money manager A today and a few days later you hear from company B who has knowledge of the transaction you thought was private?
Before I continue, I would like to make clear that I have the names of both factoring companies described above from the written communication from the structured settlement annuitant.
The lack of transparent enforceable marketplace solicitation standards in the structured settlement secondary market needlessly give it the sleaze factor it earns.
I find it remarkable that all these politicians and regulators who say they support structured settlements appear to do very little when it comes to regulating how structured settlement annuitants are solicited by "cash now pushers" and the length of time these practices have been allowed to proliferate makes me suspect.
That being said the structured settlement secondary market is an important emergency option for those structured settlement annuitants who need liquidity but are unable to obtain it from other competitive sources.
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