On July 12, 2011, J.G. Wentworth and Peachtree Financial Solutions simultaneously issued a press release announcing that they had completed a transaction allowing them to operate under a single company, JGWPT. The merger has made a significant impact within the structured settlement and annuity factoring industry.
“This is a great opportunity for both companies and their respective customers,” David Miller, CEO of J.G. Wentworth stated. “It brings together two strong specialty finance companies who will continue to operate independently.”
On May 26th, 2010 Judge Norma Ruiz denied a request for court approval to transfer future structured settlement payment rights to Settlement Funding of New York, LLC (Peachtree Financial ). The opinion, is a direct response to the “cash now” advertising of this company. It’s good to see a judge take the time to enforce the Structured Settlement Protection Act.
Do you ever wonder how structured settlement factoring companies pay for commercials that air all day and all night? I bet Heather Sutton, a 23 year old woman from East Bangor, Pennsylvania could tell you. Heather sold a $150,000 payment due in 2024 to Peachtree Settlement Funding for a one time lump sum payment of $11,000. Settlement Quotes could purchase this same payment for $43,000. Unfortunately for Heather she didn’t contact Settlement Quotes.
John Darer of Structured Settlements 4 Real commented on our latest blog post, reinforcing the original 10 potential improvements that can be made to the structured settlement factoring industry. This author would like to comment on several points made by Mr. Darer.
John: “I would like to see a neutral Seller’s Guide to Structured Settlement Factoring be produced and required by regulation to be distributed on initial solicitation or at least with contract forms. Such a guide would be parallel in nature and purpose to the Life Insurance Buyer’s Guide that is required in the life insurance sales process in many jurisdictions.”
“They charge customers extremely high rates 19.99 is the MINIMUM that they will do a transaction for, unless a manager approves something lower (which is rare). Other companies will charge much lower rates and get you more money almost every single time.”