by Structured Settlement Watchdog
When legislators finally get around to a licensing standard for structured settlement factoring companies, perhaps Stone Street Capital will become less brazen than using the term " Settlement Withdraw" to describe a pennies on the dollar structured settlement transfer.
"Structured Settlement - Settlement Withdraw" is how the Google paid ad looked at time of publication
- When you have a bank balance of $20,000 and want to withdaw $3,000 to pay your dentist for that root canal, post and crown, that is not covered by your dental insurance, you get dollar for dollar. You need $3,000 and you withdraw $3,000
- But when you go to Stone Street Capital you get nothing more than pennies on the dollar, so it's really not a withrawal is it? For the same $3,000 you would have to sell more than $3,000 to net $3,000.
- You cannot withdraw from your settlement.
- In fact there is a Structured Settlement Protection Act (SSPA) in each and every one of the 50 United States and the District of Columbia. A structured settlement factoring transaction is not a withdrawal. The immutable fact that court approval is required and that the structured settlement transfer acts refer to a transfer of structured settlement payment rights (NOT a withdrawal) flushes the slurry of Elsie's cow poo from Stone Street Capital, a JG Wentworth company, down the trough.
I will continue to document these sales practices of companies in the structured settlement secondary market so that state and federal legislators can continue to see examples of how structured settlement factoring companies disrespect consumers. How hard is it to simply use the right terminology and make it a habit to do so?
The collective strategic failure of the majority of state legislatures to regulate the sales practices of structured settlement factoring companies has in some cases led to disastrous outcomes.