Peachtree Financial Solutions

Last updated

Peachtree Financial Solutions
Industry Finance
Founded1996
Headquarters Radnor, PA, United States
Area served
United States
ServicesSettlement Funding  · Pre-settlement Funding  · Lottery Winnings  · Buys Life Settlements
Website Peachtree Financial Solutions

Peachtree Financial Solutions is a company headquartered in Radnor, PA. Peachtree provides cash to individuals with illiquid assets such as structured settlement payments, annuity payments, lottery winnings, and active non-settled lawsuits. [1]

Contents

The company was founded in 1996. Ten years later, in 2006 the US based company went public overseas on the London Stock Exchange, rather than the United States. [2]

Peachtree Financial was purchased by The JG Wentworth Company in 2011. [3]

Company

Peachtree Financial specializes in purchasing liquid assets such as lottery winnings, structured settlements, and life insurance policies. [4] The company provides specialty asset portfolio servicing to third party investors, which can include pre-settlement funding and attorney cost financing. Attorney cost financing can potentially help lawyers assist with potential cash flow issues. [5]

Peachtree provides cash to personal injury, product liability, and wrongful death plaintiffs while their case is either still pending or, if successful, awaiting settlement payment. Sometimes a plaintiff may be forced to settle their case early for less cash than they deserve, because they have been unable to work due to their injury. The cash Peachtree can provide could be used to cover interim expenses of any type, whether personal, medical or business.

Products

Structured Settlement

Peachtree Financial gives structured settlement recipients the option to receive their cash sooner, by selling their structured settlement payments. [6] These regular payments from insurance companies, often as a result of a personal injury lawsuit, can be sold in portions, or all at once. All structured settlement payment transfers require a court approval, in order to protect the individual, according to the Structured Settlement Protection Act for that state.

Annuities

Annuity recipients often receive an annuity in one of three ways: they purchased the annuity as an investment, they purchased an annuity for their retirement plan, or they inherited the annuity. Similar to their structured settlement payment purchasing department, the company purchases some of, or their entire annuity payment stream for cash sooner. Unlike structured settlements transfers, annuity transfers do not require court approval.

Pre-Settlement Funding

Peachtree can provide cash to plaintiffs involved in active, non-settled personal injury lawsuits. These lawsuit advances are not loans, but rather a form of nonrecourse advance against an anticipated settlement. These advances do not have to be repaid if the plaintiff’s lawsuit is unsuccessful.

Advertising

Since its founding, the official mascot of Peachtree Financial Solutions has been Peaches the dog. Peaches has been featured in numerous national commercials.

Peaches, the official mascot Peaches the Dog.png
Peaches, the official mascot

Awards and recognition

The company was one of America’s main providers of structured settlement purchases to victims of New Orleans' Hurricane Katrina in 2005. [7]

Peachtree Financial Solutions has received numerous awards for their products since it was founded.

See also

Related Research Articles

A lawsuit is a proceeding by one or more parties against one or more parties in a civil court of law. The archaic term "suit in law" is found in only a small number of laws still in effect today. The term "lawsuit" is used with respect to a civil action brought by a plaintiff who requests a legal remedy or equitable remedy from a court. The defendant is required to respond to the plaintiff's complaint or else risk default judgment. If the plaintiff is successful, judgment is entered in favor of the plaintiff, and the Court may impose the legal and/or equitable remedies available against the defendant (respondent). A variety of court orders may be issued in connection with or as part of the judgment to enforce a right, award damages or restitution, or impose a temporary or permanent injunction to prevent an act or compel an act. A declaratory judgment may be issued to prevent future legal disputes.

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

Clearstream is a financial services company that specializes in the settlement of securities transactions and is owned by Deutsche Börse AG. It provides settlement and custody as well as other related services for securities across all asset classes. It is one of two European International central securities depositories.

