What can YOU do?
September 30, 2015
What can someone do when confronted with the realities of court scraping, shady forum shopping, deal poaching, aggressive solicitations, and poor rates on factoring transactions, especially from big factoring firms?
- If you think your clients aren’t factoring, think again. They are getting hounded by mail, phone calls, and ads on TV. Most of the time, they don’t feel the need to call their brokers about factoring.
- If word reaches your ear that an annuitant is being hounded, refer them to www.stopcashcalls.com and www.factoringethics.com. Information is out there to arm people against factoring predators; give it to them.
- Let them know what to expect once their case is structured. When it comes down to factoring, refer only to those you know to have good track records; those who don’t engage in unethical, aggressive, or shady behavior.
- Know who’s doing more than just talking the talk – know who’s walking the walk. Bentzen Financial is leading the way to clean up the industry. We wear the title “irritant” of the big factoring companies with pride. Click here for more on choosing Bentzen Financial.
- Know why the factoring giants have notoriously poor rates, in general; it’s simply a matter of cost. The bigger you are, the more it costs to get and close a deal. Click here to learn more on this topic.
- Sign our petition to protect the personal identification information (PII) of structured settlement beneficiaries so that they won’t get scraped by shady factoring companies.
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The foundation of abuse in the factoring industry is cracking! South Carolina’s supreme court as well as its senate are readying for reform in response to the most recent expose (see here , here and here ). Both the court and the legislature are intent on fixing a clearly broken system. Despite the natural inclination to copy what other states have done (MN, GA, LA, etc.), whose reforms ironically ended up benefiting the worst abusers of the industry, we suggest a simpler reform that will solve the absolute majority of abuse: Keep the personal identification information (PII) protected for all structured settlement recipients from here on out. This way, the companies guilty of these abuses won’t be able to find new victims. More: make such protection retroactive. This is already standard practice for minors receiving structures, and it works, at least until they turn 18. Extending this protection would do wonders for structure health. What predatory companies can’t find, they can’t chase. Keep people safe and their identification information secure. Advocate for smart reforms.
