One of our attorneys was recently contacted by an annuitant who needed our attorney’s advice on an urgent matter. This annuitant had completed previous transactions involving his companies structured settlement payments with two different factoring companies. According to Strategic Capital’s attorney, the annuitant was articulate and appeared to understand completely his transactions.
The reason for his call to our attorney was that he was being deluged with “factoring company solicitations”.
According to the annuitant, he was receiving multiple items of mail and phone calls from these companies each week. He described the phone calls as aggressive, persistent and annoying. He mentioned to our attorney that he has, on multiple occasions, asked to be removed from their solicitation lists and for the factoring companies to cease their repeated solicitations, but to no avail.
The annuitant wanted to find out how our attorney could help him to have his name removed from the other two factoring companies mailing/contact lists.
The attorney has no control over the other companies and could not do much, but if the annuitant had dealt with Strategic capital in the first place he would not have had these problems.
Another interesting and troubling story is from an attorney in Texas. The attorney was in court on a structured settlement transfer case. After the hearing, the seller told the attorney that she was very upset with some of the factoring companies. The attorney asked her why she felt that way. Her complaints were as follows:
- The representatives of the company she completed her first deal with did not listen to her in terms of what she wanted to sell; they wanted her to sell a lot more and they ignored her needs. After she completed her deal, they constantly harassed her with follow up phone calls and solicitations trying to initiate another transaction, 2 months after the first deal had closed!
- A few years later, the annuitant found another factoring company for her second deal, but found similar issues; not listening to her, pushing her to sell more than she wanted, and constant follow up harassing phone calls after the completion of the transfer.
- After these two deals, the annuitant stated that other companies become aware of her previous transactions and had been harassing her at home, trying to solicit her to do a deal with them over the course of the past year.
- When she did want to do another factoring transaction, she managed to find a company that she felt would treat her with respect.
You MUST do your research on the company you sell your structured settlement payments to. You should only work with companies that treat you well right from the start.
Please comment if you have a similar story or wish to speak to one of Strategic Capital’s experts.