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Vintage Equity Group in Daft Attempted Pluck of Peachtree Structured Settlement Factoring Petitions in CA/CT/NJ/NY

by Structured Settlement Watchdog

"Plucking Hell!"

Vintage Equity Group's recent effort to hijack multiple pending Peachtree structured settlement factoring petitions deserves mention here for risible high grade daftness. If you're a legislator or disability advocate in CA, CT, NJ, NY, or a reader who knows someone who is, perhaps one should alert them to this post as a small, but potent example of the relentless and aggressive ways structured settlement annuitants may be approached to sell their payments in 2022.

1. The Glenn Davis Solicitation Letter

Glenn Davis is a Chula Vista, California resident with a pending Peachtree petition with an upcoming hearing date according to online public records available through the California Superior Court. Davis is receiving payments from a structured settlement with Metropolitan Tower Life Insurance Company.

Davis recently received a solicitation from 1201 North Market Street Suite 111, Wilmington, DE 19801  ( a Virtual Office Address) that was held out as " Notice of Payment Revision Option : Conversion #363487

The Subject line of the solicitation was " Metropolitan Tower Life Insurance Company Payment Adjustment Options"

Dear Glenn,

"...I wanted to reach out and see if you had any interest in accelerating a tax-free lump sum out of your annuity. Per our records you still have payments remaining on your policy":

Stream: $1,147.06 for life, payable monthly, guaranteed for 25 year(s). Payments starting on 04/15/2021, with the last guaranteed payment on 03/15/2046.

Rather than waiting on the full extent of deferred interest within the policy, I have listed 3 amounts below that you are eligible for depending on the structured settlement payment adjustment that we can discuss together in further detail. Keep in mind, these values  simply provide a general framework of what we can accomplish, and it can always be tweaked or restructured to meet your specific financial needs.

Term 1  $50,314.72  Term 2: $25,201.26   Term 3 $10,337.57  Term 4 $101,826.32

1. Selling 2021 payments in 2022?
2. Didn't they say 3 amounts?  4 were displayed. Vintage Equity Group displays the same lack of attention to detail on letters to different people on opposite sides of the country!
3. The Term amounts are the same for the two letters with addresses on opposite sides of the country.
4. Selling structured settlement payments for pennies on the dollar is not a "paymant adjustment option". 
5. Selling structured settlement payments for pennies on the dollar is not a "payment revision option".
6. Offering to buy structured settlement payments  is not a payment adjustment
7. Offering to buy structured settlement payments is not a payment revision
8. Offering to buy structured settlement is not an "acceleration of a tax free lump sum". It is a purchase of structured settlement payments for pennies on the dollar.
9. Kevin Richards, the purported signatory of the letter to Glenn Richards, is not a real person, according to a representative of Vintage Equity Group I spoke with last week. 
10. The address on the letter is an Opus Virtual office address in Wilmington Delaware.
11. Deceptful suggestion that somehow Metropolitan Tower Life is involved in this daftness (they aren't). Vintage Equity Group is not connected to Metropoliatn Tower Life.

2. The Agosto Solicitation Letter

Nelson Agosto is a Connecticut resident with a pending Peachtree structured settlement transfer petition in Waterbury, with an upcoming hearing date in August 2022, according to online public records available through the State of CT Superior Court  Docket UWY-CV-22-6066197-S.

Agosto is receiving payments from a structured settlement with Pacific Life Insurance Company.

Agosto recently received a solicitation from 1201 North Market Street Suite 111, Wilmington, DE 19801 held out as " Notice of Payment Revision Option : Conversion #363506

The Subject line of the Nelson Agosto solicitation was " Pacific Life Insur Co Payment Adjustment Options"

Dear Nelson,

"...I wanted to reach out and see if you had any interest in accelerating a tax-free lump sum out of your annuity. Per our records you still have payments remaining on your policy":

Stream: **PAYMENTS REDACTED FROM PRIOR TRANSACTION

Rather than waiting on the full extent of deferred interest within the policy, I have listed 3 amounts below that you are eligible for depending on the structured settlement payment adjustment that we can discuss together in further detail. Keep inmind, these values  simply provide a general framework of what we can accomplish

