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JG Wentworth's Instagram | A Major Demotion, Big Paycut and "Watch Savings Bloom"?

by Structured Settlement Watchdog

Another headscratcher from the structured settlement factoring industry.

"Start things off by letting your savings bloom" claims a sticky JG Wentworth Instagram Post from 2022 that still

JGW Instagram screenshot 7-21-2024

features prominently for the hashtag #structuredsettlement at time of this posting . It presents the impetus for an interesting social commentary.

I've Never Thought of Spring as "Silly Season" But...

JG Wentworth is universally known for being a #cashnow company.  JG Wentworth is the undisputed 800lb gorilla of cash now for structured settlements. HOWEVER, cash now for structured settlements is a losing pennies on the dollar value proposition. So sell your structured settlements to JG Wentworth for pennies on the dollar and "let your savings bloom"?  What social media guru came up with that one and who were they targeting?

Would you give yourself a demotion?

Would you give yourself a demotion, a reduction in rank or status that means a significant reduction in salary to start a savings plan, in any season of the year?  Would you trust any sales person who pitched you with that?

 

Selling A Structured Settlement in 2024? Get The 411 on Cash Now. Don't Be a Victim (4structures.com)

 

 

 

 

 

 

StructuredSettlements.com "Honor the Deceased" by Selling a Structured Settlement for Pennies?

by Structured Settlement Watchdog

CBC StructuredSettlements.com shills have stooped to a new low. Structuredsettlements.com, with a self-stated address corresponding to an Altamore Springs Florida UPS store 2156 mailbox*, suggests that you can "Honor a Legacy" by selling your future payments (for pennies on the dollar).

*478 E. Altamonte Drive Suite 108 Altamonte Springs, FL is a UPS Store.

They say "Loss and money on their own evoke strong feelings – and together can be explosive. But it doesn't have to be". 

Translation: You too can pay respect to the person you lost by short changing yourself for pennies on the dollar. It's ridiculous!

 

What is a Legacy?

1. an amount of money or property left to someone in a will:

   "my grandmother died and unexpectedly left me a small legacy"    (i.e. all about you)
2. the long-lasting impact of particular events, actions, etc. that took place in the past, or of a person’s life:

   "he left us a rich legacy of buildings that are both innovative architectural creations and genuine works of art" · "her legacy will live on for generations to come" · "the legacy of centuries of neglect"  Source: Oxford Languages

Instead of a Legacy, it's the type of stuff that CBC Settlement Funding shills say that might result in "Mama" reaching up out of the grave to whup your ass

"it can be something beautiful to actively pay respects to the person you lost. It could be a way to realize your dream of finishing college. Or it could be that you've always wanted to be your own boss. Or maybe you just want a home to call your own.

According to its  "What They Do" page Structuredsettlements.com "specializes in structured settlements and the laws that regulate them. In contrast to full-service financial providers, we concentrate on this one area so we are better able to serve the unique needs of people with structured settlements. In addition to settlement-specific information, we cover broader financial literacy topics as they relate to the benefits and risks of selling future payments, so you can feel confident in your decision. 

When you’re ready, they connect you with a trusted settlement purchaser, CBC Settlement Funding who will walk you through the more personal details of your transaction".

The response can be summed up in this meme.

Image © Wannapong Phobklang | Dreamstime.com

Meme © 4structures.com LLC

Structured settlement experts and settlement planners are better equipped to discuss these topics, not pennies on the dollar merchants.

Structured Settlements for You and For Those You Leave Behind (4structures.com)

Using Structured Settlements to Create a Loving Legacy (4structures.com)

Sell Any Annuity "75 Years of Experience Scam" | What Happened in 1947?

by Structured Settlement Watchdog

Sell Any Annuity, claims to have 75+ years of experience in a display of dogged factoring slobber.  If that were true, that would mean that Sell Any Annuity was established in 1947, or possibly earlier given the plus. 

The post war year of 1947 had some notable events, notably...

1. Roswell UFO incident
2. U.S. Secretary of State George C. Marshall announces the “Marshall Plan”
3. The International Monetary Fund IMF begins to operate.
4. The start of the Cold War which endured over four decades
5. The United Nations votes in favor of the creation of an Independent Jewish State of Israel.
6. India and Pakistan gain independence from Great Britain.
7. Jackie Robinson took to the field for the Brooklyn Dodgers becoming the first African-American to play in Major League Baseball.
8. Bell Laboratories invents the transistor.
9. Thor Heyerdahl's balsa wood raft the Kon-Tiki, smashes into the reef at Raroia
10. Chuck Yeager, a United States Air Force Captain and World War II veteran, becomes the first person to break the sound barrier, and perhaps significant to this line of thought,
11. Artist Henri Matisse painted "The Circus" and 
12. My late mother was 9 years old.

