A person may be injured in the line of work and file a lawsuit for compensation, which can be given as a lump sum or a structured settlement. A structured settlement is whereby the affected person gets a steady amount of payments for some time. This is the best-preferred method, but it also comes with some setbacks, especially when the person needs a large amount of money to offset medical bills or buy a house. That is where a third-party company, mostly called “factoring companies”, comes into place to help.
The factoring company offers to buy off the monthly structured settlement payments in exchange for a lump sum. The injured person gets to have the money needed but forfeits the monthly payment to a factoring company. Sometimes, this arrangement is open to exploitation, where people like Sally Greenberg come into practice.
Join this conversation of the Settle Smart Podcast with your host and NSSTA Executive Director, Eric Vaughn. In this episode, Sally Greenberg talks about how she understood the structured settlement and how her genius began in the state of Maryland. We dive deep into the issues surrounding factoring companies and how well they can operate without embezzling and taking advantage of injured people.
Sally Greenberg joined the National Consumers League as Executive Director on October 1, 2007. The League focuses on five key priority areas: fraud, child labor, LifeSmarts, health care, especially the safe use of medications and medication adherence, and food safety and nutrition. Sally has testified numerous times before Congress on consumer protection issues, including product safety, fraud, excessive fees on car rentals, consumer rip-offs in calling cards, and in support of protections for farmworker children.
Key Highlights from the Episode
[00:01] Episode intro and what’s in for you today
[02:14] How Sally came to learn about structured settlements
[06:51] How Sally stepped in to help protect the structured settlement of a black man
[12:01] From 1,800 factoring companies to just six after regulations in Maryland
[15:41] A bit about structured settlement info Sally posted on her website
[20:41] A bill that will strip fund protection from factored structured settlement annuities
[21:38] What’s in store for 2023 from Sally
[24:58] Episode wrap and calls to action
Call to Action
Visit our site at https://nssta.com/ to learn more about structured settlements.
National Consumers League: https://nclnet.org/
