by Structured Settlement Watchdog®
The missing reason Novation Settlement Solutions stands out is because of its being associated with a structured settlement factoring transaction involving 21 year old Cedric Martez Thomas in Okeechobee Florida, easily one of the worst examples of structured settlement buyer profiteering of 2015. A competing buyer would have paid about $2.5 million, compared to the stingy $1,037,000 that 365 Advance Services and Novation Settlement Solutions "cobbled together" in exchange for more than $6,600,000 in non-deferred future payments. Other companies indicated that they too would have paid a lot more.
Together with the Washington Post revelations about the lead paint structured settlement victims of Access Funding, the multiple lawsuits involving a serial transactions in a compressed time frame involving other structured settlement buyers, alleged forum shopping and "best interest" in Florida and Virginia involving other buyers, the Cedric Martez Thomas case is a poster child case for what is wrong with the structured settlement factoring industry, in my opinion. I'm not sure that Cedric Martez Thomas even knows just how bad of a deal he got from 365 Advance Services and Novation Funding.
Novation Settlement Solutions, a member of National Association of Settlement Purchasers, as another Novation Funding LLC D/B/A Novation Capital, can continue to put up testimonials from disabled athletes like Hector Picard, to try to paper over the reality of what just happened two months ago to a 21 year old, but this travesty should not be forgotten.
It certainly should give anyone approached by 365 Advance Services or Novation Settlement Solutions 5 good reasons to shop around and then shop around some more.
It certainly should give Florida legislators and the Florida judiciary reason to consider reforms similar to Maryland. Perhaps there should be rate caps on the purchase of structured settlement payments that start more or less immediately.
Who is 365 Advance Services? I'll bet Novation Settlement Solutions knows.
For details of the Cedric Martez Thomas structured settlement factoring transaction involving 365 Advance Services and Novation Funding LLC, please click here.
According to a sampling of Court records surveyed, Novation Funding LLC does, or has done business as Novation Settlement Solutions and Novation Capital.