by Structured Settlement Watchdog
Star Star Cash (**Cash), a brand of Structured Asset Holdings, promotes lump-sum cash offers for structured settlement payments by taking a single scenario out of context from an insurance company survey and leading readers to false conclusions in “3 Surprising Things You May Not Know About Structured Settlements.”
The false narrative was promoted to pitch its wares multiple times in other blog posts.
Here is the misleading sales pitch from Star Star Cash
“For the people who are lucky enough to live in a state that gives them the freedom to sell their structured settlement, the decision is almost a no-brainer. According to a recent American International Group (AIG) survey, 65% of people said that they would rather have a lump sum payment instead of structured payments. By receiving a lump sum payment for your settlement, you can cover any and all living expenses, eliminate debt, and live the life you’ve always dreamed of.” Source: **Cash website retrieved August 23, 2017
80% of the cited American General Structured Settlement Survey’s Respondents had NO Connection to a Personal Injury Case
- According to the publication of the actual survey (link below), the results of this consumer survey of more than 1,000 Americans illustrate the need to educate Americans on structured settlements. Without awareness, the majority of those impacted by personal injury or accidental death cases run the risk of making ill-informed choices that may jeopardize long-term financial health.
- The survey was conducted by Esearch.com, Inc., and was sponsored by American General Life Structured Settlements.
- The research, conducted in September 2007, focused specifically on settlements awarded in personal injury cases. Of the respondents, 80 percent had no direct connection to a personal injury case, while the remaining 20 percent cited that they or a family member were involved in a personal injury case. Those who had no connection to a personal injury case were asked to read two hypothetical scenarios and answer questions on how they would react. Those with a direct connection to a personal injury case were not only asked to read the hypothetical scenarios, but also answer questions on their real life experience. The survey had a margin of error of plus or minus 3.10 percent at a 95 percent level of confidence.
One must also keep in mind that a few paragraphs of description scanned over by a respondent in the survey cannot replicate the exact conditions and state of mind of an injury victim or wrongful death survivor who has suffered the trauma of loss (of bodily functions, employment , a business or a loved one, has endured or enduring a grieving process, has endured the roller coaster ride of litigation stretched over several years and the attendant stresses which impact their decision making skills in the final stages of litigation and thereafter.
Survey Findings that Star Star Cash Selectively Omitted
Chart 3 Descriptions of lump-sum vs. structured settlement were presented to respondents. Respondents were then presented with a description of an incident where a spouse was killed on the job. Of the respondents, 73 percent chose the structured settlement option, and 27 percent chose the lump-sum settlement option
Chart 6 Of those who chose the lump-sum settlement, 57 percent of them did not know what a structured settlement was.
Chart 7 64 percent of those who chose a lump-sum settlement said that their attorney did not inform them about structured settlements.
Chart 8 Of those who took the lump sum, 57 percent reported that the entire settlement is depleted
“Surprising” Facts About Dealing With Companies that Offer to Buy Structured Settlement Payments
Fact If you sell your structured settlement payments to Star Star Cash, or any factoring company or brand, you will never get all your money,
Fact If you sell your structured settlement payments to Star Star Cash, or any factoring company or brand, you are always selling the payments at a significant discount.
Litigation over the Terrence Taylor transactions with those brands is still pending. Ask Terrence Taylor who did 11 transactions in 2 years ( half of which with related brands to Star Star Cash), whether “he’s living the life he always dreamed of.” One unrelated defendant negotiated a settlement with Taylor in 2015.
The results of the American General consumer survey of more than 1,000 Americans on structured settlements, according to its sponsors “illustrate the need to educate Americans on structured settlements...
Without awareness, the majority of those impacted by personal injury or accidental death cases run the risk of making ill-informed choices that may jeopardize long-term financial health”.
Surely companies and brands like Star Star Cash can provide their lump sum for structured settlement services without telling 1/8th truths.