by Structured Settlement Watchdog
Who dispensed advice on these awful money losing sell structured settlement deals?
Don’t take sell structured settlement advice from unlicensed factoring companies
A member of the National Association of Settlement Purchasers (NASP) submitted structured settlement transfer petitions twice on behalf of a young man, citing the reason for the sale as “to purchase a home.” Unfortunately, in both instances, the seller faced foreclosure due to being unable to afford insurance or maintenance costs, resulting in significant loss without benefit. This morning, the man reached out to me regarding another pending transaction with a NASP member, again, for a third time stating the reason as “to buy a home.”
- ‘ To buy a home” is a potential rubber stamp reason for a judge, particularly in a state that prior sales of structured settlement payment rights are not required to be disclosed.
- Unfortunately the system’s weakness is dreadfully exposed because nobody is getting down in the weeds.
- None of these transfer deals should have been approved. I
- It took me minutes to do the math with the potential seller that cash now wasn’t the answer.
- He only needed $2,000, yet the NASP member tried to take nearly $100,000 and had already given him an advance. What a complete disgrace!
Structured Settlement Sellers
- Don’t run up big advances! No matter what!
- ALWAYS seek independent professional advice. Talk it through with someone who is qualified and not tied to the structured settlement buyer.
- If it really isn’t in your best interest the judge should not approve it. Even at the last minute if you have doubts, go to the hearing and plead your case. have the math handy to show the judge. It would be helpful if you have not accepted advances, bribes or gifts from the settlement purchaser.
- The lawyer going to the transfer hearing is not your lawyer, he or she is the lawyer of the settlement purchaser. The lawyer is there to protect the interests of buyer. There is plenty of anecdotal evidence that some structured settlement transfer attorneys have acted to push through questionable deals.
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