John Oliver on factoring companies: ‘This industry is full of predators’
Last Week Tonight host spoke about structured settlements and the problematic industry surrounding them
TL;DR
- John Oliver discussed factoring companies and their exploitation of individuals with structured settlements on his show Last Week Tonight.
- Factoring companies buy the rights to future settlement payments, offering a lump sum in return and often taking 60% of the money.
- These companies target vulnerable individuals, including those with permanent disabilities, using aggressive sales tactics.
- The legal process for approving these transactions is flawed, with short hearings and a lack of adversarial presence allowing for easy gaming.
- Oliver called the industry "full of predators" and emphasized that these companies do not have people's best interests at heart.