by Structured Settlement Watchdog
The following comment now appears in the Morning Call article I critiqued in the previous post:
"Well unless you are in a situation where you have four children and the mom only working becasue (sic) Dad cannot - from two incomes to one, you don't know what you are talking about. And may I say WRKUPA1, I resent your comment. I have never been on food stamps, Welfare, SSI, or the Chip program. That's what the money went for to help in the raising of those four kids - so I would NOT be on any assistance programs. That's not how I was raised. My pride would not let me. And yes, we sold annuities and received much lower payment as this article states, but when you are in a position of need, it doesn't matter the loss we had to take. My children were provided for and that was the bottom line! And when you are in that position, no bank will give you a loan despite the future income promise. I tried. They want to see you can pay it back now. So hopefully this is some food for thought to all of you out there who judge. Walk in my shoes for 20 years"
We publish this to offer a different perspective. Sometimes there are valid reasons for people to sell their structured settlement payment rights. Under present law in most states, a Court determines whether or not such transfers are in the best interest of the payee and their dependents.
While we are not judging this woman, we believe that pride and unwillingness to shop alternative purchasers possibly cost her and her family a lot of money. For example she should have gone to a factoring exchange where a competitive bidding process would have taken place.
If you have a structured settlement, need cash AND have exhausted other alternatives to raise money so you have to sell some of your structured settlement payment rights, make sure you shop around. There are often much better deals to be had than Peachtree Settlement Funding.