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Structured Settlement Factoring Loophole Raises Potential for "Bribes" for Pennies on the Dollar

by Structured Settlement Watchdog

Structured settlement factoring companies offer a valuable service for people in need who cannot get resources they need from other sources. Unfortunately, because sales practices of structured settlement factoring companies are completely unregulated in all but a few states, the potential for exploitation of structured settlement annuitants is a thing.

Consider this questionable approach on the website of a company called Rapid Capital LLC which uses the catchy URL rapcashnow(dot) com

"Your Rapid Card puts you in full control of your money, instantly!

From the moment you receive your personalized card, you can start receiving advances, gifts and funding straight to your hands. The card can be used as a point-of-sale credit or debit card at any store or online retailer that accepts Master Card. In addition, the card may be used at any ATM to check your balance or withdraw cash (see below for free ATM locations). As soon as your transaction is approved in court, we will distribute your funds directly to your rapid card and the funds will be available for use immediately after"

Questions about the Rapid Capital Approach on their website rapcashnow (dot) com

1. You do not have full control of your money instantly because there are structured settlement protection laws in all 50 states in the United States.  Any transfer must be approved by a judge as being in the payee's best interest and that of his/her/their dependents. That process could take 60-90 days, if approved.
2. The best that Rapid Capital, or any company like them can do is pay pennies on the dollar. No gift is going is make up for the money for going to lose by selling payments to them, or any other similar company. Don't be distracted by a shiny penny or quarter.  
3. Do the stored value cards give the structured settlement factoring company the ability to make money on the float of your money? What are those charges?
4. Is there any FDIC protection on money stored in the cards?  Read this GENERAL COUNSEL'S OPINION NO. 8—Insurability of Funds Underlying Stored Value Cards and Other Nontraditional Access Mechanisms, from the Federal Deposit Insurance Corporation  (FDIC).

The Structured Settlement Watchdog Raps Cash Now

Rap Cash Now

Trap Ka-Pow!

Cain't Be So

Unless Judge say so

If Judge say no

Ain't got no dough

Ain't really in control

Or even effin' whole

It's a trick, Rick

Quick and slick

Nothin' but rim

The pickins slim

Pennies on the dollar is the best you gonna get

I told ya so and that is effin that. 

 

 

 

 

 

Fairfield Funding Deceptive Use of National Structured Settlements Trade Association Mark

by Structured Settlement Watchdog

Fairfield Funding, the Atlanta based structured settlement factoring company appears in advertising captured today, falsely suggesting to consumers that it is a Certified Structured Settlement Consultant to promote its pennies on the dollar value proposition.  

Misleading advertising from the Atlanta Georgia structured settlement factoring company, Fairfield Funding

Certified Structured Settlement Consultant is a professional designation for structured settlement consultants in existence for 26 years. The term Certified Structured Settlement Consultant is a registered trademark of the National Structured Settlements Trade Association  Download Certified Structured Settlement Consultant trademark registration USPTO

It's false and wholly misleading advertising to state or imply that Fairfield Funding is a Certified Structured Settlement Consultant, because such designation is only available to individuals. No structured settlement factoring company or any company itself is a Certified Structured Settlement Consultant. Moreover, Fairfield Funding is not a member of the National Structured Settlements Trade Association.

Among other things, candidates for the Certified Structured Structured Consultant, must agree to the following:

"Agreement: I understand that the NSSTA CSSC/MSSC Committee must favorably consider this application prior to acceptance. By submitting this form, I declare that the facts herein are true and complete to the best of my knowledge. I also state that my organization, voting and professional members are actively involved in, associated with, or have an interest in the furtherance of periodic payment of compensation on account of personal physical injuries as set forth in Article II of the NSSTA Bylaws."

Notwithstanding a possible violation of the NSSTA trademark, the structured settlement industry should not tolerate any false and wholly misleading advertising that suggests to consumers that an individual or entity has professional qualifications or credentials unless they've actually earned them and the designation is active.

This morning I contacted Fairfield Funding,  a call they purported to record, and asked to speak to a Certified Structured Settlement Consultant. I was passed to Amanda Dobanton Fairfield Funding General Counsel, who is on the Board of Directors of the National Association of Settlement Purchasers. Ms. Dobanton is not a Certified Structured Settlement Consultant.  Ms. Dobanton said she would speak to their advertising company.