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Structured settlement scam?
Posted by schlub/NC of NC on 2/7/19 1:24pm Msg #602936
This sounded pretty bogus to me so I felt the need to share it,

Got a call today from an outfit in Las Vegas (702-786-0229) trying to tell me about a better option for clients looking to do structured settlements. They said notaries are getting referral fees for sending them clients after signing structured settlement offers (they specifically mentioned JG Wentworth and Peachtree, so that's apparently who they are sniping deals from). He said they are able to get the clients up to 50% more than the big guys are offering, and the notary gets a piece of the difference.

Here's how it works: According to the guy I spoke to, the notary has the client sign all the paperwork. After the signing, the notary either gives the client the info for this outfit or gives the client info directly to the company.

According to this guy, the contract isn't legally binding until the client appears in court to have a judge sign off on the contract. So, during the time that the process is working, they shop the client on an auction site, giving other factoring companies the opportunity to bid on the deal.

I generally don't like structured settlements, but I'm not going to judge someone else's actions. I have a degree in finance, so I understand the time value of money, and I've never done one where I felt the customer was getting a good deal. So I think it's great that the customer has other options.

However, I can't violate the trust that my clients place in me when they send me out to meet with a client, and I am pretty disappointed to hear that other notaries would do so.
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Messages in this Thread
 Structured settlement scam? - schlub/NC on 2/7/19 1:24pm
 Re: Structured settlement scam? - Luckydog on 2/7/19 1:54pm
 I've done some structured settlements & it's not my job -  MW/VA on 2/7/19 4:07pm
 All sorts of red flags here - MikeC/TX on 2/7/19 6:35pm
 No, they are asking you to find new referrals for them... n/m - Luckydog on 2/7/19 7:28pm
 Oh crap, no. That's illegal - Luckydog on 2/7/19 7:33pm
 Times Are Desparate For Some - I Don't Take Them At All n/m -  Scriba/NM on 2/8/19 1:56am
 In complete agreement with MikeC & Scriba. I Don't accept -  Christine/OK on 2/8/19 6:02am
 Re: Structured settlement scam? - LisaKT/CA on 2/8/19 3:39pm
 Agree. Even the CA SOS has a privacy policy - Bear900/CA on 2/8/19 5:04pm

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