• Report: #561898

Complaint Review: CBC Settlement Funding

  • Submitted: Fri, January 29, 2010
  • Updated: Tue, August 03, 2010

  • Reported By: Mandi — Boca Raton Florida USA
CBC Settlement Funding
835 Penllyn Blue Bell Pike Blue Bell, Pennsylvania United States of America

CBC Settlement Funding refused to send confirmation of my cancellation Blue Bell, Pennsylvania

*Consumer Comment: Good Company

*REBUTTAL Owner of company: CBC Response

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I cancelled my contract with CBC Settlement Funding 1 day after signing it (per their contract I had 10 days to do this)  James Goodman owner and manager of CBC called to let me know that he had in fact received the cancellation by way of fax.  I asked James if he could pleasae follow the phone call up with an e-mail stating that he had received this and that he would also be withdrawing the petition with the courts.  James told me I would have the e-mail with in an hour.

24 hours later I still did not have the e-mail.  I tried calling James but he would not come to the phone.  I spoke to someone else who identified themself as "in house attorney"  He said that because I was no longer "a client" that it make take a few week to gt this letter. 

They are holding me up from working with another company

I also just got a letter from CBC's attorney stating that they are still moving forward with this even tough I cancelled.

I don't know what CBC is trying to pull but I cancelled 3 days before getting this lawyers papers

This report was posted on Ripoff Report on 01/29/2010 12:25 PM and is a permanent record located here: http://www.ripoffreport.com/r/CBC-Settlement-Funding/Blue-Bell-Pennsylvania-19422/CBC-Settlement-Funding-refused-to-send-confirmation-of-my-cancellation-Blue-Bell-Pennsyl-561898. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

Good Company

AUTHOR: Tyrone - ()

It seems that cbc settlement funding has overall positive reviews in the industry and this type of site lets anybody vent whether they were right or wrong. You know if competition posts a positive review on cbc and they also have a strong history with Bryant Park Capital and a reputable public company ASFI.

If you are looking at CBC to do a deal with then I would ignore the complaint above.

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#2 REBUTTAL Owner of company

CBC Response

AUTHOR: CBC - (United States of America)

Ladies and Gentlemen:


CBC Settlement Funding, LLC (CBC) purchases future payments coming due under annuity contracts.  This is a highly regulated marketplace requiring court review and approval of each transaction.  At the request of Mandi M. Passarelli (Ms. Passarelli) documentation was sent out to effectuate the transfer of future structured settlement payments in the middle of January, 2010.

Ms. Passarelli signed and returned CBCs documentation on January 19, 2010.  Ms. Passarelli represented to CBC that she had not previously signed any documentation for the transfer of the annuity payments.  Upon receipt of the signed documentation and on reliance of the representations of Ms. Passarelli CBC retained counsel at its own expense to obtain the necessary court order.  On January 21, 2010 Florida counsel received the file and began drafting the petition for court approval.

On January 27, 2010 the underwriting department received the written notice of cancellation from Ms. Passarelli.  CBC accepted the cancellation as Ms. Passarelli has a 10 day cancellation period before becoming obligated under the Purchase and Sale Agreement.  Ms. Passarelli demanded immediate proof that the matter was dismissed.  It was explained to Ms. Passarelli that CBC would have to file for dismissal and once the dismissal was granted a copy would be sent to her attention.

Thereafter, counsel for CBC was notified of the cancellation and a motion to dismiss without prejudice was filed.  The motion was submitted and time stamped by the court on February 1, 2010. 

We have subsequently learned that Ms. Passarelli signed a separate agreement on January 12, 2010 for the sale of the same annuity payments to a competitor named J.G. Wentworth.  As a result of these actions Ms. Passarelli has permitted two companies to file the same petition resulting in unnecessary legal costs and burden on the Florida court system.

Additionally, Ms. Passarelli is misstated the facts in her complaint whereby she stated, I cancelled my contract 1 business day after I signed it. 

Nothing contained in this writing shall be construed as an admission.  CBC reserves the right to pursue any remedies permitted by law.




William J. Skyrm, Esq.

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