Structured settlements expert John Darer reviews the latest structured settlements and settlement planning information and news, and provides expert opinion and highly regarded commentary. that is spicy, Informative, irreverent and effective for over 20 years.
The STRUCTURED SETTLEMENTS 4REAL® Blog is a highly regarded source for structured settlement news, information, and commentary, led by structured settlement and settlement planning subect mater expert John Darer CLU ChFC MSSC CeFT RSP CLTC. With two decades of operation, the blog and 4structures.com are recognized as comprehensive resources, offering detailed guides and specialized insights. Established in 2005, the blog caters to a broad audience, including legal professionals, injured individuals, families, and various stakeholders, providing reviews and opinions on settlement planning. John Darer, President of 4structures.com LLC, is a seasoned structured settlement expert with over 40 years of financial services experience and 31 years specializing in structured settlements. Based in Stamford, CT, he is a Certified Financial Transitionist and Registered Settlement Planner, holding insurance licenses in 45 states and the District of Columbia. John Darer is dedicated to transparency and advocacy, he emphasizes the importance of engaging trained and licensed professionals for settlement planning, offering valuable insights through his investigative journalism and professional commentary.
What Can Happen when Structured Settlement Customer Service is Outsourced
K. is a long-time structured settlement annuitant from Long Island New York. K’s structured settlement was established over 28 years ago, in 1996. The structured settlement was funded with an annuity from one of the then Transamerica Life Insurance companies.
Now in her 50s, K relies on (i.e. is dependent on) the payments from her structured settlement to pay her bills. The payments have for 28 years (a very long time) been paid by direct deposit into the same bank account. There have been no problems with timely receipt of structured settlement payments, until September 6, 2024 when the scheduled annuity payment did not arrive in K’s bank account.
“Fibbernacci Sequence?” | Was Receivables Management Company Rep Playing Pinnochio?
K reached out to me after she did not receive her September 6, 2024 payment. She called 800-866-0002 and was told by Crystal at the receivables management company that the September direct deposit payment was routed to someone else’s account by mistake. How is that even possible when K has had the same bank account for 28 years!
According to K, Brittany, a manager at the receivables mangement company told K a payment would be sent overnight by FEDEX. When the check did not arrive, K. called back seeking the airbill number (a/k/a “tracking number”, but was told that “there was no airbill number” on a the FEDEX shipment. That seemed odd to K as it did me.
Hmm, here is a copy of a blank FEDEX Shipping Label (still in use). An airbill can also be generated online. Unsurprisingly, that too has an airbill number!
When K expressed her dismay, the customer service person was said to be rude and insensitive and was alleged to have that “keeping on calling back is not going fix your damn probem”. K reports that the call in line says all calls are recorded. Perhaps Alliance One management should listen to the recorded call(s). On Friday afternoon after 5pm, Crystal called K and told K (as related to me by K) that it was all B.S about the FEDEX. It went out regular mail. So a payment due on September 6, 2024 is going to a minimum 9 days late (if it arrives Monday September 15, 2024), because of “the unexplainable”.
Hope Alliance One can learn from the Customer Service Fail
Payment fail on an EFT deposit that has been set up with the same account fo more than a quarter of a century
Dubious “Sent by FEDEX claim and getting snagged”
Needless ineffective and insensitive messaging to the customer by a manager when empathy was required.
Alliance One Website Says
“We know how to connect with consumers in payment jeopardy, minimize conflict, and bring the situation to a resolution”.
“Alliance One claims to be deeply committed to helping consumers resolve their financial concerns in a efficient and respectful manner”.
Hopefully this can be a learning experience for those who service TransamericaLife/Wilton Re structured settlement annuitants
Historical background
Transamerica life companies wrote structured settlement annuities until the mid-2000s, In 1999 Transamerica’s structured settlement came under the AEGON umbrella after an acquisition [see Aegon buys Transamerica – Feb. 18, 1999 (cnn.com)]
