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 Why do Notaries avoid Structured Settlements?
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BerylG

Florida
5 Posts

Posted - 11/28/2017 :  03:13:15 AM  Show Profile  Reply with Quote
I did an assignment on September 9, 2017 and struggling to get my payment for them. Scanned documents back and it is like I fell of the face of the map. I have e-mailed 3 times and was left hanging on the phone and finally sent to voicemail. I will avoid them in the future

Beryl Butler
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KHSTjudi

Washington
32 Posts

Posted - 06/05/2016 :  04:12:37 AM  Show Profile  Reply with Quote
I will do them, but with conditions: I have a minimum fee, and I always want the location before agreeing. If the location seems suspicious to me, I ask the scheduler to hang on while I find it on Google Maps. During the confirmation call, I always ask the signer if they have received their settlement forms, and advise them to have the forms completed before I arrive. Of course, I remind them not to sign anything; however, if they have, I have the doc package with me and can replace as necessary. In this way, I don't end up at a bar or derelict property, and I don't wait as often while the signer struggles over complicated forms. That said, they are not on my top 10 things I'd rather do.
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Lee-AR

Arkansas
567 Posts

Posted - 05/11/2016 :  05:10:29 AM  Show Profile  Reply with Quote
I will do them, but need to get a very good fee. While there's less paperwork than a refi, a lot of info has to be handwritten in by the signer and that takes TIME; plus often they have to find the paperwork with the info required. I do feel that these can be a godsend for some, but make no mistake, the cost is very high. Some are horrible; some not so bad. Just be sure that you are paid full fee regardless of whether or not they complete the signing or it is approved (and get it in writing) as once they see what the costs are, some will refuse to complete it.

If you don't value your time and experience, nobody else will.
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LindaH

Florida
1723 Posts

Posted - 05/08/2016 :  04:37:04 AM  Show Profile  Visit LindaH's Homepage  Reply with Quote
I did 4 structured settlement signings before I decided they were just not worth the aggravation; my first one took me 4 hours - 2 hours travel and 2 hours at the table - and the company paid only for the notarizations; none of the packages were completed (signers had to do it at the table, hence 2 hours at the table while they dug up info) - a couple of them were "shopping" their deals to try to get the best one and they weren't even sure they wanted to sign; one lady called after the fact and told me not to drop the package as she'd changed her mind cuz her son would KILL her for doing it (she sold of $90k in funds for $47k) and her attorney told her she was nuts to sign it....I also heard from her attorney not to drop the package, who I promptly referred to the settlement company and the package got dropped, as was my duty.

Mine have all been nightmares and I just now refuse to put myself through this for the paltry fees offered. Now, if the companies want to send the paperwork to the client, go over it with them on the phone then have the client find a notary, I'll be happy to help.

Linda
http://www.columbiacountynotary.webs.com
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Penny

Georgia
27 Posts

Posted - 05/07/2016 :  6:21:51 PM  Show Profile  Reply with Quote
I do not avoid or turn down notary assignments regarding Structured Settlements or Lost Funds. I had one awful experience of a non-paying company (Dagaloo LLC -Andre Johnson- out of Bloomington, Minnesota. The check is in the mail story got old. Mainstreet Settlement Funding and Seneca One are excellent companies. Another excellent company is U.S. Lost Funds in California. Ray Newby is the person there who pays attention to his clients, works hard for them, and gets quick payments for them. He always lets me know when he has successfully found money for the people and mailed them a check. I've enjoyed working with him and meeting with the various folks that he has helped. /Penny


/Penny Henritze
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jbelmont

California
2838 Posts

Posted - 04/29/2016 :  11:25:10 AM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
I heard that many Notaries avoid doing deals for Structured Settlements. Is this because the deals are sometimes a little unreasonable? Or something else?

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