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An Ethical Dilemma

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286 words
Social Issues

An Ethical Dilemma Page 1
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"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 be named, almost had her house foreclosed on. If not for the service provided by the factoring companies she would have lost it. Another man, who also wished to not release his name, secured funds through a factoring company to expand his own business, and as a result he is more successful than ever. It is obvious that the factoring companies have provided a valuable service for some, but lets take a look at the dissatisfied customers.
Orion Olson was injured at the age of three by a severe dog 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 ...

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