JGWPT Holdings - The Burns Tactic - A Deceptive Practice Used By Large Structured Settlement Facoring Company

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In mid-2012 I got myself badly behind on a lot of my bills. When I saw one of the "It's my money and I need it now" television ads I decided to call them and get a quote on a structured settlement that I had gotten as a child when I was bitten by a neighbor’s dog.

The quote was actually much better than I expected so I decided to get a few other quotes as well but no one else was as high as their offer. It really seemed like a too good to be true offer but the sales representative was good and kept pointing out how they are the biggest, the best and members of the Better Business Bureau so I decided to just do it.

Obviously I immediately jumped on their awesome offer and signed and I signed on the dotted line. After that several months passed without any word and I began to a bit restless when the phone rang. The company representative called me (the same one who told me how trustworthy they are) told me that an unfortunate mistake had been made and they had to significantly reduce their quote to me and I didn't agree to the lower offer they would have no choice but to stop the entire process.

I was really pissed off and told the sales represntative that they could not do this because we signed an agreement. I quickly found out that contract contains wording to the effect that they (just their side) can terminate the agreement for any reason anytime and there was nothing that I could do.

At this point I felt angry, frustrated and betrayed (this is called the Burns Effect) but by this point nearly 3 months had gone by and I was about to lose my home. I had no choice but to continue dealing with them rather than start all over.

I conducted some Internet research and exactly what happened to me is something that they have been successfully doing for years and it is referred to as The Burns Tactic. It's a SCAM which they regularly use on their prospects. It consists of offering the prospective caller a ridiculously high quote to purchase their structured settlement annuity payments with the objective of getting rid of the competition and ultimately getting the deal but they never plan on making good on completing that specific offer.

The moral of this story is if you get a quote from the leading structured settlement factoring company beware if it sounds too good to be true because most likely you are about to get screwed.

Review about: Structured Settlement Sale.

Comments

Anonymous
Bethesda, Maryland, United States #1050341

Your story is not believable.. Someone who can cite chapter and verse on the Burns Effect yet doesn't read before signing?Everyone seems to be gunning for JG Wentworth because they ARE the biggest. Ignorance is why there are structured settlement protection acts.

Anonymous
Funkstown, Maryland, United States #900311

Yo Cathy, The moral of the story is seller beware and the old adage that "hogs get slaughtered". Thanks for posting your story. VERY helpful.

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