Structured settlement factoring companies, their representatives and their sales practices, are mostly unregulated, often to the detriment of consumers. 

Someone who was aged 20 in 1947 would be aged 95 now. Someone who was aged 30 then would be 105 now.  The first purported structured settlements were associated with the Thalodomide cases in the 1960s, but structured settlements didn't really establish a foothold until the late 1970s with a series of IRS Private Letter Rulings. 

Sell Any Annuity is Just Another Shill Site for CBC Settlement Funding 

Adding up the years of experience of indivduals in a firm is an ever changing scam on consumers who fall for it. The Wayback Machine shows records for Sell Any Annuity (dot) com since only December 10, 2016. CBC Settlement Funding was spawned from ex JG Wentworth people.  JG Wentworth's first iteration was established in 1991, which is about 31 years prior to this posting.  According to its BBB report, CBC Settlement Funding was started in 2008, 14 years prior to this posting. The footer of the Sell Any Annuity website states  "By submitting my information to Sell Any Annuity, I consent to be contacted by phone / text or email by a representative from CBC Settlement Funding. Representatives may utilize an autodialer and standard cellular rates apply". The Privacy Policy page lists a non-working number 800-123-4567. LOL

Here's how a "Years of Experience Scam" works

Newer companies attempt to beef up their resume, by adding up the years of experience of each employee and present the total number as years of company experience to consumers. For example,  3 people times 25 years of experience each equals "75 years of experience" under a " Years of Experience Scam".  

Now follow me here, let's say "CPO Sharkey", who had 25 years of experience  of experience pushing "cash now" quits and the company then hires C3PO Marky, who has only 5 years experience working in the same industry. Now Sell Any Annuity, a company (or lead generation website) that has been in business for 6 years  (almost a dog year, how about that?), but advertises 75 years of experience, just like that, has only 55 years of experience.

Drawing a line under the chucklesome

Let's say Grandpa Rockhead started the flint milling business 55 years ago and his twin 18 year old grandchildren have been working the last 3 summers.  Gramps dies and leaves the flint milling business to the grandchildren Fred and Barney  (his only grandchildren for you sticklers).  Assuming a high school summer is 2 months and then (3 times 2)*2 is 12 month or 1 year.  That means under the fuzzy logic of a "years of experience scam" Grandpa's death pulverizes the flint mill's years of experience to 1 year of experience, dropping from 56 years to 1 year just like that. That's why a "years of experience scam" makes no sense.

There are numerous possible combinations that the companies that deploy the "Years of Experience Scam" could use to deceive consumers. It's just fuzzy math.There is really no need for a years of experience scam. Just be truthful with customers.

Who is Llama Petting JG Wentworth Influencer Targeting?

by Structured Settlement Watchdog

JG Wentworth influencer Sandra Toffoloni self-describes as a "Go Getter. Trend Setter. Net Jetter. Credit Debter. Eddie Vedder. Never Better. Crooked Letter. Bed Wetter. Llama Petter" on Twitter. At the very least the JG Wentworth influencer can rhyme

Among the latest Twitter offerings from Ms. Toffoloni is a video clip featuring a casual well-dressed cleancut African American man in what appears to be a copy shop stunned into an exclamation of " Holy Shit" in awe at the words Business Cards, Typesetting and such emblazoned on the shop window, causing the self described "bed wetter" to typeset in "excited incontinence" "STAY READY! Lemme grab my #structuredsettlement"

Talk about a Machu Pitch-u.  Alpaca my bags!

 

Did You Receive "Division of Plaintiff Rights" Mailer? It's Jiggery-Pokery from Delray Beach

by Structured Settlement Watchdog

Rising Capital, a Delray Beach structured settlement factoring company is soliciting structured settlement payees, with a "Division of Plaintiff Rights" schmooze that turns out to be a ruse.

Solicitations such as Rising Capital's "Division of Plaintiff Rights"  would never be allowed if sales practices in the structured settlement secondary marklet were actually regulated instead of the unregulated morass that has gone on for  more than 20 years

It's just a solicitation to sell your structured settlement payments to Rising Capital.

Rising Capital Sales Pitch is Like A Flaccid Souffle

Just to be clear if you sell to Rising Capital, or any other company like them, your "dough" ain't rising.  "Pennies on the dollar" sure isn't rising. More like a flaccid souffle. 

