by Structured Settlement Watchdog
It’s the Watch “Dog Days” of August and I have to nip at We Buy Payments’ Rhett Wadsworth’s heels again.
What a Pity!
The Wilton Springs Florida company led by Wadsworth issued another press release, that misrepresents a structured settlement transfer as an annuity sale. Oh dear! I wish I could say it was abject ignorance, but Rhett Wadsworth’s company keeps doing it over and over again.
Rhett Wadsworth is no rookie, he was the Sales Manager and Director of Sales for Structured Asset Funding and liason to Terrence Taylor, the African-American amputee burn victim, a vast swath of whose very large structured settlement was (figuratively speaking) “Gone With the Wind” in 24 months in a Portsmouth Virginia court. The company Rhett Wadsworth was the Sales Director/Manager of had the lion’s share of the transactions. Taylor’s legal case has been pending for 7 years, thanks to SAF’s propensity to hire lawyers that are members of the Virginia leglsature, who then make judicial use of legislative privilege. Justice delayed is justice denied. Taylor’s plight has been the subject of a December 27, 2015 expose in the Washington Post (which mentions Wadsworth’s role) and a Wall Street Journal expose in March 2015. Next week, unless its postponed again for another 8 months, one of dozens of motions pending, some for 7 years (yes 7 years!) will be heard. It was scheduled to be heard December 2021, but after Steve Heretick was disqualified as counsel for SAF, SAF replaced him with another VIrginia legislator who could claim legislative privilege. But I digress…
What We Pay More Funding Gets Wrong About Structured Settlements
1. ” We Pay More Funding Helps Individuals Sell Their Annuities“
Comment
I call BS on We Pay More Funding as to structured settlements and lottery payments, in that the annuity that funds the structured settlment is not owned by the payee, it is owned by the qualified assignment company. In a structured settlement transfer, the annuity does not get transferred or purchased. What is bought and sold is the structured settlement payment rights
2. “Most annuity sales require court approval, which can be a tedious process.”
Comments:
No, annuity sales do not require court approval, because Wadsworth’s business and it seems I can articulate it better than he can (which doesn’t exactly inspire confidence in the factoring company), involves the transfer of structured settlement payment rights, NOT annuity sales.
“The National Council of Insurance Legislators’ (NCOIL) model law for state structured settlement protection acts stipulates that transfers of structured settlement payment rights may not be approved unless the court finds that “the transfer is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents.”
Now its time for Annuity.org to fall off their chair. That means you Kim Borwick!
No court approval is required if you are selling payments from a retail annuity purchased through an insurance company.