J.G. Wentworth Debt Relief

J.G. Wentworth Debt Relief Review

J.G. Wentworth helps consumers overcome financial hardship. The company offers mortgage loans, structured settlements, debt settlement services, and purchases annuities and lottery payments. We chose the company as one of our Best Debt Consolidation Companies for having an easy application process and 25 years of experience in financial services.

Pros
  • Experience with negotiating to lessen the total amount owed
  • Easy to apply for service
  • Free consultations
  • An alternative to filing bankruptcy
  • 25 years in the financial services business

Cons
  • Does not work with all types of debt

How J.G. Wentworth Debt Settlement Works

Start by discussing individual debts with a J.G. Wentworth representative, who can determine if they can assist with some or all of your bills. Debt consolidation companies like J.G. Wentworth help with unsecured debt not backed by collateral, like a house or vehicle.

Once you know which debts J.G. Wentworth can help reduce and pay off, you follow this process:

  1. Create a debt settlement program: Your representative works with you to design a debt reduction and payment plan.
  2. Start funding the payment plan: You make monthly deposits into a dedicated account instead of making payments on your debt.
  3. J.G. Wentworth negotiates with creditors: Your representative negotiates with the companies you owe to reduce your debt.
  4. Authorize reduction and payment: When the representative completes negotiations, you authorize the new debt balance and payments.
  5. Repeat until you are debt-free: J.G. Wentworth negotiates with one debtor at a time. You continue funding the program account until all debt accounts get paid off.
J.G. Wentworth Can Negotiate These Debts
Bank and department store credit cards Some student loans
Repossessed auto loans Medical bills
Personal loans with no security agreement Some business debts

Pay Off Debt Faster with J.G. Wentworth Debt Relief

The time it takes for each J.G. Wentworth client to pay off debt varies by circumstances. Most people pay off accounts in 24 to 48 months. This amount of time is typically much sooner compared to making minimum monthly payments until you pay bills in full.

J.G. Wentworth Debt Relief Cost

J.G. Wentworth says you pay a reasonable amount only when the company can resolve a debt on your behalf. J.G. Wentworth publishes no sample costs for debt settlement services because fees can vary a great deal by state. Discuss fees and any part of the contract you don’t understand with a representative before you sign off on an agreement with any debt relief company.

How to Get Started with J.G. Wentworth Debt Relief

Either call the number on J.G. Wentworth’s website or use the form on the site to get the debt consolidation process started. You pay no fee for the initial call, so you can determine if the program is right for you for free.

The contact form is easy to use, and you’ll know immediately if J.G. Wentworth can help you. Select the amount of your debt, the state you live in, name, phone number and email. You will get a message telling you if a representative will contact you shortly, or if J.G. Wentworth’s debt relief program isn’t available in your state.

J.G. Wentworth Debt Relief Complaints

We found few reviews specific to J.G. Wentworth’s debt-related services but can offer a look at consumer experience with the company overall.

The Better Business Bureau accredited J.G. Wentworth in 1996, and the company maintains an A+ rating. Customer reviews on the BBB either give J.G. Wentworth 5 stars or 1 star with no in-between. ConsumerAffairs readers score the company with 4.25 stars with the overwhelming majority awarding 5 out of 5 stars.

Trustpilot revealed low ratings, but Top10Reviews awarded J.G. Wentworth 4.5 stars on a scale of 5. The company is a member of the American Fair Credit Council.

J.G. Wentworth Q&A

  • Why would I use J.G. Wentworth when I can negotiate with creditors myself?

    You can try negotiating the balance of your outstanding bills with the companies you owe. However, the experienced professionals at J.G. Wentworth understand how this process works and can probably negotiate a lower payoff in less time.

  • Can J.G. Wentworth Debt Relief get rid of all of my debt?

    J.G. Wentworth can’t negotiate secured debts. Debt relief companies do not typically assist with resolving debt based on collateral, like mortgages and most auto loans. Some student loans are off-limits as well.

  • Will J.G. Wentworth Debt Relief help me choose between paying off my debt or bankruptcy?

    If you are unsure of which route you should take to resolve financial problems, we recommend seeing a bankruptcy attorney or a financial advisor. J.G. Wentworth Debt Relief offers no bankruptcy advice or services.

  • Will I pay additional income tax if I work with J.G. Wentworth Debt Relief?

    The IRS taxes any amount over $600 in savings from settled debt. Consult with a tax professional to ensure the amount of forgiven debt exceeds expected additional income tax.

  • Can J.G. Wentworth repair my credit rating?

    Working out a debt settlement plan with J.G. Wentworth should improve your credit score in the long run. However, your credit will likely first take a hit because of the lower negotiated account balance. Paying this reduced total is better for your credit than not paying bills. Your credit score will likely be lower for up to seven years until factoring in the positive effect of paying off your debts.

Conclusion

The primary advantages of working with J.G. Wentworth Debt Relief are avoiding bankruptcy, lowering the amount you owe and getting the debt paid off sooner. There are no guarantees that all creditors will agree to negotiate with J.G. Wentworth, but you pay nothing if your representative can’t finalize a settlement. Compare the fees the company charges to the interest and fees you will owe on each of your bills to determine how much you can save by using J.G. Wentworth to settle your debts.

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