Recent news stories about the structured settlement purchasing business in Maryland have cast a bad light on the industry. Settlement Capital, one of the founders of the structured settlement factoring business, and a founding member of the trade group National Association of Settlement Purchasers, stands out as the industry leader for best practices.
In the press about Maryland some disturbing allegations have been made: that brain-damaged customers have been taken advantage of, and that “Independent Professional Advisors" have been misused. These allegations have led to a movement to change the laws and add rules concerning the sale of structured settlement payments.
Settlement Capital stands for ethical and fair treatment for all structured settlement recipients, and supports laws that protect sellers of payments, while ensuring that there is an open marketplace for them to sell payments when the need arises. Most structured settlement payees never need to sell payments. However, when circumstances change and a lump sum of cash is needed, a fair market should exist.
All consumers should be treated fairly and not taken advantage of, and courts are properly the “gate-keepers” ensuring that the transfer laws are followed and payees are protected. Structured settlement transfer laws exist to protect the sellers, and make sure they have the ability to sell payments when needed. The best way to serve consumers is to keep in mind both of these goals.
-- Debbie Rosen, President / CEO Settlement Capital Corporation