by Structured Settlement Watchdog
Not all Structured Settlement Annuitants are Angels
Not all structured settlement annuitants are angels. Industry sources suggest that some are sophisticated and make a business of hustling settlement purchasers for:
- cash advances
- free cell phones
- IPads and other goodies, confident that pursuing them for a few thousand dollars would be waste of time for the settlement purchaser.
- Generally settlement purchasers will not make an advance unless they have a payment confirmation from the annuity issuer.
- One settlement purchaser described an individual with remarkable familiarity of the underwriting process as it related to Genworth and others. Another keeps coming back every few months “after making the rounds with other companies”.
While I often report about unsavory business practices in the structured settlement secondary market take advantage of consumers, I felt it important for readers to understand what is also going on with certain opportunistic annuitants who attempt to “game” the system.