by Structured Settlement Watchdog
I've got a sense for how attorneys feel about their clients selling their structured settlement payments for a discounted lump sum payment (i.e. factoring,) and the business practices of the companies and individuals associated thereto. Last night I had dinner with a leading attorney who agreed with me that it would be a conflict of interest to participate on both the creation and destruction side of a structured settlement. However, its time we put some statistics into play. So here are a few questions and I want you attorneys out there to respond with honest answers. If you wish to remain anonymous, simply state your city and state in your reply.
1. What is your perception of the business practices of those companies (e.g. JG Wentworth, Stone Street Capital, Novation Capital, Peachtree Funding, Strategic Capital) that engage in structured settlement factoring transactions?
2. How would you feel if you knew the structured settlement broker, consultant, expert or settlement planner you retained to advise your clients also participated in structured settlement factoring transactions for compensation? How about if it was on one of the structured settlements that he/she set up for your client?
3. If the structured settlement broker, consultant, settlement planner participated without compensation does that change your answer?
4. Do you feel that structured settlement brokers have a conflict of interest if they are involved in structured settlement factoring transactions?
5. Some structured settlement brokers feel that counselling plaintiffs on structured settlements factoring transactions is part of settlement planning process. Do you agree?
6. Have you asked your structured settlement broker, consultant, expert or settlement planner if they have approached any plaintiff that you introduced them to, that they earned compensation from the creation of a structured settlement and, subsequently, without your knowledge, earned additional compensation for facilitating the selling of any of their structured settlement payment rights for pennies on the dollar?
These are important questions attorneys and we appreciate your response.
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