June 26, 2024

JG Wentworth Review

Read more about JG Wentworth
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JG Wentworth has offered debt relief services for over 30 years. But is it the best in the industry? Find out in this review.

5-point scale (the higher, the better)

Pros and Cons

  • Save up to 51% from debts
  • Settle debts in 24-48 months
  • 30+ years of experience
  • 18-25% settlement fees
  • Minimum debt of $10,000
  • For unsecured debts only

Bottom Line

Debt relief company with 30+ years of experience, but on the pricier side

JG Wentworth is a reputable debt relief company with over 3 decades of service. Its debt specialists negotiate with your creditors so you can settle your debt for a lower payment.

The catch is that your creditors are not obligated to accept JG Wentworth's settlement offers. And JG Wentworth's fees are percentage-based, which can be expensive.

Having said this, you'll find out from this review how JG Wentworth works, how much it costs, and if it's worth trying.

What is JG Wentworth?

JG Wentworth is a debt relief company that offers debt settlement and debt consolidation loans. And it has been doing so since 1991.

JG Wentworth primarily negotiates with your creditors to lessen your debts through its debt specialists. But it can also refer and offer loans for debt consolidation through its partner, Engine by MoneyLion. More about debt consolidation later.

On average, clients save up to 51% of their enrolled debts, excluding fees. Typically, debts are also settled within 24-48 months.[1]

JG Wentworth's marketplace offers more products. You can get recommendations and quotations for credit cards, loans, and insurance products.

Have you ever used any debt relief services, including JG Wentworth?

Who is it best for?

JG Wentworth is best for people who owe more than $10,000 in unsecured debts, which are debts not backed by collateral.[2] These could include your credit cards and store card debts.

You can schedule a free consultation to know which of your debts (if not all) are qualified.

JG Wentworth locations
JG Wentworth is only available in the following states:[1]

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Florida
  • Idaho
  • Indiana
  • Iowa
  • Kentucky
  • Louisiana
  • Maryland
  • Massachusetts
  • Michigan
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • New Mexico
  • New York
  • North Carolina
  • Oklahoma
  • Pennsylvania
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington DC
  • Wisconsin

Who should skip JG Wentworth?

If you owe less than $10,000, skip JG Wentworth. Other debt relief companies have a lower minimum debt requirement and qualify more types of unsecured debts.

JG Wentworth also isn't the best option if you don't want your credit score to drop. This is because you'll need to pause your debt payments while JG Wentworth negotiates to lower your debts.

Hence, you may gain missed payments on your credit reports. The pros and cons may help you further understand if it's worth it.

What's most important to you when choosing a debt relief program?

Pros and Cons

Pros:

  • Over 30 years of experience
  • Reduce principal debts, interest, and fees
  • Offers debt consolidation loans
  • A+ rating and BBB accreditation[3]
  • Accredited by AADR[4] and IAPDA[5]
  • No upfront fees

Cons:

  • At least $10,000 in unsecured debts
  • Fees can be expensive
  • No guarantee that creditors will settle
  • Credit score will drop
  • Creditor can sue you
  • Not available in all states

Does JG Wentworth lower your credit score?
Yes, signing up for JG Wentworth's service can negatively impact your credit score. You must miss your monthly debt payments before JG Wentworth can negotiate with your creditors. So, you may earn a lot of missed payments and collection items on your credit report.

Since JG Wentworth offers 2 debt relief services, here's what you need to know about them.

Debt Relief Services

Debt specialists can help you deal with debts through:

  • Debt settlement
    Certified debt specialists have experience and understanding of debt negotiations. These professionals will communicate and bargain with your creditors to lessen your debt.

  • Debt consolidation
    JG Wentworth can qualify you for a larger loan with lower interest and better terms. This debt consolidation loan will come from JG Wentworth's partner lender. And you can use it to pay off many debts at once.

Pro tip: To maximize your debt consolidation loan and save on debt payments, you should look for loans with lower interest and fees than all your current debts.

If you choose to go for JG Wentworth's debt settlement services, here's how it works.

How Does JG Wentworth Debt Relief Work?

During the free consultation, JG Wentworth will discuss your options. They will also review your finances and determine which debts are eligible for their program.

Here's the process:

  1. Schedule a free consultation.
    Debt specialists will create a personalized debt resolution program based on your debts, budget, and target timeline.

  2. Create a dedicated account.
    This is where you'll set aside your monthly funds. Your monthly deposits are based on your debt resolution program.

  3. Stop paying your debts.
    Before JG Wentworth can start negotiations, you must stop paying your debts. That way, your creditors will be more willing to settle for a lower payment than getting nothing.

  4. Deposit your monthly payments.
    Do this while debt negotiators negotiate with your creditors. JG Wentworth can take 24–48 months to negotiate for all your enrolled debts.

    You can expect your first settlement within a few months while you build your funds in your dedicated account.

  5. Agree to the settlement amount.
    Once JG Wentworth reaches a settlement, you get a notification in your online portal. If you agree with the settlement amount, you can use your accumulated funds to pay your creditors.

JG Wentworth's fees are calculated in your debt resolution program. You won't need to set aside a budget for the fees.

Here's how much these fees cost.

Pricing And Fees

JG Wentworth charges 18%-25% of enrolled debt.[6] This is already included in your monthly deposits.

That said, JG Wentworth does not get their fees unless you settle each negotiated debt. You don't need to worry about hidden fees.

You can also avail of JG Wentworth's legal insurance through an outside law firm. In case of a lawsuit, the law firm can represent you for a small monthly fee.

Given the fees, how do you know if JG Wentworth is worth the cost? Read on.

Is JG Wentworth Worth It?

