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SenecaOne Structured Settlements Review


ConsumersAdvocate.org Rating: 3.3 / 5 (Very good)
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SenecaOne is a Maryland-based purchaser of structured settlements and lottery winning payment rights, as well as a provider of pre-settlement payments to plaintiffs expecting a settlement in the near future.
 
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How is SenecaOne rated?

Breakdown

3.0/5
Company Reputation
0.0/5
Customer Support
0.0/5
Educational Resources

Overall Rating: 3.3 / 5 (Very good)

SenecaOne's structured settlement purchase offerings are up to par with the rest of the industry. However, their customer reviews and litigation history should give consumers pause about doing business with them. Consumers are advised to do their due diligence, pursue independent legal advice, and shop around several companies before making a decision.

SenecaOne Financial Stability

Financial Stability - 3.5 / 5

There is no information available online about SenecaOne's financial stability.
Year Founded
2002
Place of Registration
USA

SenecaOne Services

Services - 3.5 / 5

SenecaOne offers to buy whole and partial structured settlements from consumers, as well as offering pre-settlement payments and purchasing lottery winning annuities. Among their services is also a cash advance program, where they will give customers an advance of money ahead of the court approval of the structured settlement sale. However, it is unclear what interest rates, if any, apply to these cash advances.

SenecaOne notes that its services include "be[ing] with you during every step of the [court] process." Though this sounds reassuring, it should also be noted that SenecaOne and its lawyers do not represent the person seeking to sell his or her structured settlement--they represent SenecaOne. As with any financial/legal transaction involving significant sums of money, consumers are strongly advised to retain their own attorneys to represent and counsel them through the legal approval process.
Structured Settlement Buyouts
Some Payments
Portion of Scheduled Payment
Entire Settlement
Other Services
Pre Settlement Payments
Buy Lottery Winnings
Disbursement Method
Check
Direct Deposit
Modes of Communication
Phone
Email

SenecaOne Reputation

Company Reputation - 3 / 5

SenecaOne is an accredited business with the BBB and has an A+ rating. However, there are no positive customer reviews posted on their profile. In the handful of negative reviews, consumers complain that the company sends them misleading advertisements by mail claiming that they will give them money at no obligation for simply verifying that they have a structured settlement. When the consumers call, they find out the money is really an advance that will activate once they sell their structured settlement to the company. This kind of advertising tactic should make potential customers wary. Additionally, the company has been involved in a series of consumer lawsuits and regulatory actions. Two examples are included in the litigation section of this review.
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
4
Date Collected
2018-02-22

Litigation and Regulatory Actions

In 2010, SenecaOne's lending license in California was revoked for not having a required surety bond. The license was subsequently reinstated in 2014, after the company paid the government of California $7,500 in penalties for operating without a license, among other violations.

Seneca One, along with competitor JG Wentworth, was sued in 2016 by the guardian of a disabled young man whose structured settlement was sold to both companies by unscrupulous relatives. The suit alleges the companies were also liable because they should have known the payee's mental incompetency prohibited selling and buying his structured settlement. It is unclear how the lawsuit was resolved.

Company Profile

Full Name
SenecaOne Structured Settlements
Company Website
http://www.senecaone.com/
Headquarters
7920 Norfolk Ave., Suite 300, Bethesda, MD, 20814

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Top Rated
  • Provides numerous examples of structured settlement valuations
  • Website includes text of structured settlement sales laws from all 50 states
  • Free quotes
  • "No spam" pledge to those seeking quotes
  • Calls encouraged from people with quotes from other companies
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