Article on Business Wire
Found this article the other day, and thought it just goes to show how the industry is changing, and points to the need of Independent Professional Advisors / Structured Settlement Attorneys such as ourselves. JG Wentworth is one of the leading names in the purchasing of structured settlements, and proves even they recognize the need for oversight.
April 09, 2016 01:10 PM Eastern Daylight TimeRADNOR, Pa.--(BUSINESS WIRE)--The J.G. Wentworth Company® (“J.G. Wentworth” or the “Company”)(NYSE: JGW), a diversified consumer financial services company, today applauded the Maryland General Assembly for passing new structured settlement payment purchasing legislation (HB 535), and urges Governor Hogan to sign the measures into law. J.G. Wentworth, the country’s leading structured settlement payment purchaser, was an early advocate for this reform bill, calling for its passage since 2015.
“J.G. Wentworth strongly supports a robust oversight regime for our industry”
“J.G. Wentworth strongly supports a robust oversight regime for our industry,” said Stewart Stockdale, CEO of J.G. Wentworth. “Maryland’s new law represents the most comprehensive and fundamental change yet to an industry that has faced its share of criticism – and it sets a high standard that all states should consider following in order to protect consumers seeking to sell their structured settlement payments for much-needed liquidity. J.G. Wentworth is a champion for the consumer, and we have led the industry in bringing about needed change, including working with lawmakers, consumer advocates and others around the country to ensure appropriate regulations and oversight exist to protect consumers.”Over the past months, J.G. Wentworth and the National Association of Settlement Purchasers (NASP) have worked with lawmakers to make Maryland the nation’s first state to require structured settlement payment purchasing companies to register, obtain supervised approval to conduct business and submit to oversight by a government agency. HB535 would require purchasers to post a bond to demonstrate their financial viability; it would also subject officers and directors to character and fitness requirements and review. These new requirements, combined with stringent new disclosures to improve transparency of transactions and make transfer terms easier to understand, would represent the most extensive consumer protections in the country. The Company commends Senate President Mike Miller, Speaker Mike Busch and Del. Sandy Rosenberg for sponsoring this important piece of legislation in the Maryland General Assembly.
Maryland is the latest state to pursue significant structured settlement purchasing reforms. For the past year, J.G. Wentworth has worked with policymakers in Illinois, Wisconsin, Florida and Virginia to pass laws that add new layers of oversight and require more transparent disclosures. J.G. Wentworth strongly believes in the convenience and utility of selling structured settlement payments for certain people and will continue to support reforms that ensure consumers who can derive value from this type of transaction are protected.
About The J.G. Wentworth Company®
The J.G. Wentworth Company® is a diversified consumer financial services company. The Company is focused on providing direct-to-consumer access to financing needs through a variety of solutions, including: mortgage lending and refinancing, structured settlement payment purchasing, personal lending and prepaid cards. Through the J.G. Wentworth, Peachtree Financial Solutions, and Olive Branch Funding brands, the Company is the leading purchaser of structured settlement payments.
Mortgage loans are offered by J.G. Wentworth Home Lending, LLC NMLS ID # 2925 (www.nmlsconsumeraccess.org), 3350 Commission Court, Woodbridge, VA 22192; 888-349-3773.
For more information about The J.G. Wentworth Company®, visit www.jgw.com or use the information provided below.
This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
Many people receiving structured settlement payments face pressing financial needs, which cause them to consider selling their annuity for a lump sum in cash. Sounds simple, but the process is actually complex, time-consuming and fraught with pitfalls for unwary and uninformed consumers. If deceptive advertising by companies who profit from these transactions has lulled you into thinking you'll get all your money instantly, STOP! and consider these little-known facts:
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1. Requires a Court to approve the transaction;
2. Will take up to 90 or more days to complete the process; and
3. The final "net" amount received is far less than the "face value" of the annuity.
Because a person who sells a structured settlement annuity will receive a deeply discounted amount of money, it is critical to be as informed as possible before making the decision to sell. Plus, as not all transactions are approved by a Court, there's no guarantee your sale will be approved as a court must first find that the sale is in your best interests. Mr. Ahtirski knows the Court system and also knows how to help sellers of structured settlements seek to negotiate a higher purchase price from the various companies that buy structured settlements.
Since 1994, attorney Eugene Ahtirski has been an active participant in almost every area of the secondary market factoring industry pertaining to the sale of future payment streams and has personally participated in thousands of court approved transfers. Mr. Ahtirski experience extends to various other forms of payment streams as well besides structured settlement payment rights such as casino and lottery payouts, and entertainment industry residuals.
Contact a Structured Settlement Attorney who can accurately evaluate your structured settlement and provide Independent Professional Advice
You need not settle for small payments over a lengthy period of time. Get the maximum present value for your full recovery by calling the Law Offices of Eugene Ahtirski at or contacting the firm online.
Law Offices of Eugene Ahtirski are located in Van Nuys and serve clients in California with Assciates across the United States.