Net asset value (NAV) is the value of an entity's assets minus the value of its liabilities, often in relation to open-end, mutual funds, hedge funds, and venture capital funds. Shares of such funds registered with the U.S. Securities and Exchange Commission are usually bought and redeemed at their net asset value. It is also a key figure with regard to hedge funds and venture capital funds when calculating the value of the underlying investments in these funds by investors. This may also be the same as the book value or the equity value of a business. Net asset value may represent the value of the total equity, or it may be divided by the number of shares outstanding held by investors, thereby representing the net asset value per share.

A structured settlement is a negotiated financial or insurance arrangement through which a claimant agrees to resolve a personal injury tort claim by receiving part or all of a settlement in the form of periodic payments on an agreed schedule, rather than as a lump sum. As part of the negotiations, a structured settlement may be offered by the defendant or requested by the plaintiff. Ultimately both parties must agree on the terms of settlement. A settlement may allow the parties to a lawsuit to reduce legal and other costs by avoiding trial. Structured settlements are most widely used in the United States, but are also utilized in Canada, England and Australia.

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. A payment system is an operational network which links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment.

<span class="mw-page-title-main">Personal injury</span> Legal term for an injury to a person

Personal injury is a legal term for an injury to the body, mind, or emotions, as opposed to an injury to property. In common law jurisdictions the term is most commonly used to refer to a type of tort lawsuit in which the person bringing the suit has suffered harm to their body or mind. Personal injury lawsuits are filed against the person or entity that caused the harm through negligence, gross negligence, reckless conduct, or intentional misconduct, and in some cases on the basis of strict liability. Different jurisdictions describe the damages in different ways, but damages typically include the injured person's medical bills, pain and suffering, and diminished quality of life.

<span class="mw-page-title-main">Nonrecourse debt</span> Debt that is secured by a pledge of collateral, without personal liability of the borrower

Nonrecourse debt or a nonrecourse loan is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender can seize and sell the collateral, but if the collateral sells for less than the debt, the lender cannot seek that deficiency balance from the borrower—its recovery is limited only to the value of the collateral. Thus, nonrecourse debt is typically limited to 50% or 60% loan-to-value ratios, so that the property itself provides "overcollateralization" of the loan.

A personal pension scheme (PPS), sometimes called a personal pension plan (PPP), is a UK tax-privileged individual investment vehicle, with the primary purpose of building a capital sum to provide retirement benefits, although it will usually also provide death benefits.

In the United States, an annuity is a financial product which offers tax-deferred growth and which usually offers benefits such as an income for life. Typically these are offered as structured (insurance) products that each state approves and regulates in which case they are designed using a mortality table and mainly guaranteed by a life insurer. There are many different varieties of annuities sold by carriers. In a typical scenario, an investor will make a single cash premium to own an annuity. After the policy is issued the owner may elect to annuitize the contract for a chosen period of time. This process is called annuitization and can also provide a predictable, guaranteed stream of future income during retirement until the death of the annuitant. Alternatively, an investor can defer annuitizing their contract to get larger payments later, hedge long-term care cost increases, or maximize a lump sum death benefit for a named beneficiary.

A structured sale or structured installment sale, is a special type of installment sale pursuant to the Internal Revenue Code. In an installment sale, the seller defers recognition of gain on the sale of a business or real estate to the tax year in which the related sale proceeds are received. In a structured sale, the seller is able to pay U.S. Federal income tax over time while having the seller's right to receive those payments guaranteed by a high credit quality alternate obligor. This obligor assumes the buyer's periodic payment obligation. Transactions can be arranged for amounts as small as $100,000.

MIND CTI Ltd. is a global provider of billing and customer care solutions and messaging services for voice, data, video and content services. Headquartered in Yokneam, Israel; the company also has offices in the United States of America, Iaşi in Romania and in Germany.

A structured settlement factoring transaction means a transfer of structured settlement payment rights made for consideration by means of sale, assignment, pledge, or other form of encumbrance or alienation for consideration. In order for such transfer to be approved, the transfer must comply with Internal Revenue Code section 5891 and any applicable state structured settlement protection law.

