by Structured Settlement Watchdog
In an extreme case of seller's remorse, a Florida woman contacted me to see if we could sue J.G.Wentworth. After making clear to the caller that I am not a lawyer but was interested in her story she proceeded to tell me how several years ago she sold an income stream to them, but purportedly told then not to touch the lump sums. Now when the lump sum is due she "found out" that the lump sums were part of the deal and she has nothing left.
Her reasons for exploring the secondary market were typical, she had a legitimate financial need that could not be satisfied from any other source. She alleged that Court approval was not necessary because a notary came to her house. Upon informing her of the Florida Structured Settlement Protection Act and the need for Court approval, upon further questions it was obvious that she merely did not attend the Court hearing. You would attend a real estate closing wouldn't you?
I also learned that she did not read what she was signing. She has no documentation of what she alleges, no emails back and forth, no letters. Basically "jack squat".
She indicated that she had spoken to a few lawyers when she learned (a few years later that she didn't have the lump sums) who did not want to take her case and as unfortunate as it is,a nd i truly feel bad for this woman, it is not hard to see why.
There is a major lesson to be learned here folks. No matter how down and out you are, a structured settlement factoring transaction (selling your structured settlement) is a complex transaction. You need a lawyer to review the contract and explain it to you so YOU can understand it. Don't sign it unless you do You should attend your hearing.
Pay attention to the details.