by Structured Settlement Watchdog
Annuity.org's Alanna Ritchie has delivered a huge self-inflicted wound for the secondary market. The Annuity.org writer whose madcap research is legend in these parts, exposes, in a flourish of 8 words (and two numerals), the clear and present danger to minors from vultures within the structured settlement secondary market.
Alanna Ritchie says:
"Until the child is 18, the money is protected and can only be accessed to meet the child’s specific needs".
Think about that folks, only "until the child is 18". Then hovering turkey vultures (hey it's Thanksgiving week) descend. Think about Cedric Martez Thomas. Thomas was only 18 when the Novation Funding vultures began pecking away at him for 3 years, eventually grooming him until they sunk in their talons and effectively heisted $1,500,000 of excess profit from the then 21 year old in October 2015.
The Secondary Market Is In a Major Transition | Huge Reputational Risk at Stake
It's easy to observe from a historical perspective that minors with big structures have been identified, targeted, groomed when they reach the age of majority and then, figuratively speaking, screwed. A harsh reality due to the lack of regulation of sales practices. Is that about to change? Maybe.
Word is that the National Association of Settlement Purchasers (NASP) and its members, in keeping with a trend observed by the Structured Settlement Watchdog, are increasingly more open to to a licensing standard. According to boots on the ground in New Orleans earlier this month, the subject came up at the NASP annual meeting. The structured settlement secondary market is in transition. The status quo is a failing business model, with more than enough evidence to underscore the secondary market's problems. The reality has set in.
Opportunities now exist in my opinion, for the National Structured Settlements Trade Association, The American Association of Persons With Disabilities to help NASP stimulate historical changes for the betterment of those served by the industries.