JG Wentworth I sold my insurance settlement for 21,981$ to JG Wentworth for 6,500$. I was 18-19 at the time. They have a 15,323$ difference in 6 years. Thats 70% interest. I feel like i was wrongfully done. If i would have been advised more i would have done things differently. Jamestown North Dakota
In 2011 i sold 21,981 to JGWentworth for a whole total of 6,500$. In 6 years they say the interest is the difference of 15,323$. I do not agree with this settlement and wish i would have looked into it more. That is 70% interest. This is not right for them to do.in march of 2017 they recieved the full amount of 21981$
2 Updates & Rebuttals
Dog
Philadelphia,Pennsylvania,
United States
WARNING! Selling Your Structured Settlmeent is Money Loser 100% of The Time
#3Consumer Suggestion
Thu, May 10, 2018
Let's face the facts. Anyone who sells their structured settlement is going to lose money 100% of the time. It's just a question of how much. It's very easy to feel like you've been ripped off when you sell your structured settlement for a lump sum of cash. Many of the companies in the industry engage in fraudulent advertsing, although that is not JG Wentworth's bag (they're more into the silly and absurd)
The way to mitigate the amount of loss is to:
20.3% discount rate sucks. Its possible to get much lower discount rates. By shopping around you should be able to get well under 10%, which means more cash in your pocket or less of your valuable asset to sell to solve your problem. Bear in mind there are additional costs where there is a sale of life continbgent payments whic drives the discount rate up. Not clear from your cmplaint whetehr or not you sold life contingent payments.
Here is a helpful video
Jim
Anaheim,California,
United States
It's really about 20.3% Discounted
#3Consumer Comment
Tue, November 14, 2017
This is the discounted rate amortized over the 6 year period you're referencing and that's perfectly acceptable for them to do - let alone legal. It is a choice people make; sometimes the recipient such as yourself wants the money from a settlement at once, rather than wait 6 years. That's the choice you made. You received $6,500 from the firm fair and square. The $6500 is now gone and you have buyer's remorse because you see the $21,981 being received by the firm and you want more money. Firms like this exist because of people who have cash needs like bills to settle medical...dental... or other family needs. They serve a need for people in certain situations.
Perhaps your ripoff should be directed at the person who should have looked into this more closely??