About Novation Settlement Solutions

Novation Settlement Solutions is a financial company that buys payments from structured settlements “in exchange for lump sums of cash.” The company claims to have purchased over $1.2 billion in payments since opening their doors in 2000, and to employ only top-notch funding experts with the highest levels of product knowledge and expertise.

Novation Settlement Solutions is based out of West Palm Beach, FL, and holds an A+ Better Business Bureau rating, based on just two closed complaints over the past three years. Online customer reviews appear to be primarily positive, with very few overall complaints.

How Novation Settlement Solutions Works

Similar to Peachtree Settlement Solutions, Novation Settlement Solutions claims that, because money loses value over time due to inflation, your structured settlement could be worth much less by the time it’s paid in full. As a result, they can provide you with lump sum payouts that can give you the “money you need to improve your life.”

The company claims that their highly knowledgeable experts can help you make informed decisions, and that they have a 97% court approval success rate. On top of this, Novation Settlement Solutions is a founding member of the National Association of Settlement Purchasers (NASP), a group “dedicated to ensuring the secondary market for structured settlement transfers remains fair, competitive, and transparent.”

Novation Settlement Solutions Pricing

In order to see if Novation Settlement Solutions can help you, you’ll first need to call the company directly at 888-668-2846.

While the company offers a free consultation, you will be charged a percentage of your total settlement as a fee. No official numbers are posted on the Novation Settlement Solutions website, though industry averages range between 10% and 20%.

With this in mind, Novation Settlement Solutions claims to differentiate themselves from the competition by assuring that the rate you pay is locked in when you sign. In addition, their Timeframe Guarantee ensures that if it takes longer to receive your money than originally estimated, the company will pay you extra money.

Pros

  • Helps you receive a lump cash payout for your structured settlement payments.
  • In business since 2000, and A+ Better Business Bureau rating.
  • Timeframe Guarantee means that you’ll be paid additional money if it takes longer to receive your money than originally estimated.

Cons

  • Not many online customer reviews at the time of this writing.

Bottom Line – Is Novation Settlment a Scam?

Novation Settlement Solutions appears to have a strong online reputation, and may be a company to consider if you’re looking for a structured settlement buyer. However, as we’ve mentioned in several other of our structured settlement reviews, keep in mind that you’ll likely lose between 10% and 20% of the total amount in upfront fees, in addition to legal bills and other miscellaneous expenses. We’ve read multiple reviews claiming that these fees were unclear and/or were not fully disclosed, and which ultimately cost customers much more than the original loan amount. As an example, a person asks popular TV “budgeting” guru Suze Orman, “There's about $110,000 left; by selling [our structured settlement], we'd net $17,500. Would that be smart?” To which she responds, “Doing so, I realize, is tempting, but it's typically not smart.”

Also, consider that if you’re only selling a portion of your payments, your monthly check will first be processed by the factoring company (e.g. Novation Settlement Solutions), who will take their cut and issue you a check to you for the remaining balance. This is typically not too much of a concern, except if the company were to file for bankruptcy.

Bottom line: In the vast majority of instances, it’s typically best to stay away from settlement lenders unless you’re completely out of options, and need the money to help solve an emergency.

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2 Customer Reviews for Novation Settlement Solutions

Average Customer Rating: 3.0
Rating Snapshot:
5 stars: 1 4 stars: 0 3 stars: 0 2 stars: 0 1 stars: 1
Bottom Line: 50% would recommend it to a friend
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  • Jamie Decosta, a true professional

    • novia scotia,ca,
    • Dec 3, 2015

    What an amazing experience I dealt with there. The representative Mr. Dacosta has made us feel comfortable throughout the entire process from start to finish.Hhe helped us obtain the cash we need to put our son through college. I would recommend this man to my grandparents, meaning anyone.

    Bottom Line: Yes, I would recommend this to a friend

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  • 3 out 5 people found this review helpful

    Harassment

    • Connecticut,
    • Apr 23, 2015

    I would like for this company to stop harassing me, sending me mail, and wanting to become friends with me on Facebook. They are intruding on my life and if it keeps up, I will take them and whomever else contacts me to court. And believe me, I will not hesitate to take the company down.

    Bottom Line: No, I would not recommend this to a friend

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