Settlement Quotes has compiled a list of every company that purchases structured settlement payment rights. Throughout the next 3 weeks we will be writing an article on every company in the industry, providing facts about each company including their Better Business Bureau record, number of years in business, number of employees, and many other pertinent information.
In April 2006, Jamel Knight settled a personal injury case for $1.6 million up front and a structured settlement of $400,000 to be paid at a rate of $1,978.11 per month for the rest of his life, guaranteed for 30 years.
Mr. Knight did the following with his money:
John Darer of Structured Settlements 4 Real noticed an advertisement created by Novation Capital, claiming they can get your structured settlement money today. This is a clear example of false advertising. This author believes that this is an honest mistake made by the marketing department of Novation Capital. Novation is owned by Robin Marc Shapiro, who is the current President of the NASP (National Association of Settlement Purchasers). Mr. Shapriro knows that it is impossible to get a tort victim a lump sum of money in exchange for their future payments in one day.
Novation Capital is not the only company that has had its problems with an outsourced marketing company. Woodbridge Investments was spamming structured settlement blogs with automated comment spam noted in this post. The owner of Woodbridge was also unaware what his marketing company was doing to disrupt the persona of their company. These types of advertising tactics not only make that company look deceptive, but also make the entire factoring industry look misleading.
Since the NASP or legislators will not stand up to enforce marketing tactics, it is time for representatives from respected factoring companies to create marketing standards for their own companies. These standards do not have to be extensive, but they should cover the basic laws of the industry. These lists should be passed on to the marketing department of that company. This will help eliminate or reduce the confusion caused by false advertisements.
This author has never worked with Novation Capital, but from hear say Novation is a respectable company that does provide a great service to their clients. Hopefully Mr. Shapiro will straighten out the offender of the false advertisement.