The JG Wentworth Debt Relief Program is aimed at helping people who owe over $10,000 in debts they’re struggling to pay and those worried about not being able to keep up with their debt payments.
This program claims to use its experience to negotiate with your creditors, aiming to lower the amount you owe and help you clear your debts in about two to four years.
Keep reading to learn how the JG Wentworth Debt Relief Program works and the positives and negatives of working with them.
JG Wentworth Debt Relief Program At-a-Glance
What Kinds of Debts Qualify?
JG Wentworth’s Debt Relief Program is only for unsecured debts, meaning they’re not backed by collateral, and the lender cannot seize assets if the debt isn’t paid.
There are several types of unsecured debts that the company helps consumers handle. People who need help with different kinds of credit cards — such as those from major banks, department stores, and gas stations — can receive assistance from JG Wentworth.
Also, other debts that may qualify include peer-to-peer, personal, payday, and certain student loans, as well as medical debt.
Who Is Debt Relief Best For?
The JG Wentworth Debt Relief Program is best for those with at least $10,000 in unsecured debts.
Applicants must be able to prove that they’re suffering from a long-term financial hardship that precludes them from being able to pay these debts.
This program is a good choice for people trying to alleviate their debts within 24 to 48 months.
Top Features of the JG Wentworth Debt Relief Program
Below are some notable features of the JG Wentworth Debt Relief Program that set it apart in assisting individuals with debt challenges.
Meant for Consumers With Unsecured Debt
If you have unsecured debt, JG Wentworth can help you manage it. The Debt Relief Program can help you with several kinds of debt, including major credit cards, personal loans, and medical debt.
Good Customer Support
When you have your application approved, you’re assigned an independent debt specialist who is available to help throughout the debt relief process with any questions and concerns you have about the account. Also, JG Wentworth has customer service available on most days, and you can access your account easily through the company’s website.
Easy Application Process
Applying for the debt relief program at JG Wentworth is quite simple. All you have to do is fill out an application on the company’s website, which is highly user-friendly.
How to Get Started
You can start with the Debt Relief Program by applying on JG Wentworth’s website. You’ll be asked for basic information, such as your name, physical address, phone number, and e-mail address.
Also, be sure to have all your debt information available because you’ll be required to provide details about your debt. After you’ve submitted your information, you’ll find out quickly if you qualify for the service. If so, your debt relief plan can take about a month to be finalized.
Rating the Features
As you look for companies that can help you escape the burden of excessive debt, you want to have enough information to make an informed decision.
Below we look at the features available from the JG Wentworth Debt Relief Program, so you can see exactly what customers receive when they use this service.
User Experience
JG Wentworth has a user-friendly website that allows consumers to fill out an application and track their account status at any time after their debt relief plan has been implemented.
To give customers the support they need, the company assigns an independent debt specialist to each customer, who works with them throughout the process. Customers can also speak to the company’s customer service staff when they need help.
Fees
JG Wentworth does not charge upfront fees, so you don’t have to worry about paying anything before they do any work on your behalf.
However, the company charges program fees, a percentage of the debt settled on your account.
Although the exact costs are not disclosed on the company’s website, it’s been reported that JG Wentworth’s fees are higher than what companies offering similar services charge.
Variety
JG Wentworth only offers one debt relief program. However, the company does offer unrelated services, such as personal loans and assistance with structured settlements.
Customer Support
If you need to speak to a customer service representative, you can call the company at 888-570-5240.
Customer service is available Monday through Thursday from 8 a.m. to 11 p.m. Eastern time, Friday from 8 a.m. to 9 p.m., and Saturday from 9 a.m. to 6 p.m.
If you need information about your account when customer service is unavailable, you can log on at any time to find up-to-date information.
Access
Although the company is relatively accessible, JG Wentworth does not offer debt relief services to consumers in the country.
People only have access to services if they’re in these states: 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, D.C., and Wisconsin.
However, consumers from other states who contact JG Wentworth get some help. Although it doesn’t offer services in the remaining states around the country, the company may be able to connect people to law firms in their area that provide debt resolution services.
Pros and Cons of the JG Wentworth Debt Relief Program
Dealing with debt can be stressful, so if you’re going to enlist the help of a company for debt relief, you want to know exactly what you’re getting into.
To give you an idea of the benefits and drawbacks of the JG Wentworth Debt Relief Program, we’ve put together the following pros and cons.
Pros
- Long company history: In business since 1991.
- Accessible customer service: Get information about your account anytime by logging into the company’s online platform.
- No upfront fees: Pay nothing until the company has done the work. However, fees will be incorporated into your monthly payments when you begin your debt relief plan.
Cons
- Not widely available: JG Wentworth only offers services to consumers in 30 states and Washington, D.C.
- Not available for secured debts: Debts like mortgages and car loans are not eligible for these services.
- No settlement guarantee: JG Wentworth strives to help you get relief from your debts, but it’s essential to remember that there is no guarantee of settlements.
- Fees: While you’re not charged upfront, JG Wentworth’s costs for maintaining your account are higher than you may be charged from other companies.
Bottom Line
If you’re drowning in debt, JG Wentworth’s debt relief services may be the much-needed life preserver you’re looking for.
This can be a good option if you have unsecured debt of at least $10,000 and are in one of the states the company services.
Be sure to do your due diligence because you may find an alternative that charges lower fees for these services.
Frequently Asked Questions (FAQs)
Debt settlement can be an excellent way to get out from under the burden of debt. However, it’s not all necessarily positive. Although debt settlement is seen as an alternative to bankruptcy, it may still have long-term consequences because it can stay on your credit report for seven years, just like bankruptcy would.
It depends on your situation, but generally, if you’re trying to avoid bankruptcy, settling debt is a good way to do it. However, while a company is negotiating on your behalf to settle your debts, you’re not making payments to your creditors. This can impact your credit score or even cause a creditor to take legal action against you for nonpayment. Additionally, you may be taxed for any amount that has been settled.
It depends on the debts you owe and how much they are. You can generally have your debts settled for 10% to 50% of the amount you owe. However, creditors don’t have to agree to any settlement, so negotiating a percentage off can be a gamble.
