Patriot Settlement Funding
Patriot Settlement Resources
Headquarters: Boca Raton, FL
(They also appear to have an office in Houston, Texas)
Information from the Better Business Bureau:
- Been in business since: 7/2/2004
- BBB Rating: A+
- BBB Accredited: Yes
- Complaints: 0
- Closed Complaints: N/A
- BBB Reviews: 0
Patriot Settlement Funding
Patriot Settlement Resource’s website lists their services as buying structured settlement payments, lottery winnings and annuity payments for a lump sum. According to their LinkedIn page, they are a full service factoring company and also appear to offer life settlements (but not in Florida) and structured settlement loans. They disclose that they cannot purchase Veteran Disability Benefits, payment from a government pensions or social security payments. Patriot Settlement Resources is a member in good standing with the National Association of Settlement Purchasers.
Patriot Settlement Funding Reviews:
There is nothing on the Better Business Bureau’s website regarding complaints or reviews with Patriot Settlement Funding, which is generally a good sign. We had to go to Ripoff Report to find a couple unhappy former customers.
One had complaints (the Houston, Texas office) about lengthy delays in the payment transfer process, originally estimated at 90 days, eventually taking closer to 180 days. The reviewer went through a structured settlements payment transaction which can be considerably lengthier than an investment or retail annuity.
Structured settlement rights transfers require a court approval to meet the ‘best interests’ standard but we hear countless accounts of delays and reschedules in the industry. If one part of the documentation or paper work is not accurate or in full compliance a judge may delay the ruling on a transfer. So the delay may or may not be Patriot’s fault.
The reviewer also inferred that Patriot was misplacing documents that had already been faxed in and making the payment seller do much of the legwork themselves. If true, this sounds like the actions of a larger company. There was no reply by Patriot Settlement Resources on the Ripoff Report’s website. According to the reviewer, Patriot Settlement uses the 10-day cool off (free look) period after signing a purchase agreement to back out of the transaction, but these alleges occurred after the deadline had passed.
The reviewer went on to report being out a total of $1,836, partly from confusion over legal fees responsibility. The other complaint (also from “D.R.” in Ohio, hmm) pertained to Patriot’s Boca Raton, Florida office and dealt with similar issues-delaying transaction completion time from 45 days to 90 days.
The moral of this story should pertain to anyone selling an annuity, get any monetary offer, whether a promotion or even things like court filing fees, in writing. An email often will suffice but don’t rely on phone conversations to hold up in the end.
Should I Sell my Annuity to Patriot Settlement Funding?
Their website is a little ‘salesy’ with a minimal amount of information regarding structured settlement annuities. Their blog hasn’t had a post in six months and has only had four total since 2008. Still, this doesn’t mean they don’t give fair offers on their annuity purchases. We didn’t uncover any claims as such. Patriot Settlement Funding is definitely worth getting a quote from, but get a few from different annuity buyers. Like with all structured settlement companies, get it in writing.
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