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Novation Settlement Solutions Structured Settlement Review


ConsumersAdvocate.org Rating: 3.7 / 5 (Very good)
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Based in West Palm Beach, Florida, Novation Settlement Solutions is a structured settlement purchasing company which buys payment rights from recipients of structured settlements and other annuities, such as lottery winning payments. They buy whole settlements, some settlement payments, or portions of settlement payments.
 
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How is Novation Settlement Solutions rated?

Breakdown

3.5/5
Company Reputation
0.0/5
Customer Support
0.0/5
Educational Resources

Overall Rating: 3.7 / 5 (Very good)

Novation Settlement Solutions' offerings are par for the course in the structured settlement purchase market. They purchase many kinds of annuities, including lottery winnings. Though they have been sued before, there appear to be no lawsuits regarding their specific business practices. There is no information about their financial stability, which may lead some consumers to go with a better-established company.

Novation Settlement Solutions Financial Stability

Financial Stability - 3.5 / 5

Novation Settlement Solutions is a subsidiary of Encore Financial Services Group, both of which are based in West Palm Beach, Florida. However, there is no information online as to their financial stability.
Year Founded
2000
Place of Registration
Florida, USA

Novation Settlement Solutions Services

Services - 4.5 / 5

Novation Settlement Solutions buys structured settlement payment rights. They will buy entire settlements, a certain number of settlement payments, or portions of each payment. They also purchase payment rights to other kinds of annuities, like lottery payments. However, they do not buy payments from retirement funds, workers comp, social security disability, or pensions, among others. Customers who call are able to get an instant offer for their lump sums.
Structured Settlement Buyouts
Some Payments
Portion of Scheduled Payment
Entire Settlement
Other Services
Annuities not the Result of Structured Settlement
Estimated Processing Time
60-90 days
Commission Policy
Pay Commission to Salesman
Modes of Communication
Phone
Email
Chat

Novation Settlement Solutions Reputation

Company Reputation - 3.5 / 5

Novation Settlement Solutions (formerly known as Novation Capital) is not rated by the BBB. Only a handful of customer reviews are posted on its profile, most of which are positive. Satisfied customers praised its helpful customer service, while dissatisfied customers complained that the company did not give them the highest lump sum quote possible, despite claiming to offer "maximum payouts." Meanwhile, several complaints point out that the company employs insistent telemarketing techniques. A federal lawsuit to this effect was filed in 2015, but there is no information on its resolution.
BBB Rating
NR
Number of BBB Positive Reviews
5
Number of BBB Negative Reviews
2
Date Collected
2018-02-21

Litigation and Regulatory Actions

In 2015, a class action lawsuit (Buja v. Novation Capital) was filed against Novation Capital, doing business as Novation Settlement Solutions, accusing them of making unsolicited automated calls (robocalling) to people, despite their request to be added to the company's do-not-call list. This is in direct violation of the Telephone Consumer Protection Act, a federal statute. It appears that the case may have been settled out of court, and no further information can be found online.

Company Profile

Full Name
Novation Settlement Solutions Structured Settlement
Company Website
https://novationsettlementsolutions.com/
Headquarters
1641 Worthington Road, Suite 410, West Palm Beach, FL, 33409

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Customer Comments & Reviews

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Willie G
6/5/2019
Worst company have people pop up to ur house anytime u think after the deal there gone no I got a cash advance from them the deal got approved and 2 years later trying to sue me for it back after the deal processed and been approved it’s a scam people don’t waist ur time

Top Rated
  • Provides numerous examples of structured settlement valuations
  • Website includes text of structured settlement sales laws from all 50 states
  • Free quotes
  • "No spam" pledge to those seeking quotes
  • Calls encouraged from people with quotes from other companies
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