Introducing the Canard of the Week
Time to bring a little more levity to some of the claims that factoring companies make to attract people to sell their structured settlement payment rights through structured settlement factoring transactions, for pennies on the dollar.
A. Is JG Wentworth a Structured Settlement Broker?
JG Wentworth is not a structured settlement broker, it is a structured settlement factoring company, alsocalled a structured settlement transferee in certain states like Maryland, Georgia and Louisiana. JG also does pre settlement loans. Simply buying a Google adword does not make JG Wentworth a structured settlement broker.
B. Is J.G. Wentworth an annuity company?
According to the Pennsyvania Department of Insurance "you must be licensed to sell, solicit or negotiate insurance in the Commonwealth of Pennsylvania, or be appropriately licensed to transact other insurance-related functions. JG Wentworth is based in Chesterbrook, Pennsylvania. When it acquires structured settlement payments for pennies on the dollar, as all such companies do, JG Wentworth is not buying an annuity, it is buying structured settlement payment rights which are not an annuity. A search of the Pennsylvania Inusrance Department website performed by this author on February 9, 2023 did not show JG Wentworth as having a valid insurance license. With all due respect I don't know how Consumer Affairs can mischaracterize JG Wentworth as an annuity company.
C. Is DRB Capital Telling the Truth When it Claims You "Can Collect All of Your Money all at once"?
No Ducky, it's nothing but a "Merry Mallard-y". DRB Capital is channeling the Old Peachtree. DRB Capital states on the Annuities section of its website (at time of publication) "there are many circumstances that lead to the need for the person receiving an annuity to collect all or some of the money all at once, rather than waiting for payments over several years".
DRB Capital is mistaken. Nobody but nobody gets ALL of their money if, or when, they sell structured settlement annuity payments to DRB Capital or anyone else. In fact selling your structured settlement payment rights is a guaranteed loser. Peachtree quacked the same canard years ago,in 2008, before "Mr. Wentworth and the Zaftig Viking Opera Singers took over.
See this capture of a 2008 Google search http://www.google.com/search?hl=en&q=peachtree%2C+%22cash+now%2 (typepad.com)