by Structured Settlement Watchdog
Apparently Fairfield Funding, the Atlanta Georgia based structured settlement factoring company, considers paying for friends and family to "pimp" pennies on the dollar deals to be ethical.
Here is what Fairfield Funding says right on the Fairfield Funding website at time of this publication:
"We value our customers and are always looking for a way to get the most money in their hands. We have two programs that help us achieve that goal.
First, we offer a $500.00 referral fee for anyone that refers a customer to us that completes a transaction. This is great for family and friends. They get a lump sum and you get an extra $500.00 at the time of closing"
What is the definition of a program?
According to Auntie Merriam (Webster) a program is...
Breaking it down
- So the $500 that Fairfield Funding is offering is not a program, at least on the authority of Aunt Merriam-Webster in the above excerpt from her dictionary
- No matter what Fairfield Funding says in its advertising, the best they can do is pay pennies on the dollar to structured settlement annuitants in exchange for their structured settlement payments.
- Let's face it, pennies on the dollar sucks. No wait a minute, pennies on the dollar REALLY sucks!
Friends and family will make a fat $500 profit for "pimping" out a friend or family member who becomes prey for a big loss, returning only pennies on their dollars. Yes, that lump sum is always going to be a loss. That's pretty fricking sour isn't it? Not to mention a potential conflict of interest.
- We are not talking legal, we are questioning the ethics of such practice, (1) the inducement made by Fairfield Funding to recruit pimps ; (2) the advertising and promotion of the inducement by Fairfield Funding; (3) the act of pimping out "trusted" friends and family, capped off by the "pimps" and the structured settlement factoring company making more profit than the prey.
Annuitants Lives Matter
- The lack of regulation of sales practices in the structured settlement secondary market, facilitates the "friends and family" pimp strategy.
- If you are receiving structured settlement payments keep it to yourself. There is no need to discuss it with people.
- Don't blab. Read the story of a Stamford CT man who blabbed about his settlement and got robbed in a home invasion.
- Unusual perhaps, but in the times we live in, where there is little accountability who knows?