by Structured Settlement Watchdog
Reliance Funding, the Chevy Chase company that is, according to allegations by the Maryland Attorney General a continuation of Access Funding, engages in false and misleading advertising to people receiving structured settlement payments.
"In Detrimental Reliance" False and Misleading Claim by Reliance Funding
"Reliance Funding can help accelerate those future payments you’re entitled to and get access to that money today"
Fact: A structured settlement transfer or structured settlement factoring transaction will NOT accelerate those payments and will not get access to that amount of money today. It will get you access to a discounted percentage of that money, that amounts to cents on the dollar (i.e. you must give up something...alot), if and only if, a judge approves the structured settlement transfer.
Reliance Funding Whines to BBB About Its Rating, BBB Responds
"Reliance Funding has advised BBB that it purchased the assets only of Access Holding and that information related to Access Holding should not be included in BBB's Business Review for Reliance Funding. However, in the government action described in this Business Review, the Maryland Attorney General alleges the following:
"Although purportedly merely the owner of all assets previously owned by defendant Access Holding, LLC, Reliance Funding is in fact a continuation of Access Holding, and, as such, is an alter ego of Access Holding and its subsidiaries, including Access Funding, LLC, Assoc, LLC, and En Cor, LLC. Moreover, Reliance Funding was formed for the purpose of shielding the assets of Access Holding from liabilities associated with potential actions brought by the Office of the Attorney General, the Consumer Financial Protection Bureau, and other creditors."
Until this matter is resolved in the courts, BBB determined that it is appropriate to identify both sides of the dispute in this review". The BBB also posts this on its listing for Reliance Funding
Maryland has an unusual number of poorly rated structured settlement factoring companies and intermediaries. Annuity Sold, based in bucolic Owings Mills, only 47 miles away, and home of the Baltimore Raven HQ, has an awful C rating, but can breathe a sigh of relief now that it no longer has the worst rating. Even companies higher rated have been very naughty.