Complaint Review: JG Wentworth - Jamestown North Dakota
- JG Wentworth 1214 6th ave ne, 304 Jamestown, North Dakota United States
- Phone: 7012695176
- Web: Www.jgwentworth.com
- Category: Insurance Agencies, Insurance Companies, Loan Modification, Loans
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
*Consumer Suggestion: WARNING! Selling Your Structured Settlmeent is Money Loser 100% of The Time
*Consumer Comment: It's really about 20.3% Discounted
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$
This report was posted on Ripoff Report on 11/14/2017 12:10 PM and is a permanent record located here: https://www.ripoffreport.com/reports/jg-wentworth/jamestown-north-dakota-58401/jg-wentworth-i-sold-my-insurance-settlement-for-21981-to-jg-wentworth-for-6500-i-wa-1411854. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#2 Consumer Suggestion
WARNING! Selling Your Structured Settlmeent is Money Loser 100% of The Time
AUTHOR: Dog - (United States)
SUBMITTED: Thursday, 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:
- Shop around
- Don't take bribes from the buyer.'
- Don't say you live in a state different than you actual do on any legal document. Don't commmit fraud.
- Be aloof from the buyer, they are not your friend.
- Be suspect of any fianancial advice dispensed by the buyer as many represenatives are unlicensed and may be unqualified. Ask to see and verify crednetials.
- Speak to someone independent of the buyer. Dont dismiss independent professional advice no matter how desperate or inpatient you are. Explore alternative ways to solve fiancnial problems
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

#1 Consumer Comment
It's really about 20.3% Discounted
AUTHOR: Jim - (United States)
SUBMITTED: Tuesday, 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??


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