JG Wentworth Debt Relief : Let's Weigh Your Options
For more than 30 years, JG Wentworth has been helping people solve their financial problems, pay off their debt, or just reduce their balance. All it requires is to fill in the contact form providing JG Wentworth with written consent to contact you and find the best debt relief solution for you.
In our article, we'll walk you through all you need to know about JG Wentworth to find out if it has what you need to relieve your debt.
Debt relief services are what individuals head to when they have multiple loans and have to make more than one payment every month, which is overwhelming and costly due to the interest rate on each loan separately.
But there are some factors that can help you choose which debt relief service is the right one to go for. Similar factors include loan type, the minimum debt amount, fees, savings, and many other factors that you'll know about in our article.
Once you choose the debt relief service you want, it might be hard to take a step back and cancel everything. That's why we recommend reading through our review and using our website to compare different debt relief services to make sure that you're taking the best fit for your financial problems.
1. Fill in the contact form and wait for a representative to reach out.
2. Discuss the debt with the representative to design a plan for your debt reduction.
3. Agree on a monthly payment and start depicting payments in a savings account.
4. Authorize the new debt balance after JG Wentworth representative competes negotiating.
5. Put your own plan to make monthly payments on time until you get rid of your debt.
As a first step, head to JG Wentworth's official website and check if you qualify for their debt relief service. Then, you'll need to fill in the contact form allowing one of the company's representatives to call you and discuss your debt further.
The form requires filling in some of your basic information, including your first and last name, email address, phone number, and the service you are interested in, including the following options:
- Structured settlements
- Debt settlement
- Lottery prize payments
- Other ways to get cash
Choosing the service you're looking for can help the representative understand the type of service you want and offer you more personalized solutions.
Let's tell you more about how the process goes. First of all, JG Wentworth negotiates with the creditors trying to reduce your debt amount. Meanwhile, you'll be depositing a pre-agreed monthly payment in a dedicated savings account, and JG Wentworth fees will be deducted from the account balance directly.
Make sure to discuss the potential impact of the debt relief on your credit score so that you know everything before taking any further steps.
One of the consequences that you need to be aware of before moving on in your debt relief process is that your debt might be sent to collections if you couldn't make your payments on time. In the best scenarios, you'll find yourself paying extra fees due to falling behind on payments.
No doubt you can negotiate your debts yourself with the creditors, but you might not be able to make a good settlement. But, at the end of the day, you don't want to end up paying more; that's why debt relief companies can be a good choice to reduce what you owe.
But what if a creditor says no to settle the debt? In fact, if a creditor rejects to settle your dent, it doesn't mean that you won't get a settlement at all. In many cases, a borrower needs to wait till the creditor settles the debt, and this is what probably happens when the debt stays unsettled for a long time.
Joining the JG Wentworth debt relief program requires a $10,000 minimum debt amount to join its debt relief program. However, this might not be an essential drawback since debt relief solutions aren't for everyone, and people with a small debt amount won't go for this option unless they run out of options.
Another factor that might hinder joining JG Wentworth is the state of residence, but before you put in any effort, the representative tells you whether or not the program is available in your state. If not, then you'll need to seek a different debt relief service.
The last factor determining whether or not you can join the program is the types of debt you want the company to negotiate. Debt relief companies generally don't offer solutions for secured debts, such as car loans and lawsuits.
The service is available in the following states. If your state of residence isn't one of those mentioned in the list, it means you won't be able to join the JG Wentworth debt relief program: (Alaska, California, Arizona, Arkansas, Alabama, Carolina, Luiziana, Nebraska, New Mexico, Idaho, Maryland, Virginia, Dakota, Mississippi, Missouri, Pennsylvania, Indiana, Iowa, New York, North Florida, Oklahoma, Montana, South Michigan, Texas, Massachusetts, Wisconsin.)
You'll be charged 9%-15% of the enrolled debt. So, for example, if your debt balance is $20,000, your fees will range between $1,800 and $3,000. The fees can change drastically depending on your state of residence, while the exact percentage isn't clearly stated on their website.
Like many other debt relief companies, JG Wentworth doesn't ask its customers to pay upfront fees. Instead, it only deducts the amount after a debt is already negotiated with a creditor.
Debt relief companies can probably help pay off your unsecured debts, such as credit card debts, personal loans, medical bills, some business debts, and private student loans. This leaves all other types of secured debts uncovered by the JG Wentworth's debt relief program, those include:
- Mortgages and home loans
- Car loans
- Federal student loans
- Tax-related bills and fees
JG Wentworth debt relief programs can help with solving the following types of debts:
Credit card debts
Most borrowers come to debt relief companies with a high credit card debt amount to settle. If you're one of those people with a huge credit card debt troubling you, JG Wentworth can help you reduce the balance and pay less with a lower interest rate.
While many debt relief companies don't offer this option, JG Wentworth debt relief can help you pay off your medical bills for much less than what you owe.
We all might find ourselves in need of some financial support to get things accomplished in our lives or pay for rent and other life needs. If that's the case, you can count on JG Wentworth debt relief to cover that for you with a reduced interest rate or debt balance.
Private students loans
Students loans can help individuals get educated and achieve much in their lives by covering their tuition fees. However, students get stuck in a long commitment after they finish their education and might not be able to get their loans paid. JG Wentworth negotiates private students loans to take the burden off your shoulder.
JG Wentworth has many other solutions for you to find a way out of your debts. Here are some other options you can opt to:
If you have a sufficient credit score, this option might be for you; it helps you pay off your debts by taking one loan that covers all other commitments and allows you to pay less than the balance you owe.
This option puts some cash in your pocket to pay your bills and living expenses while you're waiting for your debt to get settled. The cash you receive is the expected saving amount from a future settlement, making you feel comfortable during long legal proceedings.
JG Wentworth allows a free consultation on their website to contact an expert and discuss your debt solutions and the possibilities of your eligibility to join the debt relief program. Once you visit the website, you can see their contact number at the top of the page, or you can fill the contact form to get more personalized assistance regarding your debt relief solutions.
Also, the company provides an email to ask your questions and send your queries if you have any so that you'll get comprehensive and helpful support.
Debt relief companies are usually a good fit for people with a large amount of debt and want to find a solution that allows them to pay at their convenience. JG Wentworth debt relief is a good choice for its relatively low fees and flexible solutions. However, we always recommend asking about the debt relief program impact and the consequences so that borrowers won't get themselves into larger debt.