by Structured Settlement Watchdog
"Well Lokey Here! Jim Lokey has responded this afternoon concerning Settlement Capital's resignation from the Society of Settlement Planners as follows:
"Our original decision to join SSP was more about developing good
cross-industry communication and understanding than about groveling for
business. We were grateful for the opportunity to discuss issues and seek
common ground with those in the primary market. We felt, however, that our
membership was valued only for its fees and our participation discouraged.
Since we did not view SSP as a marketing forum and factoring companies were
routinely criticized for simply being members, we felt that our leaving
would be in everyone's best interest. SSP's goals are ambitious and will
require much dedicated effort, little of which has to do with the secondary
market. We have a lot of respect for SSP and are hopeful of its continued
James Lokey, CSSC
Settlement Capital Corporation
I want to thank Jim for taking the time to respond. I've long felt that the main reason that SSP let factoring companies in was for financial reasons and that wasn't enough justification. Jim, as President of a prominent factoring company recognizes that SSP's goals have "little to do with the secondary (factoring) market" as I have been saying all along.
Board members of the National Structured Settlement Trade Association ("NSSTA") please make note as you deliberate over fate of Symetra's membership in our organization.
I would like to add that Settlement Capital markets itself as a diversified cash flow company and considers itself the leading provider of cash in the "structured settlement payment industry"***. It is a member of the American Cash Flow Association which I understand educates, sets industry business practice standards and has a certification program.
*** not perfect but much clearer definition, unlike JG Wentworth and Novation Capital who claim that that they are "the leader", and "a leader", respectively in the "structured settlement industry". That they are even part of that industry is a matter of dispute.