by Structured Settlement Watchdog
SuttonPark Capital is self described as “a leading wholesale aggregator and servicer of struct
ured settlements in the United States. Their expertise lies in sourcing, underwriting, structuring, and servicing structured settlements, annuities, and lotteries” But right now, in November 2024 and for almost 180 days, SuttonPark has become “Sutton Farce” to people who depend on the payments and know the difference between “serviced” and “service”.
Genworth structured settlement payments serviced by SuttonPark, to be depoisted TWO WEEKS late!
According to a recording on 800-670-6777, bottlenecked payments to structured settlement payees that were due November 4, 2024, will be released by SuttonPark and will be deposited in payees accounts during the week of November 18, 2024. Only direct deposit payments will be released at this time.
SuttonPark Service Payees Who Are Paid by Check will Have to Wait Another Month
SuttonPark Serviced Payees Who Are Paid by Check Will Have to Wait Another Month
Payees who do not have direct deposit set up are encouraged to set up direct depoist, because those receiving checks won’t receive their payments (that they depend on) for another month according to the recorded message on 800-670-6777.
On Tuesday November 19, 2024 I received numerous calls from Genworth structured settlement annuitants around the USA, who still had not received the monthly direct deposit payments they depended on, that were due on November 4, 2024. Each of the Genworth annuitants had previously made partial sales of structured settlement payments and the transactions required a structured settlement payment servicing agreement.
Why is Payment Servicing Necessary?
Structured settlement payment servicing agreements are needed where the annuity issuer will not split payments when an annuitant enters into a partial structured settlement transfer
My February 3, 2003 blog may be helpful to readers.
Genworth ceased writing structured settlement annuities in or about 2006.
Previous Blogs on the SuttonPark Nightmare
Read the Lawsuit Againt SuttonPark
Updated 11/20/2024
More calls About SuttonPark Nightmare
On November 20, 2024 I received a call from another yet another individual affected by the SuttonPark , a Missouri man with an American General structured settlement that is subject to a servicing agreement. Because he sold portions of some structured settlement payment streams in the past he has been subject to a payment servicing agreement which is unfortunately with SuttonPark. The annuity issuer sends payments to the servicer and then the servicer splits the payments. His payments have been delayed multiple times by the payment servicer and nobody at SuttonPark returns calls or responds to emails. The Missouri man’s most recent payment was due November 8, 2024 and this is the longest it has been delayed he said. Fortunately for him, he is on direct deposit, so he won’t have to wait a month.
I also received a call today from J.P. from Delaware, who sold a portion of his American General structured settlement payments to J.G. Wentworth and then another portion to a smaller stuctured settlement payment purchasing company, without its own servicing company,y that used SuttonPark. J.P said “JG Wentworth did right by me”. I confirmed with a Team Manager at J.G. Wentworth that it has in house servicing for customers of its purchasing entities. JG Wentworth has nothing to do woth SuttonPark.
I also received a call from an investor in structured settlement payment rights “with MetLife” that were being serviced by SuttonPark. But MetLife had no record of this person. After checking to be sure that the name of the original annuitant was provided (yes) and learning that the company name was Brighthouse, we were able to determine that this was originally a receivable from a Travelers structured settlement annuity. In 2005, MetLife acquired Citigroup’s Travelers Life & Annuity unit (and substantially all of Citigroup’s international insurance businesses) and eventually became MetLife Insurance Company of Connecticut, which in turn was later spun off by MetLife in a restructuring to become Brighthouse. Someone has to connect the dots right?
MetLife Insurance Company of CT claimant-notice-of-transfer.pdf 2014
Who Should Be Made to Pay for the SuttonPark Servicing Nightmare of someone’s credit is affected by the late payments?
Last updated November 24, 2024