"I want to thank James Spelling** and Andrew Cravenho for helping me cash out my annuity. I am very pleased with the customer service that I received on a daily basis. I hope I will not need to complete another transaction again, but if I do, I will be coming back to your company"
The thing that I find both disturbing and disingenuous is that neither James Spelling nor Andrew Cravenho work for SSQ and that this testimonial appears to apply to a completely different company called Settlement Quotes, LLC.
Why would SSQ post such a testimonial folks?
My thoughts on SSQ
The more I think about this more I opine that there are strong reasons that structured settlement brokers should shun SSQ.
1. The very name SSQ harms the primary structured settlement industry in my opinion. At the time of posting, Structured Settlement Quotes, Inc. dominated search engine results with 78.41% of the traffic for the search term " structured settlement quotes", according to Alexa. Any member of NSSTA that has "moaned" about structured settlement factoring advertising, should think twice about what referring business to the company means, in my personal opinion. Is it helping your business or the industry? If you have to refer business to a factoring company perhaps it makes more sense to refer it to a company that truly understands your business and doesn't compete with your industry for shelf space in flamboyant fashion.
2. Sending bulk unsolicited email to members of NSSTA, offering money in exchange for leads is not a way to win friends in the structured settlement industry. It shows a lack of savoir faire. As we previously reported one of those solicited was an executive of an insurance company. The SSQ response to valid questions, was to disparage the messenger and to retaliate by revealing information about a private transaction that did not involve SSQ, involving a structured settlement broker for the sole purpose of harming the broker. What makes you think Roger Proctor and company won't do the same slimy thing to you one day?
3. Upon information and belief the names used in the SSQ BBB report as of yesterday are fictitious, according to our source. The use of fictitious names is not confined to SSQ, but one really must question the rationale behind this, in my opinion. We're talking financial transactions. Is it too much for a company to let you know who you are really dealing with, whether you are a seller of structured settlement payment rights, a lawyer, or an investor?
4. The telephone number that is not published on the BBB report but was discovered to be on file with and accessible with the BBB, by digging hard enough, is the Delaware number for Genex Capital listed on that company's website. As previously reported Roger Proctor and Boris Drubetsky of Genex Capital were previously listed on the BBB report. What did they have to hide?
5. While I am amenable to the concept of a structured settlement payment exchange as I have previously written, there must be a transparent open bidding process and I am not convinced this is going on with SSQ. Yesterday's response by SSQ to question my agenda simply inflates the intrinsic value of my question. Upon information and belief, both SSQ and Quote Me A Price (the other purported factoring auction site) are owned by Genex Capital and/or its CEO Roger Proctor. The situation cries out for transparency. The more SSQ/Proctor and co avoid answering the questions and attack me the worse it makes them look, in my opinion and warrants an even brighter spotlight.
6. While getting the best price for the consumer is very important, the best price can also be obtained from companies that are transparent. Frankly I would prefer to work with the transparent, when the need arises, how about you?
Instead of questioning my agenda, how about getting a little more transparent Genex Capital?
In his sworn testimony June 28, 2013, in a lawsuit in which the Mt. Airy Faker David Springer and Sovereign Funding Group were Defendants, David Springer admitted that James Spelling was one of the fictitious names that he used.
In June 2015 as the result of the settlement of lawsuit filed against Genex Capital by Woodbridge Structured Funding, Genex Capital disclosed its ownership of SSQ. The peculiar Genex Capital deceptive business practice has unraveled.