by Structured Settlement Watchdog
Beware the Dubious "Structured Settlement Audit"
Some structured settlement annuitants have been receiving envelopes with the words Structured Settlement Audit stamped on them, bearing a return address of Research and Recovery Department 6602 El Cajon Blvd in San Diego, CA. "Audit" is an alarming word, bait to get you to open the envelope, revealing a letter which says the following:
"Your structured settlement case has been flagged to receive a credit audit by our underwriters for the 2017 calendar year. We have assigned an account representative that can assist you in document retrieval. To verify and complete the audit process please call 800-315-5123. This audit is extremely important to verifying your remaining payment streams for the 2018 calendar year. We appreciate your cooperation in advance. Audit #..."
Structured Settlement Audit Scam Is Something That Has Been Seen Before
With the exception of the telephone number and the name of the fictitious auditors, the text is identical to the fictitious Department of Structured Settlement Affairs" scam that in play for a Fort Lauderdale factoring company, about which I reported September 6, 2017. When I contacted the toll free number for the "audit", I learned that the company is named Capital Now and is in fact in Lauderhill, Florida NOT San Diego. According to the Florida Secretary of State, there is Capital Now, Inc is based at 3625 West Broward Blvd Fort Lauderdale, the same address as 123 Lump Sum, Structured Asset Services, SAF Capital, Flamingo Investment Funding. The individual who answered the phone when I called the toll-free number said the company did some work with one of the aforementioned entities, 123 Lump Sum.
Another company, Seneca One Finance had a variation of this dubious marketing strategy called the "National Structured Settlement Registry".
What You Need to Know About Structured Settlement Audit
- All that's going on is that an aggressive structured settlement payment buyer is trawling for "fresh meat" , leaving you open to being harassed to sell your payments to them for pennies on the dollar.
- The structured settlement audit scares you into giving up your personal identifiable information, to help build up their database. Historically companies in the secondary market have had some portion of their databases stolen by their employees when they inevitably splinter off to start their own firms out of their basements or sell the lists to competitors (as a number of lawsuits have alleged). Some companies try to disguise their activity using fake LLCs or affiliate marketers.
- There is no need to audit your structured settlement if you have a copy of the annuity contract that funds your structured settlement payments and have not sold any payments. You can simply look at the copy of the contract and see what is due and when.
- It is a good idea to be sure that the annuity issuer has your current address if you have moved, current bank account if you are on direct deposit and have changed banks. You don't need a structured settlement buyer to perform these services for you. Here is a list of contacts for current and former structured settlement annuity issuers.
- If you feel that a payment has been missed, and you have not sold any payments simply contact the relevant number on the linked page in #4 above. Otherwise contact me, or the original structured settlement consultant if you still keep in touch.
- You are guaranteed to lose money 100% of the time by doing business with any structured settlement buyer. Bear this in mind at all times.
Comments and Trackback Policy