by Structured Settlement Watchdog®
What can an unlicensed and unregistered structured settlement buyer tell you that you can rely on? Many structured settlement buyers themselves, or through unethical search engine optimization schemes promote themselves in a manner that is misleading and potentially dangerous for consumers.
Novation Funding tweets "Talk to Novation experts to learn everything you need to know about a
Novation Funding LLC, which also does business as Novation Settlement Solutions and 365 Advance Services, is not registered with the New York Secretary of State to do business in New York under any of those three names and is not a licensed insurance producer with the New York Department of Financial Services.
What Novation Funding does is solicit people who have structured settlements to sell their structured settlements. Keep THAT in mind when you are trying to "find out everything you need to know about a structured settlement". In some cases Novation Funding in its own name or under its DBAs, has charged people absolutely awful discount rates. One seller with roots in New York, Cedric Martez Thomas, was hustled by Novation Funding LLC, using its DBA 365 Advance Services, by over $1million just 4 months ago! There's no better word to describe it. Clearly Novation Funding COULD NOT have told Cedric Martez Thomas "everything he needed to know about a structured settlement", because they acted in their self interest over that of a 19 year old client. Instead of what Novation Funding paid him, he could have sold much less of his structured settlement and kept the rest of it intact (continuing to provide him income tax free payments), or received about $1.4MM more in a lump sum to achieve the objectives he stated in his transfer petition. The Okeechobee County Florida case involving Novation Funding, is one of the worst structured settlement factoring cases I have seen in more than 11 years of blogging as the Structured Settlement Watchdog®.
So pardon me while I share my REAL FEELING about Novation Settlement Solutions tweet.
Only seek financial advice about structured settlements from companies or individuals who are registered to do business in your state and licensed to sell life insurance (which includes annuities) in your state.
One of these days attorneys general will pull all structured settlement transfer petitions in their states and cross reference the buyers against registered business in the state and licensed producers and see just how serious the problem is. At the opposite end of the spectrum borne out of Maryland's bubbling cauldron of deceit, AnnuitySold falsely claimed it was licensed in all 50 states to purchase structured settlement payments.