by Structured Settlement Watchdog
A thank you is due to Prosperity Partners for providing subject matter expertise that supports our theory that "cash now" advertising is a FRAUDULENT inducement to some of the most vulnerable consumers, tort victims with structured settlements. Among other things Prosperity Partners warns structured settlement recipients of:
- "False promises. This is a big one in the industry among unscrupulous settlements buyers; they promise fast funding and expedited returns, when in fact they have LITTLE POWER over the speed of the process because court approval is involved. The average time for court approval is 90 days, with some states being quicker (45 days is about the bare minimum) so beware of companies claiming that they can process your purchase in a matter of weeks. No one can speed up the courts! The only thing that will expedite your processing is efficient, accurate preparation and application".
If I have one criticism of the Prosperity Partners is its ironic use of "cash now" advertising**. Although it is not as blatant as Stone Street Capital, J.G. Wentworth, Woodbridge Investments, Peachtree Settlement Funding, Imperial structured Settlements, Structured Settlement Investments and Novation Capital is it not false advertising, or "false promises" as Prosperity Partners' Director of Marketing Jason Rigler has so aptly put it?
We encourage the factoring industry and its members to STOP COMMITTING FRAUD! The "fraudsters" include the supposed leading members of the the National Association of Settlement Purchasers, an association which "cash now pusher" Imperial Structured Settlements (on its website) reminds us is "the trade association that determines best practices and provides strength and credibility to the industry".
On a technical note Prosperity states in its introduction "You have chosen to sell structured settlement payments because you have a distinct financial need that your settlement plan is not meeting. So it is imperative that those needs are met through the “sale” of your payments. In order to do that you will need to protect yourself and avoid the pitfalls that can impact people who sell structured settlement payments".
Not everyone who has a structured settlement has a settlement plan.
Not everyone who has a structured settlement has a financial plan.
If they have a plan, not everyone who has either one keeps up with their plan.