The recipient of the letter received an envelope that has a return address of 5300 West Atlantic Ave, S200 Delray Beach, FL 33484. Next is listed on the envclope is Division of PL. Rights C-

With even more jiggery-pokery, the envelope further states "The contents of this parcel have been filed and registered in our files office prior to sending.  Please do not tamper with contents". And "enclosed belongs to receiver only".

The "Division of Plaintiff Rights" is silly billy stuff.

If you settle a lawsuit against all parties with (or without) a structured settlement and your case is dismissed or discontinued with the Court, your Plaintiff is no longer a plaintiff on that case. He/she is a structured settlement payee.

Same Cats | Old Ball of Yarn

Back on May 12, 2019 I reported in Rising Capital's Rising BS | Spoofs John Hancock Life Insurance Company Internal Audit

"Rising Capital sent a mailer with the header  "Audit Alert-Time Sensitive" bearing the subject line "Internal Audit for: John Hancock Life insurance Company." An audit is "an official inspection of an individual's or organization's accounts, typically by an independent body.". Rising Capital is suggesting that it has done an internal audit for John Hancock Life Insurance Company. Given that John Hancock has its own internal auditors, why would they hire Rising Capital Associates?  One wonders what Martin Sheerin, the John Hancock CFO will say when he sees Rising Capital's fulminating piece of bullship?  A copy of Rising Capital's work is on its way to John Hancock. A Cardeno Vice-President-Audit Department doesn't appear to come up on the grid on 3/9/2019".

See my March 10, 2019 blog High Pressure Structured Settlement Factoring Company Mailers Reviewed

An industry friend recently shared with me that the National Association of Settlement Purchasers (NASP) brought up the subject of extensive negative publicity the the industry segnment was receiving.  

Maybe its time that NASP starts getting serious about collaborating, supporting, advocating and putting into place a licensing standard for the structured settlement secondary market, just like there is for life settlements

Surely that would be good for business. Solicitations such as Rising Capital's "Division of Plaintiff Rights" and the John Hancock spoofing from 2019 described in the prior posts have no place in this business. The types of mailers deployed by Rising Capital and others (like late Seneca One's old "National Structured Settlement Registry") would never be allowed if sales practices in the structured settlement secondary marklet were actually regulated everywhere instead of the unregulated morass that has gone on for more than 20 years. History has proven that self-regulation and self discipline is clearly not the structured settlement secondary market's strong suit. 

 

 

 

 

 

 

 

 

Annuity Casher | "You Can Still 'Generate' Money" With Now Not Later Move

by Structured Settlement Watchdog

The last time Adler's Insurance tried to be funny in a structured settlement context, Adler's Annuity Casher posted a caricature of a burnt to a crisp black man in a cruel mocking of African-American Terrence Taylor's lawsuit against multiple structured settlement factoring companies in Virginia that is still pending after 7 years! It was a terrible mistake by Adler's. Taylor was severely burnt in a fire caused by an alleged defective space heater when he was a young child and received a sizeable structured settlement that was decimated in 10 transactions over 2 years that are the subject of ongoing litigation in Portsmouth Virginia that is scheduled for trial in mid-2023.

Recently Adler's has waded into "fiscal physics", specifically the generation of money. 

Adler's Insurance Agency Claims:

"The good news is that you can still generate money through your structured settlement by selling some of your payments and get cash for structured settlement payments".

When "Aunt Merriam" Webster, was asked "What do you mean by generate?", she responded

"generated; generating. transitive verb. : to bring into existence: such as. : procreate, beget. : to originate by a vital, chemical, or physical process : produce".

 

Q. Does money come into existence by procreation or, is it printed by the Bureau of Printing and Engraving, or minted by the U.S. Mint?

 

The U.S. Federal Reserve controls the money supply in the United States, and while it doesn't actually print currency bills itself, it does determine how many bills are printed by the Treasury Department each year. The job of actually printing the money that people withdraw from ATMs and banks belongs to the Treasury Department's Bureau of Engraving and Printing (BEP), which designs and manufactures all paper money in the U.S. (The U.S. Mint produces all coins)  Source: Investopedia

 

I suppose some annuitants feel they have been (insert synonym for past tense of procreate that begins with the letter "f") after receiving pennies on the dollar, the "bounty" from selling their structured settlement payment rights. Anyway, selling your structured settlement for pennies on the dollar could hardly be described as "a vital, chemical or physical process".

 

Adler states,

"Remember: when you cash out structured settlement payments, you get less now than you would get in your payments later. You pay a price for receiving money now rather than later". 

But you're still not generating money by selling.

Avoid the Sales Hype and Read This Helpful "Tell It Like It Is" Resource

Selling A Structured Settlement in 2024? Get The 411 on Cash Now (4structures.com)

We do not solicit people to sell their structured settlement payments.