Term 1  $50,314.72  Term 2: $25,201.26   Term 3 $10,337.57  Term 4 $101,826.32"

Commentary

1. Didn't they say 3 amounts?  4 are displayed. Vintage Equity Group displays the same lack of attention to detail on letters to different people on opposite sides of the country!
2. The Term amounts on Nelson Agosto solicitation were the same as were in the letter received by Glenn Davis, while the addresses were on opposite sides of the country.
3. If the payments were redacted then how did Vintage Equity Group come up wih the 4 different terms?
4. With a smidgen of effort I was able to find the Peachtree petition on the Waterbury CT docket cited above. The petition seeks approval of proposed sale of $35,110.20 in aggregate for $5,020.00. Payments being sold and subject to an August 1, 2022 hearing, span 5 years from February 9, 2028 and single lump sum on February 2, 2033. Peachtree's offer bears a 24.61% discount rate
5. That would be some deal to be able to take Agosto's Term 4 from the Vintage Equity Group solicitation and get almost 3 times the aggregate payments, or Term 1 and get almost 1.5 times!  Is there a business reason that the would-be hijackers seek to create a loss, or is it simply the case of someone's a bonehead?  
6. Selling structured settlement payments for pennies on the dollar is not a "paymant adjustment option". 
7. Selling structured settlement payments for pennies on the dollar is not a "payment revision option".
8. Offering to buy structured settlement payments for pennies on the dollar is not a payment adjustment
9. Offering to buy structured settlement payments for pennies on the dollar is not a payment revision or payment revison option.
10. Offering to buy structured settlement poaymnets for pennies on the dollar is not an "acceleration of a tax free lump sum". It is a purchase of structured settlement payments for pennies on the dollar.
11. Deceptful suggestion that somehow Pacific Life Insurance Company is involved in this daftness (they aren't). Vintage Equity Group is not connected to Pacific Life Insurance Company or its New York subsidiary.
12. Kevin Richards, the purported Payment Revision Director and signatory of the letter to Nelson Agosto, is not a real person, according to a representative of Vintage Equity Group I spoke with. Vintage Equity Group is thus soliciting consuemrs with a fake person with a fake title. Pathetic.
13. The address used on the solicitation to both Glenn Richards and Nelson Agosto was Opus virtual office center in Wilmington Delaware.

3. The Donyell Solicitation

Hi Donyell, my name is Fred Harrison and  I have been assigned to your structured settlement case out of the Sussex County (NJ) Courthouse. The case has been referred to me, it has been recommended that you seek a reevaluation of your current transaction. It is more than likely you are not receiving the actual current value “ACV” of your payments which would put this transaction at a very high risk of being denied in court. If your transaction has already been settled regardless of it being approved, denied, or rescheduled, please give us a call to discuss some of the options you may have. This may include a rebate program that would allow you to receive money back from a previously completed transaction. Thank you (888) 233-4567.”

Commentary

1. Assigned by whom, the Sussex County NJ Superior Court?
2. "Fred Harrison" is believed to be a fictitious name
3. Who has recommended that you seek a re-evaluation?
4. Transfers of structured settlements payment rights are not settlements.
5. Rebate from a previous transaction is nonsense, It's likely a fraudulent inducement. Suggests that Company A ( that did a prior deal will pay back some of the profits they earned, today. See if the new company, Company B is going to make that up by getting you to sell more payments for more pennies on the dollar. No buyer of structured settlement payment rights is going to pay more than pennies on the dollar under the best of circumstances. With rising interest rates and companies like Sutton Park and DRB apparantly not having an appetite to buy from brokers, the factoring broker buyers have to price their deals right if they are going to be able lay off the receivable to an investor.
6. (888)233-4567 is a non-working number.

4. The Queens New York Solicitation (NEW)

Different Day, same M.O, same B.S. from "Fictitious Frank", that's " Frank Harrison", this time used in a solicitation to a Queens New York man who had been working with Peachtree. Received a call from the annuitant 8/8/2022.

Vintage Equity Group Misrepresentations to Consumers on its Website

Vintage Equity Misrepresentation #1

"Structured settlements can appear from a personal injury lawsuit most of the time. In this situation, the
person agrees to receive periodic payments over time instead of a specific sum shared right off the bat".

