Structured Asset Funding — Funding Problems?
What in the world is going on with Structured Asset Funding. After observing the saga of the Connecticut woman in this article, one would think that the folks over at Structured Asset Funding (123 Lump Sum or FundingCash.com) would finally get their act together. Well apparently not!
Here are two testimonials written within the last 20 days about Structured Asset Funding located on TrustLink.org:
I would not recommend using this company. My husband and I started this process over a year ago, finally got the court approval and now almost two months later no money. They falsley advertise with their fast cash slogans. Anyone going into this has to understand it’s not gonna be an overnight thing.
And furthermore their whole attitude just sucks. They don’t return your calls. They give you false information, they promise you one thing and it never happens. I mean what is that who runs a company like that. Considering the amount of money they are making off of you settlement by selling it to them. They should be kissing the ground you walk on. Yeah well it is’nt so. I am still waiting and I am wondering what is gonna be my next step. My husband and I needed this money for a house for us and our little girl. I’m beginning to wonder if this will ever happen.
I would highly recommend not doing business with this company.
Three months after my money has been promised to me (after 9 months of court and notarized paperwork), I still have not seen a single dime, and am facing imminent foreclosure.
Answers are not satisfactory. It’s always “We’re just waiting for the bank to release the funds.”
How hard is it to write a check?
I am very aggravated at the entire process and regret my decision wholeheartedly.
There can be certain complications that can delay a structured settlement factoring transaction such as waiting for a benefits letter, bankruptcy, divorce, and other mitigating factors. After reading the two testimonials, logic says that it must be something other than the above circumstances. It appears there is an issue with the investor or financial institution that funds Structured Asset Funding’s cases. With the high demand for these financial vehicles from investors, this author finds it unusual that a company is unable to find money to fund a transaction. If there is an issue with rates or a shortage of money, why not tell the client the truth so they can take the proper steps to ensure their financial stability?
If or when any of these annuitants were to be paid, who receives the Per Diem interest that has accrued during the time this case has taken to fund? Lets take the following case as an example. Lets say John Smith wants to sell 100 monthly payments of $1000 each starting in February of 2010. Everyday that it takes a company to fund this case, the annuity is worth more because it is one day closer to a payout date. In the example given above, everyday that passes, that annuity is worth approximately $23 more per day. If this case were to drag on for 9 months then the annuity would have accrued approximately $6000 worth of interest.
Who receives this interest when it comes to Structured Asset Funding and their unpaid clients?
Related posts:
- Settlement Funding for Pre-Settlements and Post Settlements
- Don’t Be Caught A Victim To “Interest Drag”
- 2 Words- “Interest Drag”
- Structured Settlement Factoring Transactions Not Being Paid
- Back to the Basics- Selling Structured Settlements
I am so disappointed with the way Structured Asset Funding, LLC does business. They are a poor example of a good business. Not only do they have very poor customer service, but they lie to their clients. They should be able to provide truth and facts to their clients… not make giving false sense of hope. I have been waiting for my lump sum for way over a year now! They do not even attempt to call me as a courtesy. I have requested to “rescind” the contract… but they are not doing that either!!!! SOME OF US CANNOT AFFORD A LAYWER.. it is not fair! This company does not deserve to be in business.
Is there a time frame by law that transaction should be funded after the signed order? I am in Washington State. If the transaction is not funded within a reasonable time frame do I have the option of canceling the transaction and going with another company? I have sold payments before to Genex Capital. I had a great experience and was funded right away. I was solicited by another company and now I am deeply regretting my decision to sell in the first place. It has placed me in a worse situation than I was in before.
I am following up on my previous post. As of now I am still waiting to be funded. The court approved the order last month. The order was not forwarded to my insurance company immdeiately after the judge approved it. (a delay tactic I am assuming) I took the initiative to send to my insurance company. The insurance company has since advised me that the order is in good standing and that hey have sent confirmation/acceptance to Stone Street. So now we are playing the waiting game. I have kept detailed record of this transaction from begining to end and will update once I have been funded. I would encourage others to share their experience positive or negative so that people such as ourselves can have some insight on business practices of different companies that purchase annuity contracts.