by Structured Settlement Watchdog
Apparently Fairfield Funding, the Atlanta Georgia based structured settlement factoring company, considers paying for friends and family to "pimp" pennies on the dollar deals to be ethical.
Friends or family who pimp for structured settlement factoring companies for $500 assure that their friends and family will suffer a financial loss
Here is what Fairfield Funding says right on the Fairfield Funding website at time of this publication:
"We value our customers and are always looking for a way to get the most money in their hands. We have two programs that help us achieve that goal.
First, we offer a $500.00 referral fee for anyone that refers a customer to us that completes a transaction. This is great for family and friends. They get a lump sum and you get an extra $500.00 at the time of closing"
What is the definition of a program?
According to Auntie Merriam (Webster) a program is...
1. a public notice (from the Latin programma)
2a: a brief usually printed outline of the order to be followed, of the features to be presented, and the persons participating (as in a public performance)
2b: the performance of a program especially : a performance broadcast on radio or television
3: a plan or system under which action may be taken toward a goal
4: curriculum
5: prospectus/syllabus
6a: a sequence of coded instructions that can be inserted into a mechanism (such as a computer)
6b dated : a complete plan for solving a problem by the use of a mechanism (such as a computer) that includes both instructions to be inserted into the mechanism and plans for human activities such as interpreting output
6c: the genes or sequences of DNA or RNA that are part of an organism or cell and encode or determine a process, trait, or behavior… a mouse in which a tiny but crucial bit of the genetic program has been eliminated.— Bruce Fellmanalso : a process, trait, or behavior determined by or as if by the genetic material of an organism Orb webs are marvels of geometry and construction. They are built according to a complex behavioral program, which is highly flexible in some respects and very precise in others.— Michael H. Robinson
Breaking it down
- So the $500 that Fairfield Funding is offering is not a program, at least on the authority of Aunt Merriam-Webster in the above excerpt from her dictionary
- No matter what Fairfield Funding says in its advertising, the best they can do is pay pennies on the dollar to structured settlement annuitants in exchange for their structured settlement payments.
- Let's face it, pennies on the dollar sucks. No wait a minute, pennies on the dollar REALLY sucks!
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Friends and family will make a fat $500 profit for "pimping" out a friend or family member who becomes prey for a big loss, returning only pennies on their dollars. Yes, that lump sum is always going to be a loss. That's pretty fricking sour isn't it? Not to mention a potential conflict of interest.
- We are not talking legal, we are questioning the ethics of such practice, (1) the inducement made by Fairfield Funding to recruit pimps ; (2) the advertising and promotion of the inducement by Fairfield Funding; (3) the act of pimping out "trusted" friends and family, capped off by the "pimps" and the structured settlement factoring company making more profit than the prey.
Annuitants Lives Matter
- The lack of regulation of sales practices in the structured settlement secondary market, facilitates the "friends and family" pimp strategy.
- If you are receiving structured settlement payments keep it to yourself. There is no need to discuss it with people.
- Don't blab. Read the story of a Stamford CT man who blabbed about his settlement and got robbed in a home invasion.
- Unusual perhaps, but in the times we live in, where there is little accountability who knows?
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