Firmwide QSF Promoter's Inartful Gaffe "Defendant Receives an Immediate Payoff" in "How It Works"

by QSF Chef*

An attorney for a firm that is a heavy promoter of Firmwide QSFs has made quite the gaffe, in an article promoting same on his firm's website. 

"How it works

When the settlements and fees are settled into a QSF, the defendant receives an immediate payoff/1099"**

 

Wait, whaaaaat!

Wait, Whaaaaaaat?

 

What is a Payoff?

(1)   a payment made to someone, especially as a bribe or reward, or on leaving a job: 

"widespread rumors of payoffs and kickbacks in the party"  Synonyms: payment · payout · reward · recompense · consideration · bribe · inducement ·enticement · incentive · payola · douceur 

 

(2) the return on investment or on a bet

Source: Oxford Languages

What is a 1099?

A 1099 is an Internal Revenue Service (IRS) form that is used to report income received through sources other than employment. The IRS refers to 1099s as information forms. They serve as a record that reflects income given to someone by a person or organization that they are not formally employed by.  Source:  UpCounsel.com  What is a 1099?  Everything You Need To Know

I love language and part of what I've done blogging over the years is to point out where perhaps there might have been a better choice of words. 

This isn't the first time I've questioned the use of the term "payoff" in connection with settlements. See my January 31, 2010 blog Northeastern Capital's Amusing Financial Literacy Lesson

 

Note

*QSF Chef is a QSF blog nom de plume I'm trying out. Why? Because it rhymes!

** at time of publishing this appeared in an article credited to Sam Dolce-Powers

 

 

CBC Settlement Funding's "Minor Error"

by Structured Settlement Watchdog

CBC Settlement Funding is All Fakakta in Conshohocken

"Structured settlements can provide long-standing income for minors. They gain access to funds at 18 years old to prevent frivolous spending and to protect financial security".    CBC Settlement Funding website

Let's see...

1. Oy, the wordsmithery! Long-standing means something that has existed(or stood) for some time. Conjures up the image of long-standing water, a sort of "bug heliport"
2. Each structured settlement is bespoke, custom tailored at or around the time of settlement to provide future income.
3. Gaining access to funds at age 18 does not prevent frivolous spending. 

                                Yiddish Rap Song "It's All Fakakta" (2022)

 

 

 

 

 

Sell Your Structured Settlement for Pennies on the Dollar in Time for The Holidays? Don't Fall For It!

by Structured Settlement Watchdog

What is perhaps one of the dumbest and cheesiest ideas that you may encounter if you're receiving structured settlement payments is the idea that you should sell your structured settlement payments (for pennies on the dollar), to have money to buy holiday gifts.

Sell Your Structured Settlement Payments in Time for the Holidays?

"People are experiencing financial uncertainty due to current inflation and might struggle to catch up on monthly expenses. Even though holidays are so far away, they are approaching and with them, expenses rise significantly".  July 14, 2022 solicitation tweeted out by structured settlement payment purchaser. 

Say you wanted to raise $1,000 for holiday gifts, when you factor in the court filing fees, legal fees and buyer's profit margins, you're always going to lose money, possibly multiple times what seek to get out for holiday money.

ConsumersAffairs.Com Flunks Structured Settlement Discount Rates

by Structured Settlement Watchdog

Consumer Affairs.com, a company that purports to help consumers, badly flunks basic finance. 

ConsumerAffairs.com can't even properly articulate (or calculate) what present value is. That is really sad given that present value is a critical ingredient to the cash now for structured settlement "bouillbaisse".

ConsumerAffairs.com says "the discount rate offered for a lump sum payment on a structured settlement is similar to the interest rate that consumers pay on a standard consumer loan. The company buying the settlement wants to do so at a discount in order to turn a profit. For example, if you have a $100,000 structured settlement, a company may offer you a 20 percent discount rate, meaning you will receive 20 percent less than the value of your settlement, or $80,000. The lower the discount rate, the better it is for the consumer, because that means you will receive more money". 

$100,000 discounted to present value at 20% for various time periods

6 years,  PV is $33,489.80, a  total discount of 66.51%

5 years,  PV is $40,187.76, a total discount of 59.81%

4 years,  PV is  $48,225.31, a total discount of 51.77%

3 years,  PV is $57,870.37, a total discount of 42.13%

2 years,  PV is $69,444.44, a total discount of 30.56%

1 years, PV is $83,333.33,  a total discount of 16.67%

ConsumerAffairs.com says it is not a government agency and may be compensated by companies displayed, including Seneca One, one that is no longer in business,LOL

Relying on structured settlement factoring companies for financial advice is a crapshoot.