Seneca One Finance Commentary Feed

June 23, 2015

Seneca One's "Unlock $5K of Your Money" Fairy Tale

by Structured Settlement Watchdog®

Seneca One religiously pushes a $5,000 cash advance as " Unlock $5K of your money".  The question that I pose..." Is Seneca One really "unlocking $5K of your money" or is Seneca One full of kaka, because it really cost you more than $5K to get the $5K?

If you picked "number two" (swish) you might be right.  If advertising to buy structured settlement payments were a game of basketball, we might see Bethesda based Seneca One whistled for a technical.

 

You, see, the $5K is a cash advance payment on a future sale of your structured settlement payment rights to Seneca One, or its assignees, as may be applicable.  Since one cannot sell one's structured settlement payment rights without a state court judge blessing it to avoid a 40% excise tax, it costs more than $5K to "unlock $5K of your money".    If you figure that legal fees cost $1,500-$3,000 and one adds in even a modest profit margin, the "unlocked amount"  will well exceed $5k.  Payments that are farther out in the future are worth less, according to Roger Butler, a representative of Seneca One Finance who I reached this afternoon.

Readers of Seneca One's ad  and those like it might heed the advice of the late "Thornton Mellon" in a commencement speech..."Look out for number one, but don't step in number two".

 

 

 

 

Posted at 02:40 PM in Bethesda Structured Settlements, Seneca One Finance Commentary, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Payment Rights, Structured Settlement Transfers, Structured Settlement Watchdog® |

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November 14, 2014

National Structured Settlement Registry | Don't Fall for Seneca One Scheme to Target Annuitants!

by Structured Settlement Watchdog

The National Structured Settlement Registry is not an official government organization as the very small print says. It is merely  the latest lead generation scheme of Baltimore cash now pusher Seneca One Finance.  

The value proposition is that Seneca One will pay you $100 in exchange for your name and details about your structured settlement.   Wowee!  You get paid $100 to "opt-in". What do you think happens next?

On May 24, 2014 I reported that someone with a Seneca One email address had registered the domain structuredsettlementregistry(dot)com.  Now it is being put to use with paid advertisements and video.

As I reported recently, Seneca One is also trying to generate leads by holding a sweepstakes and encouraging structured settlement annuitants to upload copies of structured settlement documents, actions in some cases that could lead to legal action against structured settlement annuitants for violating the confidentiality clauses contained in those agreements.

The United States Congress and the authors of structured settlement protection act need to understand the worms that are crawling out from the crypt of the legislation they passed. This is getting ridiculous.  

If you have a structured settlement you do not have to register with Seneca One's self proclaimed National Structured Settlement Registry.  In my personal opinion you should steer clear of any company that creates the illusion of a government agency in soliciting consumers. Bird gets the worm

 

 

Image: Dreamstime.com

Posted at 10:50 AM in Cash Now Pushers | The "Cash Now Fix", Factoring Company Bad Business Practices, National Association of Settlement Purchasers (NASP), Seneca One Finance Commentary, Structured Settlement Factoring News, Structured Settlement Transfers, Structured Settlement Watchdog® |

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July 21, 2009

Seneca One Finance Takes Liberty With Term "Annuity Specialist"

by Structured Settlement Watchdog®

Structured settlement buyers' rampant and misleading use of insurance terms in advertising continues. Today's bugaboo is about Bethesda MD based Seneca One's use of the term ""annuity specialist"

The Certified Annuity Specialist designation is issued by the Institute of Business & Finance through a six-module curriculum, which take 23 hours or less to complete, a written case study and requires 15 hours per year of continuing education for the first five years following certification. The course includes an open-book case study as well as a final exam administered by FINRA.  Source: Investopedia, IB&F

In its web page entitled getting started Seneca One, on Day One Seneca One states that "an annuity specialist" works with you to create a funding plan. On Day 3, Seneca One states that that "an annuity specialist is then with you every step of the way"

Does Seneca One's use of the term "annuity specialist" imply that their employee or agent is insurance licensed in the state of solicitation?  ARE THEY?

Does Seneca One's use of the term "annuity specialist" imply that their employees or agents have earned the Certified Annuity Specialist professional designation?  HAVE THEY?

Is Seneca One's use of the term "annuity specialist" simply to "mask" the true nature of their work"?

Ex presidents "The Ex Presidents"  from Point Break, 1991
 

Action plan

I intend to write to various state insurance commissioners, my congressmen and the Departments of Consumer Affairs in my home and surrounding states. I encourage my readers to do the same. It is only by (1) exposing these practices, (2) advocacy and (3) action that things are going to change.

 More posts about use of misleading terms by Seneca One

"Structured Settlement Processing Group" Is No "Deutsche Treat"!

Posted at 11:11 AM in Annuity Specialist, Cash Now Pushers | The "Cash Now Fix", Factoring Company Bad Business Practices, Misinformation About Structured Settlements, Seneca One Finance Commentary, Seneca One is Annuity Specialist?, Settlement Advertising Wall of Shame, Structured Settlement Factoring News, Structured Settlement Watchdog® | | Comments (0)

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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
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    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.
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    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
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    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 .
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    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.
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    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
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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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  • John, Keep fighting the fight. -NASP member 12-4-2013
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  • "...Thanks to Mr. Darer's blog and personal pointers I was able to obtain a fair price for the sale of client structured settlement. Therefore, if one has no choice, but to sell their settlement educate yourself first before selling start by reading John's blog" Mr P. 11/17/2012
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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
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
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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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