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October 06, 2009

Structured Settlement Payment Servicing | Structured Settlement and Factoring Camps Go "Ostrich"

by Structured Settlement Watchdog®

Does the silence mean that neither the structured settlement industry or factoring industry give a crap about the structured settlement "servicing" question? Or is there something to hide?

On August 12, 2009 I asked 

"Who Will Answer the Question on Structured Settlement "Servicing" by Factoring Companies?"

Also see Wikipedia entry on Controversy About Servicing of Structured Settlement Payments By Factoring Companies

How Would the Bankruptcy of a Structured Settlement Factoring Servicing Company Affect You?

For those that sell only part of their structured settlement payments to factoring companies, what needs to be addressed is what effect the bankruptcy of a factoring company "servicing company" would have on the payee, with respect to the payments being serviced. Until this issue is decided, payees who are considering partial structured settlement transfers should be wary about participating in "servicing agreements".

The National Association of Settlement Purchasers (NASP) holds their annual meeting each Fall around this time. 

Why doesn't NASP come out of the closet on this issue?

  1. Confirm whether or not servicing agreements are necessary because certain life insurance companies that issue structured settlements will not split payments
  2. Reveal the names of the structured annuity issuers who some of you allege will not split structured annuity payments, if this is indeed true.
  3. Issue a public statement that answers the operative question of what happens in the event of bankruptcy of the servicing company.

Frankly if members of my industry are the cause of this problem I want to know about it, the majority of my industry needs to know about it, and the problem needs to be addressed.

Ostrich Gallery
John_ wrestles_industry_ ostriches_md_clr   Ringing them by the neck!                            

Life company_ostrich_dancesonissue_md_clr Life Company Ostrich dancing on issue?

  Ostrich_head_buried_md_clrNASP Board Ostrich? 

NSSTA_Ostrich_geek_md_clrNSSTA Board of Directrich?

Patrick_hindrich_sits_on_egg_md_clr

"Patrick Hindrich"  Inert on Servicing . 

                               

 

Posted at 11:56 PM in Factoring Company Servicing Bankruptcy, Factoring Industry Servicing Commentary and Discussion, Jeremy Babener | Commentary on His White Papers, National Association of Settlement Purchasers (NASP), NSSTA, Patrick Hindert, Servicing of Structured Settlements, Structured Asset Funding/123 Lump Sum, Structured Settlement "Servicing" By Factors, Structured Settlement Annuity, Structured Settlement Factoring, Structured Settlement Transfers, Structured Settlement Watchdog® |

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  • What Are Structured Settlement Annuities?
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  • History of Structured Settlements
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
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  • Firmwide Qualified Settlement Funds Debunked
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    with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers, settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established this structured settlement blog in 2005. John Darer ®, CLU ChFC MSSC CeFT® RSP CLTC, President of 4structures.com, located in Stamford, CT 06902. John Darer is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. He holds insurance licenses in 45 states, has 41 years financial services experience and 31 years in the structured settlements and settlement planning space. In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed. It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Subscribe button at the top left of this page. Followers of JDDarer™ on Twitter may also receive select content. If you would like to speak with John he can be reached at (888)325-8640 Thank you for reading! Last updated July 10, 2024

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
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Why Take a Structured Settlement?

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