by Structured Settlement Watchdog
Consumers deserve a clear path to accurate information about structured settlements
One of the reasons I write my own articles about structured settlements is that I have found most paid freelance writers lack sufficient knowledge on the subject.
Rhett Wadsworth is the “Major Domo” of We Pay More Funding, but the Fort Lauderdale outfit gets a “3-alarm fire hydrant pirouetting leg lift” from the Structured Settlement Watchdog, for the choice of social media promoting the company that makes We Pay More Funding look like “Major Dumb-o”.
Same Outcome for Consumers: Roll ’em or Stack ’em:
Pennies on the Dollar
In Discussing the Pros and Cons of Settling For a Structured Settlement
“Pros:
You will receive your money promptly from the insurance company. That can be beneficial because it prevents you from running out of money during this time, which could lead to financial distress”. (LAME)
“Cons:
The amount you receive may not be as much as what you are entitled to under the terms of your original agreement or lawsuit ruling. If this happens, seeking advice from a reputable structured settlement company can help towards resolving this issue. Understanding the worth of your structured settlement is crucial for this reason. We Pay More Funding will help you get more cash faster if you ever want to sell your future payments.”
Commentary
1. Rhett Wadsworth’s company is tied to a misleading mountain of chicken turd, in my opinion
The publisher is Shiv Kaushik, of Faridabad Haryana in India, according to Whois Records for thebusinessthought.com, where the chicken turd was published.
Let’s analyze the statement ” The amount you receive may not be as much as what you are entitled to under the terms of your original agreement or lawsuit ruling”. It’s a classic disturbing thought intended to unsettle consumers based on a false pretense to generate leads for a factoring company.
2. When a structured settlement is established it is part of a settlement (which is a compromise). The terms of the settlement, including the structured settlement, are negotiated by the parties
Generally a structured settlement recipient was represented by a lawyer who prosecuted the legal claim or lawsuit, if one was filed. In personal injury settlements, the terms of the structured settlement are set forth in a Settlement Agreement and Release as well as a Qualified Assignment Release and Pledge Agreement {or a Qualified Assignment and Release). The terms of the settlement will include an obligation to make periodic payments in the amount and at the times that the parties negotiated. The obligation is transferred to the Qualified Assignment Company and an annuity (in some case more than one) is purchased to fund the future payment obligation. Unlike Rhett Wadsworth’s company and other structured settlement factoring companies, life insurance companies are regulated in all states.
If you have a structured settlement and you have not previously sold any payments (and its not being serviced by a third party servicer as a result), your payments are coming directly from the annuity issuer and you should not have much to worry about about
If you have any questions contact the structured settlement consultant or settlement planner who originally worked with you and your lawyer to establish the structured settlement, or you can contact the annuity issuer directly.
Here is a list of telephone numbers for currrent and former structured settlement annuity issuers.
It is not advisable to seek help from structured settlement factoring companies. Think about this! The promotion of Rhett Wadsworth’s company We Pay More Funding appears in the Cons section of the piece, seen as capitalizing on a falsehood. Well done Rhett! You get what you pay for.
Another statement promoting Wadsworth’s company makes this falsehood about selling your structured settlement payments “You might be able to take advantage of tax deductions when selling specific insurance policies, like annuities, because some states allow exemptions from capital gains taxes when people sell investments. However, it’s only valid if you meet certain conditions, such as being at least 55 years old before taking possession of items purchased through investment money over ten years or longer.* However rules and regulations will vary, you’ll want to consult with a tax pro”. This statement promoting We Pay More Funding is total rubbish and simply showcases the lack of relevant knowledge of the writer who is promoting the Fort Lauderdale company.