Can you see yourself selling your winning MM/PB ticket to JGWentworth etc?Prev Topic Next Topic

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weshar75

Mcminnville, Oregon
United States
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May 21, 2013, 10:27 pm

I would not sell to jgwentworth or any other people like that because I don't need much to live on so millions would be nice but not necessary. I have lived a long time on $20,000 or less a year so even my state lotto jackpot looks good right now.-weshar75
Astekblue

Kentucky
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May 21, 2013, 10:32 pm

Quote: Originally posted by maringoman on May 21, 2013
No, never. I honestly don't know which is worse, lawyers or those Structured Settlement companies.
noise-gate

* In hot pursuit of $ *

White Shores- California
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May 21, 2013, 10:36 pm

Quote: Originally posted by onlymoney on May 21, 2013
I vowed years ago to boycott those companies like those commericals with the Vikings and JG Wentworth start playing, but got even more irritated when they showed up every 10 minutes on almost every channel. Morgan and Morgan is another one. Every station I tune into has a commercial with Morgan.

If i ever need any legal advice, I will never choose Morgan, just because of their pestering me, torturing me, annoying me ALL THE TIME !

Overkill!!

Pestering works sometimes Onlymoney. You know when your good friend tried pestering you to go out with his gf's sister and make it a foursome..you kept saying no no. Turns out in the end you did go out with her for perhaps one date, and hated the idea.

But that pestering worked. These companies know that if you see and hear it long enough- you just might try them,much like a silly song you hear on the radio that you find yourself whistling the tune too. They want inside your head.
Jill34786

Windermere, FL/Franklin, TN
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May 21, 2013, 10:53 pm

Quote: Originally posted by Ronnie316 on May 21, 2013
How can you "sell to one of those companies" and then get offered a lump sum?

You need to go back and read what I was responding to.

I was referring to past lottery winners that were forced to take an annuity because the option of lump sum wasn't offered thereby falling prey to these sharks who offered structured deal settlements.

** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **
Jill34786

Windermere, FL/Franklin, TN
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May 21, 2013, 11:04 pm

Quote: Originally posted by yoho on May 21, 2013
Sorry, but is there anything wrong with paying cash for your house?

It's the absolute safest guaranteed 3%+ interest per year investment... I'm sure even the riskiest fund managers have some safe investments in their

portfolios....

There is nothing wrong with paying cash for a house unless it ties up a large majority of your liquid assets.

My previous response was actually towards home predators who seek distressed home owners and attempt to buy their properties for 60-70% of actual value. Not sure about Canada but here in the states there are signs posted everywhere offering cash for homes in any condition. These offers that they bring are extremely low-ball offers and they(home buyers) are usually backed by investors with deep pockets.

Investing in homes while it's usually lucrative, it is far from being a guaranteed and safe investment. Many individuals got stung from the housing downfall we experienced here in the states. Timing was everything and many got left holding/losing their real estate investment.

** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **
billionaire2bee

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May 22, 2013, 6:52 am

Quote: Originally posted by noise-gate on May 21, 2013
You know those outfits that have cash on hand which allows you to avoid all the hubbub out there?
Has the thought ever crossed your mind in the event you won the big One?

LOL CALL JG WENTWORTH 877 CASH NOW... CALL NOW.....I will never forget that commercial as long as I live...it's a love hate thing with me cause Ive heard it so much I can sing along with the whole thing....but to answer you question those structured settlement companies are as bad as the payday loan people...Say you have a 10 million dollar annunity....well if you want to cash in the whole 10 to them they will give you a lump sum payment of less than 5 million dollars...Now I ask why would you want to give away more than half of your guaranteed money??
jackpotismine

Kunming
China
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January 23, 2008
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May 22, 2013, 7:11 am

Quote: Originally posted by weshar75 on May 21, 2013
I would not sell to jgwentworth or any other people like that because I don't need much to live on so millions would be nice but not necessary. I have lived a long time on $20,000 or less a year so even my state lotto jackpot looks good right now.-weshar75

I agree. I'm a simple man with simple needs. A simple house, an excellent wife and of course excellent health is all that I need.

I believe in Occam's razor:

The Simplest Answer is Usually Correct.
onlymoney

United States
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June 2, 2012
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May 22, 2013, 7:19 am

Quote: Originally posted by noise-gate on May 21, 2013
Pestering works sometimes Onlymoney. You know when your good friend tried pestering you to go out with his gf's sister and make it a foursome..you kept saying no no. Turns out in the end you did go out with her for perhaps one date, and hated the idea.

But that pestering worked. These companies know that if you see and hear it long enough- you just might try them,much like a silly song you hear on the radio that you find yourself whistling the tune too. They want inside your head.

