J.G. Wentworth Review

When it comes to getting your finances on track, not all companies are created equal. However, some financial services companies are better than others when it comes to helping you manage your money.

J.G. Wentworth is one of the most recognizable names in personal finance today. You may know them from their mortgage lending days, but after selling that division to Freedom Mortgage in 2019, the company has since refocused on structured settlement purchasing, debt relief services, and a growing suite of financial solutions.

However, the best financial services company normally depends on your individual needs, so let’s take a deeper look at what J.G. Wentworth has to offer to see if it can meet your financial goals.

About J.G. Wentworth

Founded in 1991, J.G. Wentworth is a premier diversified financial services company.

It started as a merchant bank before pivoting to its now-iconic structured settlement purchasing business, and has since expanded into debt relief, personal loans, and more.

Headquartered in Chesterbrook, Pennsylvania, the company is a BBB-accredited business with an A+ rating.

The high ratings can be attributed to its variety of financial solutions, exceptional customer service, and over 30 years of financial expertise and professionalism.

Financial Service Options

J.G. Wentworth gives you several financial options from which to choose. Let’s take a look at the major ones:

Structured Settlement Purchasing

If you’re receiving periodic payments from a personal injury lawsuit, annuity, lottery prize, or casino winnings, J.G. Wentworth can purchase those future payments in exchange for a lump sum of cash now.

This is their core business and where they have the most experience, having facilitated over $10.5 billion in purchased payment streams over the years.

Keep in mind that you’ll receive less than the total value of your future payments. The discount rate typically ranges from 9% to 15% or more, so it’s worth carefully weighing your options before proceeding. If you’re selling a structured settlement from a personal injury lawsuit, note that a court hearing is also required by law. A judge must approve the transaction to ensure it is in your best interest.

Debt Relief Program

If you’re struggling with unsecured debt of at least $10,000, J.G. Wentworth’s debt relief program may be able to help. Note that the program is only available in select states, so check availability in your area before getting started.

The program works by having you stop paying your creditors and instead deposit funds into a dedicated savings account each month. Once enough funds have accumulated, J.G. Wentworth negotiates with your creditors on your behalf to settle the debt for less than you owe.

The program typically takes 24 to 48 months to complete. J.G. Wentworth charges a fee of 18% to 25% of each debt enrolled and settled in the program, and the fee is built into your monthly payment from the start with no hidden charges. If they can’t settle a specific debt, they won’t charge a fee on that debt. The company says participants save an average of 46% on their debts before fees.

It’s worth noting that while you’re in the program, your credit score will likely take a hit since you’re no longer paying your creditors directly. Any forgiven debt may also be considered taxable income, so it’s a good idea to speak with a tax professional before enrolling.

Personal Loans

J.G. Wentworth offers access to personal loans for debt consolidation and other needs, though it’s worth understanding how this works. Their main personal loan page operates as a referral service through a partner called MoneyLion, meaning J.G. Wentworth connects you with loan offers but is not the lender itself and cannot guarantee approval or loan amounts.

Their direct lending arm, JG Wentworth Lending, offers loans from $500 to $5,000, but is currently only available to residents of California and Utah. If you live outside those states, you would be routed to the referral service instead.

Home Equity Cashout

If you own a home, J.G. Wentworth can connect you with partner lenders to help you tap into your equity to consolidate debt, cover major expenses, or access funds you need. Note that this service is provided through third-party partners rather than directly through J.G. Wentworth itself.

J.G Wentworth’s Application Process

The process varies by service, but generally you can get started online, over the phone, or by speaking directly with a specialist.

Here are the basic steps:

Step 1: Get a free consultation. Call or visit the website and speak with a specialist about your financial situation. There’s no obligation and no pressure.

Step 2: Review your options. J.G. Wentworth will present personalized solutions based on your needs and goals.

Step 3: Submit your documentation. Depending on the service, you’ll need to provide supporting documents such as proof of identity, income verification, and details about your settlement or debt.

Step 4: Get approved. A J.G. Wentworth specialist will review your application and walk you through next steps.

Step 5: Receive your funds or begin your program. Timelines vary by service, but J.G. Wentworth aims to make the process as fast and straightforward as possible.

Pros and Cons of Using J.G Wentworth

Pros:

• Variety: Offers multiple financial services under one roof
• Experience: Over 30 years in the industry with a strong track record
• Legitimacy: A+ BBB rating and 4.8 stars on Trustpilot based on over 19,000 reviews

Cons:

• Cost: Fees for debt relief and structured settlement purchasing can be significant, so always read the fine print
• No longer a mortgage lender: If you’re looking for a VA, FHA, or conventional home loan, you’ll need to look elsewhere. Freedom Mortgage, which acquired their lending division, may be a good starting point
• Limited personal loan availability: Direct lending is currently restricted to select states

Final Thoughts

Whether you need to access cash tied up in a structured settlement, get relief from mounting debt, or explore your personal loan options, J.G. Wentworth has solutions geared to meet your individual needs.

Just note that they are no longer in the mortgage business. If a home loan is what you’re after, you’ll want to look at dedicated mortgage lenders. But for the financial services they do offer, J.G. Wentworth’s long history and strong reputation make them well worth considering. Check out their website here.