Comment

Structured settlements are a negotiated stream or streams of future periodic payments that form part of the consideration for the settement of a claim or lawsuit. A structured settlements is not a "mirage" that appears on a hazy desert horizon and is  wholly dissimilar to a phantasm of late Aunt Millie knitting a spider web on the couch in the twilight.

Vintage Equity Mispresentation #2

"The best part about selling your structured settlements is that you get to receive a single sum so you can
pay for all your needs on the spot. You won’t have to wait for each month’s allocated sum. Instead, we
take care of that and you receive all your money right away. It’s the best possible option you can focus
on, and it will provide you with a tremendous return on investment this way".

Commentary

What Vintage Equity Group says is a multi faceted mirsrepresentation because (1) when you start the process of selling your structured settlement payment rights you won't get your money on the spot. It could take 30, 60, 90 days or more. Indeed all Vintage Equity will give you is an advance of $1,000 (If you qualify); (2) the Vintage Equity Group lie that you will receive all your money right away. If you sell your payments you will NEVER receive ALL your money. The most Vintage Equity Group (or any other structured settlement factoring company will pay for your structured settlement payment rights is pennies on the dollar; (3)the Vintage Equity statement that "it's the best return on your investment" is an unprovable false claim that seems inebriated in snake oil.

Several calls were made to Vintage Equity Group ( "VEG") as part of my investigation. On only one occasion a person named George picked up the phone and kept me on hold for 11 minutes.  It does not inspire much faith that nobody has a last name.  The address listed on the Vintage Equity Group website is yet another Opus Virtual Office . 913 N Market St Ste 200, Wilmington, DE 19801 - YP.com (yellowpages.com). Nevertheless, I learned that the company is comprised by alumni of Seneca One Finance and US Annuity Services. 

Seneca One

The now defunct entity was known for conjuring up fake but somewhat real sounding associations or agencies like the "National Structured Settlement Registry" as a scheme to phish for leads to people who had structured settlements.

Sometimes you should just leave the "VEG-gies" on the plate.

The Intellectually Dishonest Thing Structured Settlement Cash Now Companies Leave Out

by John Darer CLU ChFC MSSC CeFT RSP CLTC

Keep a structured settlement for what it WILL do, not what it might do. The "will do" is the contractually guaranteed income inherent in a qualified funding asset issued by a regulated life insurance company

Some structured settlement cash now companies attempt to twist people out of receiving payments from 15-20-30 year old structured settlements for pennies on the dollar, using a dubious investment projection of what might happen from a financial advisor, but compare to current rates.  A number of structured settlement cash now companies link up with the financial advisors to target vulnerable individuals.

If you're in your 30s, 40s or 50s and have a structured settlement that was established when you were a child in the 1980s or 1990s, be mindful that the base rate of return on your investment should be calculated from the original cost of the annuity. Start with that rate of return, nearing in mind that it is income tax free if the structured settlement payments represent damages for a personal physical injury, wrongful death. 

The use of current rates for comparison of your childhood structured settlement with alternative investments is simply not credible. On July 22, 1996 the 30 Year US Treasury bond was yielding 7.02%. 25 years later the 30 year Treasury yield was 1.90%.  But the return on the original cost of the structure has not changed. It was locked in when the structured settlement was established. Furthermore, because the investment portfolios of life insurance companies are not solely invested in United States Treasuries, the Internal Rate of Return on the original cost of structured settlement would likely have exceeded the 30 year Treasury.

If your structured settlement is for payment of damages for personal physical injury, physical sickness or wrongful death the payments are income tax free subject to IRC 104(a)(2). If you encounter one of the charlatans, take their projected rate of return and discount it for taxes.

Use 4structures.com LLC's free Taxable Equivalent Yield Chart to learn the net return on their projections. You can also use the taxable equivalent yield chart to learn what you would have to earn in a particular tax bracket to end up with the rate of return locked in when your structured settlement was established.

Once again, keep a structured settlement for what it WILL do, not what it might do.

If you have experienced this and want to speak about it feel free to contact me.