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March 20, 2007

FL Factoring Company Prosperity Partners Creeps Out Structured Settlement Payment Recipients

by Structured Settlement Watchdog®

The "National Structured Settlement Disbursement Division"  is a bogus, but official sounding entity contained in letter being circulated to structured settlement annuitants by a member of the National Association of Settlement Purchasers.Download ecopy-server_LNotesMail_03192007-124317.pdf . It was obtained by the Structured Settlement Watchdog from a confidential source. 

A few observations and points of interest:

  • There is no such thing as Special Task Force Unit 7. When I called the toll-free number, and asked for Special Task Force Unit 7, I was told that it was a marketing letter.
  • No clear mention of what the company is in the solicitation. A call to the toll-free number determined that it is Prosperity Partners (a/k/a PPICash) of Lake Park, Florida.
  • To the unwary and unsophisticated this might appear to be an official government document.  It isn't. There is no National Structured Settlement Disbursement Division.
  • Rights to have your file reviewed do not expire on Sunday April 15, 2007. I'm sure there is no shortage of people in the settlement purchasing industry to review your file if you ask.
  • If Prosperity Partners is "the processing partner", then who sent out this letter?

So what is the re-processing referred to in the solicitation? The Prosperity Partners employee said that:

  1. The program is only aimed at structured settlement payment recipients who have previously sold structured settlement payment rights during the period prior to the Victims of Terrorism Tax Relief Act of 2001.
  2. Structured settlement payment recipients that qualify under #1 can earn up to $3,000 as what could be characterized as a refund/bonus/rebate on the prior transaction which will be added to the amount on a current structured settlement factoring transaction involving the same structured settlement payment recipient. The point is that the refund/bonus/rebate is only available if you engage Prosperity Partners in a completely new deal to sell more payments (rights).

I have to say that I am highly disappointed in Prosperity Partners' strategy. This alter ego crap is something that, based on prior documentation, I'd expect from the likes of JG Wentworth. This letter would never be acceptable to regulators in a solicitation for the sale of insurance or the placement of a structured settlement. In my opinion It should not be acceptable for the sale of structured settlement payment rights.  If you're offering something good then be direct!

A call to Prosperity Partners' CEO for comment has not yet been returned.

Posted at 01:16 AM in Boca Raton Florida Structured Settlements, Factoring Company Bad Business Practices, Florida Structured Settlements, Fort Lauderdale Structured Settlements, Lake Park Structured Settlements, Misinformation about Structured Settlement Factoring, National Association of Settlement Purchasers (NASP), Orlando Florida Structured Settlements, Palm Beach Structured Settlements, Settlement Advertising Wall of Shame, Structured Settlement Factoring, Structured Settlement Information, Structured Settlement Payment Rights, Structured Settlement Payments, Structured Settlement Transfers, Structured Settlement Watchdog®, Structured Settlements in Florida, Structured Settlements in Fort Lauderdale FL, Structured Settlements in Miami Florida area |

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