Florida-based structured settlement purchasing company continues to charge excessive rates in spite of recent court reprimand.
Boynton Beach, FL, November 11, 2010 — In what appears to be a record high discount rate charged for structured settlement transactions, Imperial Structured Settlements, LLC of Boca Raton, FL tried to charge its customer an interest rate of 82%. While Imperial is well known in the structured settlement industry for charging high rates, this appears to be record setting and likely to draw even more criticism of the courts.
Courts have criticized Imperial’s high discount rates in the past. In a recent court decision, the New York Supreme Court (case # 15008/09) wrote that Imperial’s interest rates were “neither fair nor reasonable taking into account the actual amount [the customer] would be receiving. [The customer] would be receiving less than 1/3rd of the discounted present value . . . after legal fees and administrative fees”.
In recent years, structured settlement companies including RSL Funding have offered customers an alternative to unreasonable rates. RSL informs customers that are the victim of particularly egregious charges from Imperial that there is an alternative and RSL makes competitive bids for the purchase of their future payments. “We’ve offered customers as much of $50,000.00 more than competitors for the same future payments,” commented James Kelly, an RSL Funding Senior Account Executive. RSL’s Senior Account Executive, Derek Kopacz expressed, “When my customer received our offer of $35,000.00 more for the exact same future payments, he was ecstatic. After he received our check a few weeks later, I became his best friend. He couldn’t believe how badly he was being taken advantage of by Imperial.” Typically, RSL acquires payments free of fees and costs imposed on customers.
In an effort to dissuade more competitive companies like RSL Funding from competing with it, Imperial has more recently resorted to suing its competitors to at least temporarily maintain Imperial’s high interest rates. Meanwhile, all an Imperial customer needs to do is write Imperial to cancel a transaction and notify the court that the customer no longer wishes to do business with Imperial because of its high costs. Articles on Imperial have appeared on various rip-off reports.
For further information, contact the Structured Settlement Institute (SSI), a not-for-profit organization established to educate sellers of structured settlements regarding fair and equitable practices among providers of structured settlement transfers.
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Contact:
Clete L. Thompson
RSL Funding, LLC
Boynton Beach, FL
(561) 880-0333
[email protected]
http://www.rslfundingllc.com
