by Structured Settlement Watchdog
Structured settlement secondary market participants continue to needlessly generate bad news related to their business practices
I've learned today that a structured settlement factoring company, that IS a member of NASP, that has acquired contact information about structured settlement annuitants ( likely by scraping court records or acquiring such information from individuals or companies that have done so) is contacting annuitants who have previously sold structured settlement payments and purportedly "impersonating" the factoring company that appears in the court records of the prior structured settlement transfer completed by the annuitant. Observers opined that the bad news generators do this to increase the chances that an annuitant will take their phone call.
I open it up to public to debate as to whether such behavior is (1) ethical and (2) legal.
The factoring company whose annuitants have been contacted is a non-NASP member.
The non-NASP member has received calls from these annuitants! I confirmed with another company that the practice exists, and the same method of solicitation has been used with annuitants that they have done transactions with.
There is also talk of checks being sent to these annuitants and the annuitants being pressured to cash the checks (which amount to cash advances) and insinuate that cashing the checks binds the annuitant to the factoring company if they cash them.
So much for the "Good Housekeeping seal of approval" for being a NASP member.