J.G. Wentworth reported that the firm’s purchases of structured settlements during the third quarter of 2008 have increased versus purchases made during the third quarter of 2007.
Commenting on the increase, Randy Parker director of quality assurance for J.G. Wentworth, noted that among the higher volume of transactions are a larger number of cases where the seller is trying to overcome some form of financial distress which was not contemplated at the time they settled their lawsuit – including the possible loss of their home through foreclosure.
According to Mr. Parker, “Our client Janine D. living in Sarasota offers a typical example of some of the financial distress we are now seeing. Sudden and persistent illness undermined Janine’s ability to maintain her income. She had few other assets other than her settlement payments, but these were inadequate for the circumstances she found herself in.”
Janine D. said, “I have been unable to work due to an illness for the past 21 months and the bills were piling up. I had nowhere to turn to and could not find a job due to the constant in-and-out hospital visits.”
Through J.G. Wentworth, Janine D. was able to sell a portion of her regular monthly payments for 4 years in exchange for $16,000 in cash.
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