JG Wentworth: 2025 Review
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JG Wentworth is a financial services company offering a range of financial products, including insurance, personal loans, credit cards and debt relief. The debt relief service involves having JG Wentworth’s representatives negotiate with your creditors to settle your debts for less than the amount owed.
Serving 30 states plus Washington, D.C., since 1991, JG Wentworth is a well-established firm with extensive experience in various aspects of finance. Given its longevity and range of financial services, JG Wentworth is among today’s best debt relief companies, particularly with regard to depth of experience.
Before enrolling with JG Wentworth or any other debt settlement company, it is important to understand the pros and cons of debt relief programs. Debt settlement can reduce the debt you owe, but it can also negatively impact your credit score, potentially making you ineligible for new debts like mortgages, student loans or credit cards.
JG Wentworth
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JG Wentworth is well known for its wide range of financial services. Founded in 1991, the company offers personal loans, credit cards, structured settlements insurance, and debt relief services intended to negotiate the amount of debt owed to a lesser amount.
- Minimum debt required: $10,000
- Time frame: 24 to 48 months
- Fees: 18 to 25 percent of each enrolled debt that gets settled
Types of debt settled
JG Wentworth offers debt relief services for unsecured debt (debt not secured by collateral like a vehicle or home). While JG Wentworth’s website does not explicitly list which debts are eligible, the following unsecured debt types are usually serviced by debt settlement companies:
Business debt
Credit card debt
Medical debt
Personal loan debt
Student loan debt
Ineligible debts
JG Wentworth notes that “not all debts are eligible for enrollment.” While the website does not outline ineligible debts, they typically include:
Auto loans
Debts from lawsuits or court judgments
Governmental loans
IRS debt
Mortgages, home equity loans or HELOCs (home equity lines of credit)
Utility bills
Other debt secured by collateral
Pros and cons
Pros
- Best price guarantee
- No upfront fees
- Over 30 years in business
Cons
- Comparatively little information about the debt relief service published online
- No guarantee of settlement
- Not available in all states
JG Wentworth debt relief services
JG Wentworth works with creditors to settle consumer debts for less than what is owed. This process includes the following services:
Free consultation. This consultation will determine your eligibility for the debt relief program. This includes a review of your debts and a discussion about which debts can be enrolled.
Customized debt relief plan to fit your budget. Rather than continuing to pay your creditors, you will make monthly payments to a debt-repayment savings account that is set up for you by JG Wentworth. These funds will be used to negotiate lump-sum settlements with your creditors and pay JG Wentworth’s fees once a debt is settled. No upfront fee is charged for this service.
Negotiations with your creditors. JG Wentworth’s representatives will attempt to convince your creditors to settle for less than the amount owed. Creditors are under no obligation to negotiate. However, JG Wentworth claims to successfully settle an average of six debts per customer.
Disbursement of settlement payments. As each settlement is reached, JG Wentworth makes the agreed-upon lump-sum payment to each creditor from your designated savings account. JG Wentworth also takes its fee from the account once each debt is settled.
Fees and penalties
JG Wentworth doesn't charge any fees up front, but it does collect a percentage of each enrolled debt that gets settled. The fee ranges between 18 and 25 percent of the enrolled debt for each settled debt.
Credit score consequences
While debt settlement can affect your credit score less than declaring bankruptcy, you should expect your credit score to decrease when using a settlement company like JG Wentworth.
This credit score drop is the result of missed payments to your creditors while enrolled in the debt relief program. JG Wentworth expressly states “Any decision to cease making payments to your creditors is yours.” However, creditors are more likely to negotiate a settlement when accounts are in default.
The negative impact on your credit score can make it difficult to qualify for new loans. If you plan to apply for a loan in the next few years, you may need to explore alternatives to debt settlement.
Risks of debt settlement
The key benefit of debt settlement is getting out of debt without paying the full amount you owe. However, there are several risks of debt settlement to consider before pursuing this debt management strategy.
Credit score damage: Even after a debt is settled, it remains on your credit report for around seven years. This can keep your credit score low, making it harder to qualify for financing in the future.
High cost: The debt relief company’s fees plus the late fees and penalties from failing to pay your creditor could potentially cost you more than simply paying the debt in full.
Long timeframe: The debt relief program typically takes two to four years, with credit score damage lasting up to seven additional years.
No guarantees: Creditors do not have to engage in negotiations. Failure to repay your debt can even result in lawsuits from creditors unwilling to settle.
Potential tax consequences: The portion of your debt that gets written off in the settlement could be considered taxable income, increasing your income taxes due. If tax liability is a concern, you should consult a tax professional to see if you qualify for any of the IRS’s exceptions and exclusions to this rule.
Because of the severe risks of debt settlement, most consumers should consider other debt-relief options including:
How to qualify for debt relief with JG Wentworth
To be eligible for the JG Wentworth program, you must:
Owe at least $10,000 in unsecured debt
Demonstrate long-term financial hardship
Live in one of the states (or Washington, D.C.) supported by JG Wentworth
JG Wentworth offers debt relief services to residents of AL, AK, AZ, AR, CA, CO, FL, ID, IN, IA, KY, LA, MD, MA, MI, MS, MO, MT, NE, NM, NY, NC, OK, PA, SD, TN, TX, UT, VA, DC and WI.
Customer experience and reviews
BBB rating and accreditation: BBB Accredited with an A+ Rating
BBB customer reviews: 3.31 out of 184 reviews
ConsumerAffairs: 4.0 out of 1,145 reviews
Google reviews: unable to locate Google Business Profile
Trustpilot: 4.8 out of 12,656 reviews
Review information accurate as of January 15, 2025.
There are many positive reviews online for JG Wentworth, expressing appreciation for the easy enrollment and helpful customer service representatives.
However, several complaints reported that JG Wentworth was not using customer payments to pay their credit card bills. This shows that the process was not clearly explained to the customers upfront since not paying the bills is part of the settlement strategy.
As with all debt settlement companies, JG Wentworth has multiple negative reviews relating to the lengthy process and the lack of progress. Since negotiations can take years, and some creditors are unwilling to negotiate, these are common risks of debt settlement from any service provider.
Accreditations
JG Wentworth holds the following accreditations:
Accredited by the Better Business Bureau (BBB)
Consumer Affairs Accredited
How to contact JG Wentworth
Frequently asked questions
How Bankrate rates JG Wentworth
| Overall Score | 4.3 | Explanation |
|---|---|---|
| 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.