A factoring company like Colonial Settlement Partners is nothing special, a dime a dozen.
Colonial posted the following false statements in its sell structured settlements blog on July 30, 2008:
"Structured settlements are nothing more than scheduled equal payments that are utilized to pay out a settlement reached in court. The payments are made from an annuity".
Facts missed by Colonial Settlement Partners:
- Structured settlements are much more than Colonial Settlement Partners describes
- There are multiple options for structured settlement payment as set forth in this link
- Structured settlements are predominantly a solution resulting from an out of court settlement.
- While structured settlement payments may be made from an annuity, an alternative permissible qualified funding asset per IRC 130(d) is any obligation of the United States.
Business Practices of Colonial Settlement Partners Observed by This Author
- Cash now/cash today pusher
- Employs "payments trickle in" versus big lump sum deception
- Mischaracterizes what it is buys. Claims it pays cash for "structured settlement annuities" versus the truth which is that it buys "structured settlement payment rights". Basic stuff!
- Employs deception on fees stating " we will not pressure you like a salesman working on commission would do". If they are not on commission profit is built in somewhere.
- Requests information from consumers without using a secure form
REPEAT MESSAGE TO FACTORING INDUSTRY: if you are going to hold yourself out as an authority in a putative effort "to take up shelf space" on the search engines at least do your homework