A life annuity is an annuity, or series of payments at fixed intervals, paid while the purchaser is alive. The majority of life annuities are insurance products sold or issued by life insurance companies however substantial case law indicates that annuity products are not necessarily insurance products.

The J.G. Wentworth Company is an American financial services company that purchases structured settlements, annuities, and lottery payments in exchange for a lump-sum cash settlement. They also offer debt counseling and negotiation services.

<span class="mw-page-title-main">Legal financing</span>

Legal financing is the mechanism or process through which litigants can finance their litigation or other legal costs through a third party funding company.

A merchant cash advance(MCA) is a type of business funding or loan that is repaid by the lender taking a percentage of the businesses' daily credit or debit card income, directly from the payment processor. The term Merchant Cash Advance is commonly used to describe a variety of small business financing options characterized by purchasing future sales revenue in exchange for short payment terms (generally under 24 months) and small regular payments (typically paid each business day) as opposed to the larger monthly payments and longer payment terms associated with traditional bank loans.

The legal financing industry provides non-recourse legal financing to litigants. Sometimes this financing is funded from outside of the firm or from individual lawyer's finances, and then funneled through a third-party company. Financing is often for plaintiffs involved in personal injury, workers' compensation, and civil rights. The industry provides litigants with cash in a lump sum form upfront in exchange for a share of the litigant's future settlement or trial award. While the litigant awaits the resolution of their case, the legal financing industry provides for immediate relief from financial burdens such as mortgage payments, rent, medical bills, educational bills, daily expenses, or even legal fees.

Income drawdown is a method withdrawing benefits from a UK Registered Pension Scheme. In theory, it is available under any money purchase pension scheme. However, it is, in practice, rarely offered by occupational pensions and is therefore generally only available to those who own, or transfer to, a personal pension.

Secondary market annuity is a where an owner of an annuity sells it to a third party in exchange for a lump sum. The effect is that the seller swaps a stream of periodic payments for a immediate lump sum payment. The initial holder of the annuity may have received a structured settlement through a court settlement, insurance claim, or other means but wants or needs immediate liquidity.

References

  1. "PeachHI, LLC: Private Company Information - BusinessWeek". Investing.businessweek.com. Archived from the original on 16 August 2009. Retrieved 13 November 2011.
  2. Erika Brown (8 May 2006). "Magazine Article". Forbes.com. Archived from the original on 3 September 2012. Retrieved 13 November 2011.
  3. Wentworth, J. G. "J.G. Wentworth and Peachtree Financial Solutions Seal Deal". www.prnewswire.com (Press release). Archived from the original on 24 June 2020. Retrieved 20 April 2020.
  4. "Peachtree receives $40M infusion". 7 February 2005.
  5. "Peachtree Financial Solutions to Expand Scope of its $5 Billion Servicing Platform". Reuters. 30 March 2010. Archived from the original on 8 August 2014.
  6. "Announcement". Herald Online. Archived from the original on 3 March 2014. Retrieved 19 February 2014.
  7. "The Times & the Sunday Times". Archived from the original on 8 July 2012. Retrieved 13 November 2011.
  8. "News" (Press release). Archived from the original on 15 December 2013. Retrieved 13 December 2013.
  9. "Brochure - Peachtree Financial". Archived from the original on 14 July 2014.While the archive's contents may not appear to load, the contents of the PDF are listed in plaintext lower down the page.
  10. "New Jersey Law Journal How to Guide August 19 2013 Page 2". Archived from the original on 4 March 2016. Retrieved 10 July 2014.
  11. "California's Best Services Providers" (PDF). www.therecorder.com. The Recorder. 27 August 2012. Archived (PDF) from the original on 21 October 2012.

[1]

  1. "The Recorder The Best" (PDF). www.therecorder.com. 27 August 2012. Archived (PDF) from the original on 20 April 2024. Retrieved 15 April 2024.