Structured Settlement Company Review: Peachtree Financial
- Peachtree Financial Headquarters: Radnor, PA
- In Business Since: 1997
- BBB Rating: A+
- a.k.a.: Peachtree Settlement Funding, JG Wentworth
About Peachtree Financial
Peachtree Financial is a direct funder of structured settlement payments, annuity payments, lottery winnings, life settlements and pre-settlement funding. Peachtree offers annuity sellers a lump sum cash payment for the rights to the remaining future payments.
Many annuity owners find that the annuity they own no longer fits into their financial plan. They may have been inherited the annuity from a family member. Other times, the current financial conditions are significantly different from when they purchased the annuity. This can be general economic conditions, such as a major change in interest rates or a personal need in the form of a medical emergency.
Remember, the amount offered will be the present value of an annuity, in other words it will be at a discount. The amount of the discount will depend on a number of factors including the duration of annuity payments, the life insurance company providing the annuity and the different types of annuities being offered.
Common Reasons for Selling an Annuity:
- Starting a business
- Paying Down Credit Card Debt
- Pay off Existing Student Loans
- Medical Expenses
- Pursuing a Degree
- Home Renovation or Major Repairs
- Buying a Car
- Going on Vacation
If you are selling a structured settlement annuity, Peachtree will help you with the process of getting a court date and seeing through the process of getting the annuity transfer approved.
Peachtree also purchases investment annuities from the same annuity companies (life insurance companies) that issue structured settlement payouts. Keep in mind, ‘investment’ or retirement annuities (i.e. fixed annuities, immediate annuities, etc.) don’t require a judge’s approval to annuity payments to Peachtree. For investment annuities, Peachtree Financial purchases guaranteed and life-contingent annuity payments.
Peachtree Financial Reviews
So, should I sell my structured settlement payments to Peachtree Financial or not? After reading all the reviews around, it is a bit of a mixed bag. There are plenty of negative Peachtree reviews and JG Wentworth complaints but prospects must consider the total number of annuity transfers Peachtree/JGW funds on an annual basis. On a percentage basis, it’s probably not greater than others.
Since Peachtree Financial merged with JG Wentworth in 2011, it now operates as a subsidiary of JGW. Therefor the funding source for the purchase of the annuity payments comes from investors in the form of asset backed securities (notes). Peachtree/JGW buys the rights to the future payments, packages the rights and sells them to yield-hungry investors such as pension funds and, ironically, insurance companies. So, disruption to such capital markets could affect the amount of investor capital behind the offers from Peachtree.
You must also remember that since Peachtree Financial’s parent company is publicly traded, it must answer to shareholders who want to maximize profitability. As such, you will probably not get the highest amounts when they offer to buy your annuity. As you have probably noticed, they have a large marketing budget full of lots of commercials.
On the flipside, you know the company and there is the security of the brand recognition. The best thing to do is to request, multiple estimates and quotes to see what structured settlements company will pay you the most cash for your annuity.
The major criticisms around Peachtree, and what we found from the JG Wentworth reviews, was over-the-top sales tactics. This typically comes in the form of repeated phone solicitations and junk mailings. Phone calls can be annoying, especially when you’ve already asked to be taken off the list, but that comes with this industry. Some have been forced to place complaints on review sites such as the Better Business Bureau before the structured settlement purchaser would act.
What we never like to see is phone calls to other family members trying to locate the structured settlement owner or try to influence their decision.
There also seemed to be considerable confusion of what the payment sellers were contracting with Peachtree Financial. Whether these are cases of seller’s remorse or not, remember that you have the right to look over any contract or document with an attorney. You can be sure that all the structured settlement companies have legal counsel so make sure you’re on a level playing field so there are no surprises.
Should I Sell My Annuity to Peachtree Financial?
We like the fact that when a customer sells annuity payments it doesn’t have to be an all-or nothing decisions. Peachtree Financial will purchase all of the payments, some of the payments, or partial annuity payments. We also like that Peachtree Financial can purchase both retirement fixed annuities and structured settlement annuities.
To answer the question, ‘should I sell my annuity to Fairfield Funding’, the answer depends on whether you feel comfortable after speaking with them. Peachtree Financial has some deep-pocket backing, which should allow them to buy your annuity without any problem. We always suggest getting multiple estimates because annuity buyers will compete for your future payments.
Annuity Buyers like Peachtree Financial: