by Structured Settlement Watchdog
Maryland structured settlement protection laws, stiffened since the Access Funding scam that came to light in 2015, require mandatory Independent Professional Advice (IPA) See Independent Professional Advice (IPA) for Structured Settlement Sellers (4structures.com) and MD Cts & Jud PRO T. 5, Subt. 11, Refs & Annos
But IPAs under Maryland structured settlement factoring reforms are not perfect as is evident by a recent case I came across.
Perhaps the IPA fee should be refunded
After the annuitant paid the IPA, the IPA actually signed off on a low ball offer from a structured settlement factoring company. The annuitant however, took matters into his own hands and was able to get competing offers that were 30% better than what the IPA signed off on.
The discount rate the educated annuitant negotiated was sub 5%*!
It shows again, that if you must go down the road of parting ways with stable tax free structured settlement income you absolutely must shop around. Note that the company that low balled you in the first place might actually pay the most when in competition.
In a sign that unethical Florida structured settlement factoring sharks still target Maryland seals, the annuitant was being told to do the transaction in Delaware. In the process of gathering the names of these companies to submit to Brian Frosh, the Maryland Attorney General.
*The interest rate environment is subject to change and rates available when you choose to obtain a quote may be materially different. That's why you should stay calm and always shop around.