by Structured Settlement Watchdog
What Can Happen When Structured Settlement Customer Service is Outsourced
K. is a long-time structured settlement annuitant from Long Island New York. K's structured settlement was established over 28 years ago, in 1996. The structured settlement was funded with an annuity from one of the then Transamerica Life Insurance companies.
Now in her 50s, K relies on (i.e. is dependent on) the payments from her structured settlement to pay her bills. The payments have for 28 years (a very long time) been paid by direct deposit into the same bank account. There have been no problems with timely receipt of structured settlement payments, until September 6, 2024 when the scheduled annuity payment did not arrive in K's bank account.
"Fibbernacci Sequence"? | Was Receivables Management Company Rep Playing Pinocchio? 
K reached out to me after she did not receive her September 6, 2024 payment. She called 800-866-0002 and was told by Crystal at the receivables management company that the September direct deposit payment was routed to someone else’s account by mistake. How is that even possible when K has had the same bank account for 28 years!
According to K, Brittany, a manager at the receivables mangement company told K a payment would be sent overnight by FEDEX. When the check did not arrive, K. called back seeking the airbill number (a/k/a "tracking number", but was told that "there was no airbill number" on a the FEDEX shipment. That seemed odd to K as it did me.
Hmm, here is a copy of a blank FEDEX Shipping Label (still in use). An airbill can also be generated online. Unsurprisingly, that too has an airbill number!
-------------------------------------AIRBILL NUMBER/Tracking Number----------------------------
_________________________Look out below!
When K expressed her dismay, the customer service person was said to be rude and insensitive and was alleged to have that "keeping on calling back is not going fix your damn probem". K reports that the call in line says all calls are recorded. Perhaps Alliance One management should listen to the recorded call(s). On Friday afternoon after 5pm, Crystal called K and told K (as related to me by K) that it was all B.S about the FEDEX. It went out regular mail. So a payment due on September 6, 2024 is going to a minimum 9 days late (if it arrives Monday September 15, 2024), because of "the unexplainable".
Hopefully Alliance One can learn from the Customer Service Fail
- Payment fail on an EFT deposit that has been set up with the same account fo more than a quarter of a century
- Dubious "Sent by FEDEX claim and getting snagged"
- Needless ineffective and insensitive messaging to the customer by a manager when empathy was required.
Alliance One Website Says
"We know how to connect with consumers in payment jeopardy, minimize conflict, and bring the situation to a resolution".
"Alliance One claims to be deeply committed to helping consuemrs resolve their financial concerns in a efficient and respectful manner".
Hopefullly this can be a learning experience for those who service TransamericaLife/Wilton Re structured settlement annuitants
Historical Background
Transamerica life companies wrote structured settlement annuities until the mid-2000s, In 1999 Transamerica’s structured settlement came under the AEGON umbrella after an acquisition [see Aegon buys Transamerica - Feb. 18, 1999 (cnn.com)]
2017 Wilton Re Acquistion
Aegon Completes Sale of Majority of US Run-Off Businesses (prnewswire.com)
2018 Alliance One Services Inc. Servicing
For an Unabridged History of Transamerica Transamerica-An AEGON Company -- Company History (company-histories.com)
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