The following comment was left on this blog from a disgruntled client of Stone Street Capital. Please read our notes at the bottom of the page for tips to avoid these types of companies.

"I have included my response to the BBB (Better Business Bureau) and I would like to share with consumers.

I am in reciept(sic.) of the response from Stone Street capital regarding my BBB complaint and would like to respond. I find it highly unlikely that Stone Street would be confused about my feelings or complaints against them as I have been very vocal throughout the transaction.

First let me point out that I am exceptionally familiar with the process of this type of transaction as I have sold payments twice before.

I entered into an agreement with Stone Street in November of 2009 with the understanding that the case would be filed right away and that I would be funded by February of 2010 which is why the sale began with my March 2010 payments. I was very much surprised and dissappointed(sic.) when I learned that the case was filed in King County Court until February 1, 2010 which gave us a hearing date of March 16, 2010.  As far as the modified deal. Stone Street failed to file the amended documents with the court as required. The sale price that was on record with the court was close to ten thousand dollars less than the ammended(sic.) agreement. As far as purchase price, I feel that I was a victim of bait and switch. I was initially offered a net price of $62,000. The ammended(sic.) documents left me responsible for the $1900 attorney/processing fees.

I feel that everything that I was warned about happened to me in this transaction. I was promised 2 gift cards for agreeing to the transaction and recieved(sic.) one. When asked about it, I was given the cold shoulder. When I was offered a higher price by Genex Capital I tried to Cancel with Stone Street and recieved(sic.) an intimidating almost threatning(sic.) call indicating that I had already entered into the contract with them and it was basically too little too late. I threatened to tell the judge about the other offer and that I didnt(sic.) feel like accepting $10,000 less was in my best interest. Prior to entering into the contract I was NOT provided an explanation of the process and the time frame as councel(sic.) for Stone Street would lead you to believe. Instead I was assured that I would be funded by February 2010. I was warned about "interest dragging" . I feel that I fell victim to this which is why the transaction took literally 5 months or more from beginning to end. To add to my belief that I was a victim of the "interest dragging", 1 week after the judge approved the order I was advised by my insurance company that they were not in reciept(sic.) of the court order which was necessary to complete the process. I took it upon my self to fax the legal department a copy of the approved order. I contacted the insurance company the following day to confirm reciept(sic.) of the fax. I was advised at that time that they had recieved(sic.) my fax and at that time Stone Street had still not forwarded the court order.

My list of complaints with Stone Street go on and on. It was at the advice of my attorney that I filed a complaint with the BBB.  While I have been funded I am in no way satisfied with my experience with Stone Street. I have kept a detailed record of my communication with this company. As far as the courtesy advance that I was given, it was the very least that they could have done. So no, I am far from satisfied with this transaction. Aside from finally being funded I am not satisfied with the response or experience with Stone Street Capital."

Tips to Avoid Such an Experience

Here are a few tips to avoid an experience like this annuitant faced.

Problem: $1,900 of legal fees were charged to the annuitant in order to complete the transaction.

Solution: A structured settlement factoring company should not charge legal fees for your case. Make sure that the price the company is quoting you is the price you will receive at closing. Sometimes a company will hide this language within the contract and will deduct the cost at the end of the transaction.

Problem: The transaction carried on for a period of 5 months. This is a perfect example of "interest drag".

Solution: Do not work with a company that does not offer you a time period guarantee. If this client had worked with Settlement Quotes, we would have provided a guarantee stipulating that they would receive the per diem interest accumulated from any delay in the process or transaction.

Problem: The annuitant was offered $10,000 more by Genex Capital unknowing that the cooling off period had expired.

Solution: The solution to this problem is a little more difficult than the others. If the cooling off period (period in which the annuitant has the right to cancel, usually within 3 to 10 days) has expired there isn't much one can do, but it's important to do your due diligence prior to signing a contract with a company. Make sure you receive several quotes in order to make sure you are receiving a fair market value for your annuity payments.

Using a company like Settlement Quotes would eliminate such a problem because we send your payment stream out to many investors and factoring companies to compete in order to get you the best price for your future structured settlement payments.