Hanneh Bareham
Written by
Rhys Subitch
Edited by
Updated on Feb. 27, 2023
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At a glance
| Overall Score | 4.3 |
|---|---|
| Overview | JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. The company also offers access to third-party pre-settlement funding and debt relief services. It has funded 4 billion in deals and has served over 130,000 customers. |
| Minimum debt required | $10,000 |
| Time frame | Between 24 to 48 months |
| APR | Not disclosed |
| Fees | Monthly program account fee, closing fee of 18% to 25% of the total debt enrolled |
JG Wentworth: Types of debt settled
JG Wentworth Debt Relief covers many types of unsecured debts.
- Major credit cards.
- Department store cards.
- Gas cards.
- Unsecured lines of credit.
- Unsecured personal loans.
- Eligible student loans.
- Peer-to-Peer (P2P) loans.
- Debt consolidation loans.
- Payday loans.
- Medical debt.
JG Wentworthpros and cons
PROS
Over 30 years in business.
Best price guarantee.
No upfront fees.
CONS
Higher closing fee.
Limited to unsecured debt.
No guarantee of settlement.
Debt relief qualifications
To qualify for JG Wentworth's Debt relief program, you must owe at least $10,000 in unsecured consumer debts and reside in one of the qualifying 30 states or Washington, D.C. However, JG Wentworth states that it may be able to connect those residing in ineligible states with firms that provide similar debt relief services.
You must be able to demonstrate long-term financial hardship and the inability to sufficiently save the appropriate funds. This information is crucial for JG Wentworth's ability to negotiate with creditors on your behalf, so make sure you have adequate financial documentation on hand.
Services
JG Wentworth works with creditors to settle consumer debts for less than is owed. To start, JG Wentworth facilitates you opening an account that you will control where you make a single monthly payment towards the program. After getting approved and making an initial deposit, the company will negotiate with the creditors for you.
Fees and penalties
JG Wentworth doesn't charge any fees upfront, but it does collect a fee once all of your enrolled debt has been settled. On average, 18 percent to 25 percent of your total settled debt will be added to your monthly payments. You will also need to pay a monthly fee to the account provider where you make your monthly deposits.
While this may not seem like much on paper, these fees can quickly add up and make your monthly payments hard to manage. Speak with a customer service representative before making a final decision on your settlement details to know exactly what you'll be on the hook for.
Credit score impacts
While debt settlement can affect your credit score less than declaring bankruptcy, you can expect your credit score to drop when using a settlement company like JG Wentworth.
When you enroll with a settlement company, your score will drop dramatically since you stop paying your creditors. However, those who are able to successfully make the agreed upon payments may find that it's easier to rebuild their credit after completing the settlement process.
What we like and what we don’t like
While JG Wentworth is a well-known company, there are still drawbacks to consider. Here are a few examples of what we like about the company and what we think could stand to change.
What we like
- Over 30 years in business: JG Wentworth has a rich history of helping its clients. Its tenure and reputation make it a well-known company to work with.
- Best price guarantee: If you present the company with a better offer from another debt settlement company, JG Wentworth will give you a $1,000 check if they can't beat it.
- No upfront fees: You won't be charged any fees by JG Wentworth until your accounts are settled and you start making the monthly payments.
What we don't like
- Higher closing fee: Many companies start their closing fees — or program fees — around 15 percent of your total debts settled, but JG Wentworth's minimum fee comes in a bit higher at 18 percent.
- Limited to unsecured debt: The company only works with unsecured debts — those not backed by collateral. If you have a secured debt that you're unable to repay, contact the lender or institution immediately to see if it offers any hardship repayment options.
- No guarantee of settlement: Creditors aren't legally obligated to work with debt settlement companies and may refuse to work with JG Wentworth. If this happens, your creditor could sue you for not paying down your debt.
Customer experience and reviews
JG Wentworth has an A+ Better Business Bureau (BBB) rating and a 100 percent business response rate. In the past three years, 84 complaints have been filed from customers. In the past 12 months 32 complaints have been resolved.
The business response rate takes into account how quickly customer complaints are resolved. JG Wentworth's 100 percent response rate indicates quick communication and effective complaint resolution from its customer service department.
How to contact JG Wentworth
For debt relief inquiries, you can email or you can file a request online through the contact form on its website.
Those seeking assistance with debt relief related inquiries can talk to a representative from 9 a.m ET to 9 p.m ET from Monday through Friday. You can also call from 9 a.m ET to 6 p.m. ET on Saturdays.
JG Wentworth FAQs
How Bankrate rates JG Wentworth
Score Explanation Overall score 4.3 Availability 3.7 No credit counseling is available. Affordability 4.7 Debt relief support is available Monday through Saturday, and JG Wentworth provides a full FAQ page. Customer experience 4.4 Wells Fargo doesn't offer as many customer service hours as some others. Company reputation 5 There are no complaints with the FTC and no unresolved complaints with the CFPB. Stability 5 JG Wentworth was established in 1991 and is an accredited member of the American Fair Credit Council. Methodology
To rate debt relief services, Bankrate considers 15 factors. These factors include minimum debt allowed, what fees are charged, whether there are unresolved complaints and if the company is accredited. Categories that the services are rated on include:
- Availability: Availability is assessed based on the minimum debt balance required, types of eligible debt and whether the company provides free credit counseling.
- Affordability: Affordability is assessed based on associated fees and whether the company specifies money-back guarantee terms.
- Customer experience: Customer experience is assessed based on website usability and features, customer support options and hours of operation.
- Company reputation: Company reputation is determined by assessing complaints with regulatory agencies, like the Federal Trade Commission and Consumer Financial Protection Bureau.
- Stability: Stability ratings are based on how long the company has been in business and whether it maintains membership with a professional trade association.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
On This Page
On This Page
- At a glance
- Pros and cons
- Qualifications
- Services
- What we like and what we don't like
- Customer experience and reviews
- How to contact
- Frequently asked questions
- Our rating
- Methodology
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