Structured Settlement Company J.G. Wentworth’s Bankruptcy was Preceded by Questionable Business Practices
Did “Heartless” Business Practices Lead to a Structured Settlement Company’s Bankruptcy?
The structured settlement industry isn’t all about numbers. All good businesses need to keep in mind that they’re providing services to their clients—and a key component of those services should be flexibility and a certain degree of compassion.
When J.G. Wentworth filed for bankruptcy in May of last year, some were surprised. The structured settlement company had spent millions on television advertising, carefully crafting an image that promoted consumer empowerment.
But for some, the bankruptcy seemed inevitable, and was preceded by less-than-compassionate business practices. “When I contacted them they kept me on hold for a long period of time and the phone would disconect. Late September I contacted another annuity company about doing a transaction. I recieved papers from the other company and sighned them. At the same time I sent JG Wentworth a cancelation letter telliing them I’m no longer intrested in their services,” one dissatisfied customer wrote on the Ripoff Report website. “When I got all of my paperwork in to this other company they told me that I couldn’t go forward because JGW won’t let me cancel with them. I have contacted JGW numerous of times about canceling and they won’t do it. I’m a disabled single mother of one girl on a fixed income. My daughter does not have any winter clothes,I’m on the verge of being evicted,my electric and phone will be shut off soon”(http://www.ripoffreport.com/financial-services/jg-wentworth/jg-wentworth-very-heartless-pe-6a8e2.htm).
When the Empowered Become Prey
There’s one heart-breaking post on the Ripoff Report website that serves to illustrate the role of compassion in business. The story comes from Fort Ashby, West Virginia, and involves a troubled young woman who trades the settlement from her brother’s wrongful death for a lump sum of cash against the better judgment of her family.
“My 15 year old nephew was killed 5 years ago, in his home in Martinsburg, WV by a 9 year old holding a loaded 30 odd,” the writer relates. “His father who had basically nothing to do with his son for YEARS and lives in SD, felt compelled to sue my sister’s home owners insurance. Don’t ask me how he got away with that. Anyway, they awarded him $100,000.00. $35,000.00 was to go to my niece in payments starting at the age of 18.”
The niece, at age 18, received her first disbursement—and promptly spent it on drugs. Unable to get more money from her father, the troubled young woman turned to J.G. Wentworth to cash in her structured settlement for a lump sum of cash. To the structured settlement company, she was just another settlement. They obtained the money for the young lady, and once again she spent it on drugs, ending up on life support.
“I want to know how JG Wentworth can get away with preying on people the way that they do. They are greedy money hungry people who preyed on a naive 18 year old with learning disabilities that did not FULLY understand what they were telling her. In my eyes, this amounts to stealing. She REALLY did not understand. All she knew was that she was getting money”(http://www.ripoffreport.com/con-artists/jg-wentworth/jg-wentworth-preying-harrassm-b7e48.htm).
A Responsible Structured Settlement Company
J.G. Wentworth’s troubles aren’t representative of the entire structured settlement industry. Thankfully, companies like RSL Funding, LLC, retain responsibility throughout the life of your structured settlement transaction and ensures court rulings are honored and proper divisions of money occur. If you’re in the market to sell your structured settlement or annuity payments, RSL Funding can be a powerful ally, treating you fairly and honestly. Call then today at 800-543-6513, or fill out a quick and convenient quote request form at http://www.rslfundingllc.com/.