For the second time in a few weeks, RSL Funding has issued a press release accusing a competing buyer of structured settlement payment rights of unsavory business practices.
"Stewie" Feldman and Co. say that "In an effort to dissuade more competitive companies like RSL Funding from competing with it, Peachtree has more recently resorted to suing its competitors to at least temporarily maintain Peachtree’s high interest rates. Lawyers for Peachtree were asked for comment but did not return our calls". Last week a similar accusation was made about Imperial Holdings, whose executive team is composed by a number of Peachtree alumni.
This IS something to be taken seriously. It has become apparent that this is not random behavior.The structured settlement watchdog is aware of a civil complaint filed in another case which alleges that yet another cash now pusher attempts to stretch model structured settlement protection act provisions, which state that say one cannot force an annuity issuer to split annuity payments, as justification for the cash now pusher servicer to "fleece" the consumer for a discount rate that is less competitive than they could obtain in the open market.
Like the cameras that brought the reality of war to American living rooms during the Vietnam War, raising public anti-war sentiment, it is critical that the cash now pushers' behavior be exposed and documented. It just does not seem right that some poor bastard needs to be shackled to an uncompetitive cash now pusher.
Peachtree is invited to justify. This author will be in Las Vegas at the NASP meeting on November 12, 2010.