JG Wentworth can be worth it if you owe over $10,000 in unsecured debts. The more you owe, the more you can potentially save via debt settlement services.

On average, previous JG Wentworth clients saved up to half of their original debts (excluding JG Wentworth's fees). You can settle your enrolled debts anywhere from 24–48 months.

Note that JG Wentworth has some of the most expensive fees. A large portion of your total deposits may go to fees.

Convinced of JG Wentworth? Here's how you can get started.

How To Sign Up

If you owe more than $10,000 in unsecured debts, this is how you can sign up for JG Wentworth's debt settlement service:

  1. Go to the JG Wentworth's sign-up page.
  2. Choose your debt amount and enter your ZIP code.
  3. Fill in your first name, last name, email address, and phone number.
  4. Confirm your address.

A JG Wentworth specialist will contact you after you sign up. It's a free consultation where you will discuss options for your debts.

Is JG Wentworth Reliable?

JG Wentworth has been in the business for more than 3 decades. It is among the most experienced in debt relief compared to other debt relief companies.

JG Wentworth has also partnered and worked with many major creditors because of its extensive track record in the industry. Established connections and relationships may result in smoother negotiations and faster settlement offers.

Plus, JG Wentworth is accredited by the AADR and the IAPDA. In addition, it has an A+ rating and is accredited by the Better Business Bureau.

Looking into its clients' experiences can help you build more trust in the company.

Customer Reviews

PLATFORMAVERAGE RATING
Trustpilot4.80 out of 5 ★ from over 8,800 reviews
Better Business Bureau (BBB)3.54 out of 5 ★ from over 190 reviews
ConsumerAffairs3.90 out of 5 ★ from over 1,000 reviews

According to Kate, JG Wentworth was able to help her settle one of her debts quickly. And that she's had a reliable customer support along the way.

"The guy who signed me up, David Stephens, was super helpful, patient, and transparent. He explained everything very well and was super informative. He even called a couple times to check in and see how things were going. A couple weeks after my first payment. I already had a settlement offer on one of my higher accounts." (From a Trustpilot review)

However, Jeanette experienced the opposite regarding her settlements.

"I have been in the program since June. I have only had one settlement. I am getting charge-off letters from Capital One and Synergy. . . What [is JG Wentworth] doing except tying up my money? I can [negotiate] myself."
(From a Trustpilot review)

Note that signing up for debt settlement doesn't automatically guarantee your debts will be reduced. Settlements depend on JG Wentworth's negotiation skills and creditors' willingness to settle.

Customer Service

If you have questions or concerns, you can contact JG Wentworth via the following:[7]

  • Phone: 888-570-5240; from 8 AM to 11 PM ET on Monday through Thursday, 8 AM to 9 PM ET on Friday, and 9 AM to 6 PM ET on Saturday
  • Email: debt@jgwentworth.com

If you want to visit JG Wentworth's headquarters, it's located at 1200 Morris Drive, Chesterbrook, Pennsylvania 19087.

JG Wentworth is closed on major US holidays, including:

  • New Year's Day
  • Memorial Day
  • Independence Day
  • Labor Day
  • Thanksgiving

How JG Wentworth Compares

If JG Wentworth does not fit your needs, you can consider other options, like:

JG Wentworth vs Accredited Debt Relief
Like JG Wentworth, Accredited Debt Relief has a $10,000 minimum debt requirement to apply. This is also only for unsecured debts.

That said, Accredited Debt Relief is slightly cheaper than JG Wentworth. Its fees range from 15–25%, while JG Wentworth charges 18–25%.

In addition, Accredited Debt Relief also offers debt consolidation loans through its affiliates. If you want to pay off many debts at once, you may qualify for a loan and borrow $1,000–$100,000.

JG Wentworth vs National Debt Relief
National Debt Relief works with more types of unsecured debts for its debt settlement services compared to JG Wentworth. What's more, you only need to owe $7,500 to qualify.[8]

National Debt Relief can negotiate debts like credit cards, gas cards, and department store cards. Some of your business debts or private student loans may also be qualified.

Like Accredited Debt Relief, National Debt Relief charges 15–25% as settlement fees—cheaper than JG Wentworth's fees.[9]

Bottom Line

JG Wentworth has a long track record for debt relief services. It has established a relationship with major creditors across different industries to negotiate for you confidently.

That said, JG Wentworth can only help you with unsecured debts, and fees can become expensive. Plus, JG Wentworth is not available in all states.

But you may see JG Wentworth's value if you have a lot of unsecured debts. JG Wentworth can potentially negotiate up to half of your debt amount, which could mean huge savings on your end.

References

  1. ^ JG Wentworth. Our Debt Relief Program, Retrieved 03/09/2024
  2. ^ JG Wentworth. Debt Resolution FAQs: Does Your Debt Qualify?, Retrieved 05/10/2024
  3. ^ Better Business Bureau. JG Wentworth, Retrieved 03/02/2024
  4. ^ American Association for Debt Resolution. Find an Accredited Debt Resolution Provider, Retrieved 03/02/2024
  5. ^ JG Wentworth. Why JG Wentworth, Retrieved 03/09/2024
  6. ^ JG Wentworth. Our Debt Relief Program, Retrieved 05/10/2024
  7. ^ JG Wentworth. Contact Us, Retrieved 03/09/2024
  8. ^ National Debt Relief. Qualifications, Retrieved 05/10/2024
  9. ^ National Debt Relief. FAQs: What will your service cost me?, Retrieved 05/10/2024
National Debt Relief

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Write to Alex Mambaje at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Compare:

What's most important to you when choosing a debt relief program?
63% Overall cost
17% Reputation of the provider
10% Speed of debut resolution
3% Customer service and support
7% Personalized plans
Source: CreditDonkey
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