They've been calling me non stop for at least a month.

They call and call and call and never leave a message..I don't know who they are so I don't answer, I can't afford to use minutes on stupid people that don't leave a message.

I constantly get calls from this number.  I never pick up calls I do not recognize and whoever this is never leaves a message.  Why should I waste my minutes on someone not willing to leave a message?

It is common knowledge throughout the structured settlement factoring industry that these companies are exempt from no call lists as they claim that the people they are harassing are clients of theirs. No matter which company you contact, keep in mind the average profit these companies make per deal is approximately $10,000.  The "financial advisers" that you speak with are commissioned salesmen.  They are incentivized to charge you the highest possible rates so they can get the highest possible commission. It is not uncommon for rep commissions to approach the five figure range on some deals.

These companies typically prey upon two types of people: individuals with little or no financial sophistication and young people who have settlements from childhood. Unfortunately, as a former employee for more than one of these rip-off outlets, I can assure that in close to 10 years of being in the industry and having ripped off hundreds of settlement recipients, there was never a single case where the transaction was "in the best interests" of the customer, as the law governing these transactions clearly state it must be.  They prey upon people who are dealing with short term financial problems, allegedly 'helping' them solve their problems but eradicating their future assets.  Long term settlements are set up for a reason; to protect the individual and provide some sort of financial security.

Consider this: interest rates for these transactions are typically between 15-25%.  This is similar to the rates on most credit cards, but these settlements are long term assets. Would you ever agree to a 10, 15, or 25 year mortgage with a 17% interest rate? Of course you wouldn't.  These companies will try to convince you that the time value of money means your money in the future isn't worth even half of what it is now. They will aggressively dangle upfront cash to get you to sign their paperwork, which is legally binding. The process cannot be reversed once a court order is issued.

This reprehensible industry was given a boon when many former crooked mortgage brokers lost their jobs.  It is not uncommon for sales reps to be actively doing drugs while on the job. It is a high pressure sales environment where employees are rewarded for taking the money someone received as a result of a horrific incident in their life.

To summarize, someone considering selling to ANY of these factoring companies would be making a sounder financial decision by going to a loan shark.

As a former employee, I can tell you this company uses a host of private investigative services to track down anyone that might get suckered by them. If you were ever involved in any sort of lawsuit or court transaction, they will obtain these records and then use private investigators or web based search services to locate your new address and phone numbers. If you provide them an email address, they will
use it to find you and family members

My mother-in-law just called to let me know this company called her home looking for me?!  She's in South Carolina and I'm in Indiana.  The only thing I can think of that would put my name with her number is when we were visiting and had to take my daughter to the doctor.  I thought medical information was supposed to be private!  I assured her we had not settlement of anykind and to tell them to stop calling.

I have been receiving calls from this number several times a day at my home number.  I have not responded and now I am getting calls at work and today, I got a message from my father (lives 5 hrs away) that Novation Capital keeps leaving messages on his machine stating that they now have things worked out for me and to please have me call them back!  I am on the do not call list and I dont understand how they got all these numbers to contact me.

If you are a reputable company, then why call and call and never leave a message?

800 730 - 8577 has been calling me 2 - 3 times a day for the last 5 months. I am on the do not call list yet they continue to call. I hesitate to send them an email for fear that they will fill my inbox with spam.

http://www.novationcap.com/donotcall_policy.php

Novation Capital, LLC
Telemarketing Policies and Practices

Novation buys structured settlement cash flows.

We pride ourselves on being a "by the rules" company.

To spread the word about what we do, we have a website; mail letters and brochures; advertise in newspapers; and call people on the phone. Of course, we don?t want to call anyone who doesn?t want to hear from us. It's a waste of our time and yours.

So ... if you don't want to hear from us on the telephone, let us know and we will put you on our ?Do Not Call? list.

If you don't want to be called:

?Write to us:
         Att: Do Not Call
         Novation Capital
         1818 Australian Avenue South, Suite 450
         West Palm Beach, Florida 33409

?Send an email to:
         DoNotCall@novationcap.com

?Or call us at:
         (800) 747-6472

If you don't want us to call you, let us know and we'll take your number off our lists.

Remember, at Novation, we're "...ready when you are."


[close window]

I have just had one of those days and I am calling all the numbers back that have called me. This is a business that wants to buy any structured settlements, lottery winnings or any money that is owed to you over a period of time and you want a lump sum. When did I win the lottery? I would have thought I would have known that before them...