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Thread: J.G. Wentworth?

  1. Think long and hard before you transact with any of those companies. They litigate often and early.

  2. #17
    Join Date
    Apr 2005
    Location
    Imlay City, Mich
    Posts
    807
    Honest, I'm just wondering. I'm broker than a family on Little House on the Prarie.
    Michael Gibbons

    I think I like opening day of deer season more than any udder day of the year. It's like Christmas wit guns. - Remnar Soady

    That bear is going to eat him alive. Go help him! That bear doesn't need any help! - The Three Stooges

  3. Well you might want to weigh the loss of about 30% - 40% of the total sum against your ability to wait and look to alternatives.

    I don't recall reading what it is that you have whether it's an award of damages from a litigation or an inheritance trust or an annuity or a lottery or what - or the sum but, all those companies like to take a fair sum as their cream and they like to take in the manner of their choosing. I would advise against doing business with any of them unless you went with a lawyer at your side.

    And then of course there are all the other options that may or not be available to solve for money issues. Some folks are in the rust belt and often their best most realistic option is to take work elsewhere in the country and maybe even re-train for something else entirely.

    Just make sure you have exhausted all the options first. It's a lot of money they will take from you.

    AND you need to be aware of the Tax burden you'll pay. Will you pay taxes on all of it? I think you might. I'm not a tax attorney or a CPA so, you need to find out from a tax expert.

  4. #19
    Quote Originally Posted by Michael Gibbons View Post
    Honest, I'm just wondering. I'm broker than a family on Little House on the Prarie.
    Cliff gives some good advice. Before you go to JG, go to a bank and see if you can get a loan using your annuity or structured settlement as collateral. That way, the discount (in the present value) you take will be equal to the loan interest rate rather than the significant discount JG will take.

    JG preys on people who are desperate. Also, if there are any problems, you won't stand much of a chance against JG. You'll have to pay an attorney to fight him, while he'll be handling the fight as part of his normal workday.

    Another approach is to sell the annuity to an investor. You'll need help here so go to a financial advisor. They'll take their cut but it will be less than JG's. If the annuity is rock solid (very little risk of default) someone will buy it for its present value calculated at a 12% to 15% interest rate. If you don't understand present value, get a friend who does to help you approach a financial advisor.

    Mike
    Go into the world and do well. But more importantly, go into the world and do good.

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