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November 19, 2024

SuttonPark Nightmare | Payment Servicing Relief for Direct Deposit Payees' Delays

by Structured Settlement Watchdog

SuttonPark Capital is self described as "a leading wholesale aggregator and servicer of structSuttonPark servicing your structured settlementured settlements in the United States. Their expertise lies in sourcing, underwriting, structuring, and servicing structured settlements, annuities, and lotteries"  But right now, in November 2024 and for almost 180 days, SuttonPark has become "Sutton Farce" to people who depend on the payments and know the difference between "serviced" and "service".

Genworth Structured Settlement Payments serviced by SuttonPark, to Be Deposited Two Weeks Late!

According to a recording on 800-670-6777, bottlenecked payments to structured settlement payees that were due November 4, 2024, will be released by SuttonPark and will be deposited in payees accounts during the week of November 18, 2024. Only direct deposit payments will be released at this time.

SuttonPark Serviced Payees Who Are Paid by Check Will Have to Wait Another Month

Payees who do not have direct deposit set up are encouraged to set up direct depoist, because those receiving checks won't receive their payments (that they depend on) for another month according to the recorded message on 800-670-6777.

On Tuesday November 19, 2024 I received numerous calls from Genworth structured settlement annuitants around the USA, who still had not received the monthly direct deposit payments they depended on, that were due on November 4, 2024. Each of the Genworth annuitants had previously made partial sales of structured settlement payments and the transactions required a structured settlement payment servicing agreement.

Structured settlement servicing agreements are needed where the annuity issuer will not split payments when an annuitant enters into a partial structured settlement transfer.

Structured Settlement Payment Servicing | What You Need To Know  - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews February 3, 2023

Genworth ceased writing structured settlement annuities in or about 2006. 

Previous Blogs About the SuttonPark Nightmare

SuttonPark Under Morningstar DBRS Lens Given Review With Negative Implications - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews July 26, 2024

SuttonPark Structured Settlement Payment Servicing "2 Week Delay", "Nobody Returns Calls" - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews June 23, 2024

777 Managing Partners Resigned in May | Mary Walsh Substack a Must Read - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews  June 4, 2024

Read the Lawsuit Againt SuttonPark

Updated 11/20/2024

More calls About SuttonPark Nightmare

On November 20, 2024 I received a call from another yet another individual affected by the SuttonPark , a Missouri man with an American General structured settlement that is subject to a servicing agreement. Because he sold portions of some structured settlement payment streams in the past he has been subject to a payment servicing agreement which is unfortunately with SuttonPark. The annuity issuer sends payments to the servicer and then the servicer splits the payments. His payments have been delayed multiple times by the payment servicer and nobody at SuttonPark returns calls or responds to emails. The Missouri man's most recent payment was due November 8, 2024 and this is the longest it has been delayed he said. Fortunately for him, he is on direct deposit, so he won't have to wait a month.

I also received a call today from J.P. from Delaware, who sold a portion of his American General structured settlement payments to J.G. Wentworth and then another portion to a smaller stuctured settlement payment purchasing company, without its own servicing company,y that used SuttonPark.  J.P said "JG Wentworth did right by me". I confirmed with a Team Manager at J.G. Wentworth that it has in house servicing for customers of its purchasing entities. JG Wentworth has nothing to do woth SuttonPark.

I also received a call from an investor in structured settlement payment rights "with MetLife" that were being serviced by SuttonPark.  But MetLife had no record of this person. After checking to be sure that the name of the original annuitant was provided (yes) and learning that the company name was Brighthouse, we were able to determine that this was originally a receivable from a Travelers structured settlement annuity. In 2005, MetLife acquired Citigroup’s Travelers Life & Annuity unit (and substantially all of Citigroup’s international insurance businesses) and eventually became MetLife Insurance Company of Connecticut, which in turn was later spun off by MetLife in a restructuring to become Brighthouse.  Someone has to connect the dots right?

MetLife's Brighthouse Financial Spin Off Update - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews

MetLife Insurance Company of CT   claimant-notice-of-transfer.pdf 2014

Who Should Be Made to Pay for the SuttonPark Servicing Travesty if someone's credit is affected?

Last updated November 24, 2024

 

 

 

 

 

Posted at 11:52 PM in Structured Settlement Payment Servicing, SuttonPark Nightmare, SuttonPark Payment Delays |

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Guide to Structured Settlements 2024

  • 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 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].
  • Top Structured Settlement Annuity Companies 2024
    Which life insurance companies issue structured settlement annuities in 2024? 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. Last updated June 14, 2024
  • 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 2024
    Ways You Can Structure Your Settlement Payments in 2024. 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 Attorney 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 capped or uncapped index linked structured settlement annuities where payments are adjusted based on upside changes in the S&P 500 or another index, 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 in 2024.
  • 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), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated May 20, 2024.
  • 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
  • Structured Settlements and Longevity Risk| What Are the Odds?
    Do your financial resources give you enough road, or will the road run out before you do? A structured settlement annuity helps mitigate the risk of outliving your savings, no matter how long you live. A structured settlement can include one or more customized payment streams and types.

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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    with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers, settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established this structured settlement blog in 2005. John Darer ®, CLU ChFC MSSC CeFT® RSP CLTC, President of 4structures.com, located in Stamford, CT 06902. John Darer is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. He holds insurance licenses in 45 states, has 41 years financial services experience and 31 years in the structured settlements and settlement planning space. In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed. It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Subscribe button at the top left of this page. Followers of JDDarer™ on Twitter may also receive select content. If you would like to speak with John he can be reached at (888)325-8640 Thank you for reading! Last updated July 10, 2024

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
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  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
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Why Take a Structured Settlement?

  • A structured settlement offers guaranteed financial security to personal injury victims, wrongful death survivors and their families. A structured settlement involves a customized stream of payments, provides long-term stable tax-free income, for a period of years or a lifetime. Unlike other income annuities. a structured settlement annuity can have multiple payment streams to address multiple needs in a single contract.

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