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An Ethical Dilemma - Term Papers

An Ethical Dilemma

“Settling for less,” a recent article in U.S. News, discusses the somewhat newfound entity of “factoring companies.” These factoring companies provide a lump sum cash amount in return for a beneficiary’s future payments. This lump sum amount, as you may have guessed, is considerably less than the full amount that would be received if the beneficiary were to wait for each installment. The big question is are the factoring companies actually providing a service or are they merely “preying upon the vulnerable”?
Several consumers that have taken advantage of the service are not only pleased with it, they are also very grateful that the companies provide it. One woman, who did not wish to ...

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bite causing vision and neurological problems. When he turned eighteen he was already homeless but soon received the first $7500 installment of the $75,000 settlement. This money quickly took him off the street but did not last long. He then turned to a large factoring company by the name of J.G. Wentworth. He sold his remaining future payments of $67,500 for the lump sum of $16,100. He is now homeless again and has nothing left to sustain him. Another client by the name of Raymond White was awarded a $198,000 settlement but cashed in his future payments for a lump sum total of $54,000. This money did not last long. He is left with only one leg from his accident, and now relies on public assistance. Though some are pleased with this service, it can also be concluded that this service can mean disaster for certain clients. So how does the government feel about factoring companies?
Congress actually passed a law to help beneficiaries of large damage awards, but the factoring ...

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An Ethical Dilemma. (2005, October 29). Retrieved November 23, 2024, from http://www.essayworld.com/essays/An-Ethical-Dilemma/35643

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PAPER DETAILS

Added: 10/29/2005 08:46:28 AM
Category: Social Issues
Type: Free Paper
Words: 548
Pages: 2

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