by Structured Settlement Watchdog®
The USA's second largest settlement purchaser's website invites people to "live the life of your dreams" by selling a structured settlement or annuity for "financial freedom." It depicts consumers driving a sports car, traveling or buying a home as possibilities for those who sell their future cash streams.
"The happy pictures of people on 123Lump Sum.com are for marketing purposes", Andrew Savysky said to the Sun Sentinel's Marcia Heroux Pounds in an article that appears to be more of a PR piece . "You have to present a website that's something consumers will respond to. You don't want to have only down-and-out pictures.
While giving a nod to 123 Lump Sum for being forthright where a company like DRB Capital (formerly Imperial Structured Settlement) appears to have been devious,
I'm questioning the tenor of structured settlement secondary market ads that encourage larger amounts to be sold for frivolous expenses. Sure the message is that a person can patch up their credit, but excessive selling will not necessarily make their life better and there is no guarantee that the Court will approve the transfer.
Selling a structured settlement is a costly yet sometimes necessary decision that people may regret. It is not like winning the lottery. The decision to sell must be taken after sober thought
I receive many calls from people who have sold multiple times, regret their decision soon after, or years later and want to know what they can do.
123 Lump Sum acknowledges, "More often, people decide to sell their future cash flows for more pressing needs, such as medical bills or avoiding eviction on their home".
Perhaps an image like the above would be more engaging and appropriate. Think "erasing the pain" of debt which is an essential function that the structured settlement secondary market provides.
Appealing to someone who wants a sports car while being gullible enough to give up income stability for pennies on the dollar appeals to greed not necessity.
"Whoa, here we go
Shiny happy people holding hands
Shiny happy people holding hands
Shiny happy people laughing"
-REM-1991
Image: Skypixel/Dreamstime.com