During my usual morning commute, I looked up and saw a billboard about values. I wondered what were these billboards asking people to pass on values and whose values should we pass along. Then I started to think about our customers. Do they see our services as something of value? Are our articles, blog posts and other materials useful to them? Do they feel that we value them as a customer and give them a fair value for their future annuity payments?
Value is considered to be worth in usefulness or importance to the possessor. It can be a principle, standard or quality considered worthwhile or desirable. It can also pertain to goods, services or money.
Rescue Capital’s philosophy from day one is caring. We care about the well-being of our team and our customers. Our core values were created to put into action this philosophy and include:
- Treating everyone honestly, fairly, and respectful
- Providing superior customer service
- Providing solutions for our customers that promote their best interest
- Helping others whenever there is an opportunity to do so
- Doing the right thing each and every day
In an ideal world, everyone would strive to live by our values but I am sure this is not the case. Otherwise there would be no need for the Better Business Bureau or other consumer advocacy agencies. Some individuals value money and have no interest in helping others. By thinking differently and following our core values we make a difference in the lives our customers. Real people just like you that may be struggling financially and need to get the most money they can from their future payments.
No one wants to be taken advantage of during their time of need. That’s why Rescue Capital strives to provide solutions that promote our customers’ best interest and a fair value for their future periodic payments. To determine the value of your future payments from your annuity, call Rescue Capital at 866.688.3532.
Nassau County, NY—Supreme Court Judge Thomas Feinman recently denied two New York State Factoring deals because he believed the terms of the transaction were not “fair and reasonable” and did not meet the “best interest” standard in accordance with the New York Structured Settlement Protection Act. In addition, the judge thought the interest rates were “excessive.”
In The Matter Of The Petition Of Seneca One, LLC v. Ernest Hall, No. 8769/11, 2011 N.Y. Slip Op. 32278(U) (N.Y. Sup. Ct. Aug. 18, 2011)1,4, the judge was concerned with Hall’s habit of selling his future structured settlement payments at a loss to make home repairs, pay off debt, etc. In what would have been his fourth transaction, Hall wanted to sell his future payments to Seneca One at a rate of 19.13% in order to, once again, pay off his credit card debt. The judge took issue with Hall’s decision to waive independent professional advice as well as the fact that he did not provide documentation to prove his claims.
In The Matter Of The Petition Of Philip Hanks, Jr., No. 10575/11, 2011 N.Y. Slip Op. 32512(U) (N.Y. Sup. Ct. Sept. 14, 2011)2,3 the judge believed the 19.99% interest rate that Settlement Funding of New York, LLC also known as Peachtree now acquired by J.G. Wentworth, was offering for Hanks' structured settlement payments were not “fair and reasonable” as well as “excessive.” The judge also stated that the transaction was not in Hanks' best interest because he planned to use the money to make repairs to his mother’s home. Hanks' claimed his mother would give him the house at a future date but did not provide any proof to his claim. Therefore, the judge thought the 22 year old did not fully understand the consequences of the transaction.
A structured settlement is a financial arrangement that allows compensation to be paid in regular installments rather than in one lump sum. Typically these payments provide money for a fixed period or lifetime through an annuity that is bought from an insurance company. Sometimes an individual needs access to the future payment installment(s) sooner rather than later so they sell some or all of their rights to future structured settlement annuity payments in exchange for a cash lump sum. In order to protect their rights 47 states as well as the federal government enacted additional consumer protection legislation. The details vary by state but court approval is necessary. As you can see in both court cases the judge was clearly trying to protect the annuitant.
While selling payments is a common practice, it should not be entered into lightly. Sellers should research the companies they are doing business with to discover if there has been complaints about them registered with the Better Business Bureau and their State Attorney General’s office. You should always get multiple quotes to make sure you are getting the best deal. Don’t be hasty and go with the first company you see on TV or the Internet. In order to avoid costly financial mistakes, always read your contract. If you don't understand the terms of the agreement, ask a trusted professional advisor.