It may work for others but not me. The more pestering, the better chance I won't buy. And If there was a way for me to tell them that, I would.

I don't mind a quick reminder maybe once or twice a week, but when every channel on TV or radio station that I tune into has them yelling and screaming makes me want to change the channel. Mind you, I'm not talking about a few times a day, from morning till night, but literally in a 10 hour period the two I mentioned and the other two I didn't, 50 times. And that's only on one radio station.

Let me put it to you this way. When ONE radio station goes to a commercial, you can expect to hear those 4 clowns 100% of the time, meaning there will be other business peddling something too, but I can guarantee that before that station returns to music, those 4 will be heard. And that's just one station out of about 5 that I listen to. The TV isn't as bad, but not far behind.
Stack47

Kentucky
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February 14, 2006
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May 22, 2013, 11:43 am

Quote: Originally posted by Jill34786 on May 21, 2013
You need to go back and read what I was responding to.

I was referring to past lottery winners that were forced to take an annuity because the option of lump sum wasn't offered thereby falling prey to these sharks who offered structured deal settlements.

Lots of people forget not long ago there were very few jackpot games offering the cash option.
haymaker

Egg Harbor twp.south Jersey shore
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June 29, 2011
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May 22, 2013, 11:48 am

Quote: Originally posted by Stack47 on May 22, 2013
Lots of people forget not long ago there were very few jackpot games offering the cash option.

Yea, any longtime player should remember when there was no cash option.

Extraordinary Popular Delusions & the Madness of Crowds -- Charles Mackay LL.D.
Jill34786

Windermere, FL/Franklin, TN
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May 22, 2013, 3:04 pm

Quote: Originally posted by Stack47 on May 22, 2013
Lots of people forget not long ago there were very few jackpot games offering the cash option.

Many people do not realize that in the cash option for PB was introduced in 1997. Winners before that time had no choice but to accept the annuity.

** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **
Jill34786

Windermere, FL/Franklin, TN
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May 22, 2013, 3:10 pm

Quote: Originally posted by haymaker on May 22, 2013
Yea, any longtime player should remember when there was no cash option.

Actually I was too young to play when jackpots were only offered with an annuity but I did read about on the Internet

** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **
haymaker

Egg Harbor twp.south Jersey shore
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May 22, 2013, 3:22 pm

Quote: Originally posted by Jill34786 on May 22, 2013
Actually I was too young to play when jackpots were only offered with an annuity but I did read about on the Internet

I forget when the cash option started, but I do remember saying "well its about time"

when I said long time player I was talking about ppl. like me, been playing since 1972 except when living in states that did'nt have lottery.

Extraordinary Popular Delusions & the Madness of Crowds -- Charles Mackay LL.D.
Teddi

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May 13, 2013
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May 23, 2013, 6:40 pm

Quote: Originally posted by Coin Toss on May 21, 2013
As far as I know, you have to have a structured settlement before dealing with them.

Selling them an uncashed ticket wouldn't qualify and they wouldn't go for it.

When they do buy these settlements it's for a "dime on the dollar", if that. For all the arguments here on LP about taking the annuity and not cash i hate to think of how many jackpot winners tool the annuity and then sold it to one of these compnaies.

There are quite a few cases out there of people who took the annuity, thinking it was safer than lump sum because they have issues budgeting, still overspend on the annuity and sell future earnings for a lump sum and then go bankrupt. Selling the annuity is always portrayed as the beginning of the end.

But they never say what percentage the lump sum represented and which company they use. It's always "implied" that they were taken advantage of and got bupkis for their annuity payments. I have always wondered if it's JG Wentworth.
Teddi

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May 13, 2013
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May 23, 2013, 6:48 pm

Quote: Originally posted by Jill34786 on May 21, 2013
There is nothing wrong with paying cash for a house unless it ties up a large majority of your liquid assets.

My previous response was actually towards home predators who seek distressed home owners and attempt to buy their properties for 60-70% of actual value. Not sure about Canada but here in the states there are signs posted everywhere offering cash for homes in any condition. These offers that they bring are extremely low-ball offers and they(home buyers) are usually backed by investors with deep pockets.

Investing in homes while it's usually lucrative, it is far from being a guaranteed and safe investment. Many individuals got stung from the housing downfall we experienced here in the states. Timing was everything and many got left holding/losing their real estate investment.

Those "We Buy Ugly Houses" adverts were everywhere in South Florida. TV commercials, bus seats, buses, radio. They're similar to how JG Wentworth is now. Flooded everywhere with the advertisements. No matter what shape your house was in they would buy it. Considering how the housing market in Florida was at the time, they no doubt made a killing from each flip.