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April 07, 2015

Big Flaws in Access Funding Get Cash Quickly for Structured Settlements Ad

by Structured Settlement Watchdog®

Access Funding's Top 10 Reasons to Sell Your Structured Settlement have more holes than an old sponge, with aspirations to soak up the value of your hard earned structured settlement payments.

In this post I will give you enough ammunition to respond "Loofah me Alone!"  when attempts are made to "gain access" to your structured settlement.  

So, let's get started...

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Loofah Me Alone Access Funding

 A. Access Funding Says:

"It’s Your Money 

First and foremost, this is your money. If you have won a personal injury case you have suffered undue hardship and you deserve compensation. Why not obtain this compensation in one lump sum rather than over an extended length of time?"

Structured Settlement Watchdog says:

Of course it is your money, that's why you agreed to a structured settlement.  What Access Funding is doing is akin to yelling at you and saying "It's your job!". Would you retire early for a discounted lump sum? Would you give up your steady job for a lower paying job, or unemployment?

B. Access Funding Says

" You Can Receive Cash Now"

When you sell your structured settlement payments, you can receive cash now instead of later. Selling your structured settlement allows you to collect the money due immediately".

Structured Settlement Watchdog Says:

Access Funding's statement is misleading because selling your structured settlement assures you that you will NEVER collect the money due.  What you receive if you sell your structured settlement is only a fraction of what WAS due.  To defend itself, Access Funding needs to back pedal into a discussion of present value.

C.  Access Funding Says

"Better Financial Control

By selling your structured settlement and obtaining a lump sum, you have better control over your finances. This gives you the opportunity to not only invest your settlement but to also spend it as you see fit."

Structured Settlement Watchdog Says:

Would you rather have a steady job that you cannot be fired from or have a lump sum with the anvil of uncertainty weighing over your head  " will it be enough to last"

In fact, 36% of retired investors and 50% of investors who aren't retired are concerned they will run out of their own money so that eventually their main source of retirement income will be Social Security, according to an August 2014 Wells Fargo/Gallup survey of 1,011 investors who have $10,000 or more in savings and investments.  USA Today September 24, 2014

D.  Access Funding Says

"Paying Off Your Debts

A great way to use the lump sum you receive when selling your structured settlement payments is to pay off your debts. We all acquire debt over time, and when you sell your structured settlement, you can settle these debts now rather than letting them accrue interest."

Structured Settlement Watchdog Says:

Avoid a knee-jerk reaction.  Access Funding  is short on details. What is the effective discount rate on the structured settlement factoring transaction compared to the interest rate you are paying on your debt.  The effective discount rate is not the statutory rate which appears on your disclosure. Other cash now pushers advertise that you should sell your structured settlement payment rights to pay off your mortgage, bearing effective discount rates that exceed the mortgage rates.  How are you going to finance your life after the debt is paid or paid-down from the proceeds of the sale?

D.  Access Funding Says

"Having An Emergency Fund

Even if you do not have any major expenses or debts right now, it is possible that you will in the future. By selling your structured settlement, you can set up an emergency fund in case unforeseen financial circumstances arise".

Structured Settlement Watchdog Says:

While it is a good idea to have an emergency fund, sacrificing future income to do so is probably not a good idea.  Try to set aside a piece of each payment fro the emergency fund and build it up over time.  That's what the rest of us working folks do.  A true emergency fund should be kept liquid, which means virtually no interest in 2015.  So what Access Funding implies is to trade your structure that bears a tax-free rate of return of much higher than zero for an account that will make you virtually zero.  If this is your only reason, the only one making  a profit is Access Funding.  

And that's not a "Loofahing matter!"

 

Posted at 01:05 PM in Access Funding, Bethesda Structured Settlements, Chevy Chase Structured Settlements, Factoring Industry Servicing Commentary and Discussion, False Advertising Re Creating, Buying or Selling Structured Settlements, Maryland Structured Settlements, Settlement Advertising Wall of Shame, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Humor, Structured Settlement Payment Rights, Structured Settlement Transfers, Structured Settlement Watchdog®, Structured Settlements in Maryland |

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Guide to Structured Settlements 2023

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring 2023 A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer® of 4structures.com® LLC
  • How Do Structured Settlements Work? How Structured Settlements Work
    How structured settlements work, including 4structures.com LLC's super helpful structured settlement flow chart/diagram showing how structured settlements fit in on the spectrum of settlement planning solutions.
  • Rated Ages and Structured Settlement Cost
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used { WCMSA LMSA or NFMSA].
  • Structured Settlement Annuity Companies 2023
    Which life insurance companies issue structured settlement annuities going into 2023? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information.
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
  • Compare Structured Settlement IRR to Other Settlement Alternatives
    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements
    Ways You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as the an index linked structured settlement where payments are adjusted based on upside changes in the S&P 500 with no downside and a cap of 5%. Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life) or changed its name and you're trying to track them down, here you go! The list is regularly updated. Last updated September 14, 2023
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • 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.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon

Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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