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Personal debt is an unfortunate reality for many people today Credit card bills, medical expenses, student loans, and other financial obligations can quickly snowball out of control When you feel like you’re drowning in debt, debt settlement companies like JG Wentworth may seem like an easy way out. But are these debt relief services legit? Let’s take an in-depth look at JG Wentworth to find out.
What is JG Wentworth?
JG Wentworth is one of the largest and most well-known debt settlement companies in the United States. They’ve been in business for over 30 years and claim to have helped hundreds of thousands of customers lower or eliminate their debt.
JG Wentworth offers debt settlement services for unsecured personal debts like credit cards, medical bills, personal loans, and some private student loans. They negotiate with your creditors to try to settle your debts for less than you owe The company says its debt relief program can help you become debt-free in 24-48 months.
JG Wentworth also purchases structured settlements, annuities, lottery winnings, and casino jackpots for lump sum cash payments. This part of their business accounts for the famous “It’s my money and I need it now!” commercials you may have seen on TV.
Is JG Wentworth legit?
The short answer is yes – JG Wentworth is a legitimate company. They are accredited with the Better Business Bureau (BBB) and have an A+ rating.
JG Wentworth is also a member of the American Fair Credit Council (AFCC), the trade association for the debt settlement industry. AFCC members must follow certain fair debt practices and are subject to disciplinary action for violations.
Over 17,000 customers have left reviews of JG Wentworth on Trustpilot.com, earning the company a “Great” overall rating of 4.8 out of 5 stars. Most describe it as a helpful, reliable service.
So while debt settlement does come with risks (which we’ll discuss shortly), JG Wentworth does seem to be one of the more reputable options out there. They have a long track record and generally positive customer feedback.
How does JG Wentworth’s debt settlement process work?
If you enroll in JG Wentworth’s program, you’ll open a dedicated bank account and make monthly deposits to save up for settlements. JG Wentworth will then contact your creditors and attempt to negotiate reduced payoff amounts.
For example, let’s say you owe $20,000 across several credit cards. JG Wentworth might be able to settle these debts for $12,000 total. You would save $8,000.
The company says most clients complete their program in 2-4 years. Throughout the process, you stop making payments to creditors and let the accounts go into delinquency or default. This hits your credit score but is necessary for creditors to agree to negotiated settlements.
JG Wentworth charges a fee of 18-25% of your total enrolled debt. This fee gets paid incrementally as accounts are settled. You won’t pay anything unless they get your debt reduced.
What are the pros of using JG Wentworth for debt settlement?
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No upfront fees – You only pay if they settle your debts, so there’s minimal risk in trying their program.
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One monthly payment – Instead of juggling multiple creditor payments, you make one payment to JG Wentworth each month.
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Save money – Debt settlement could reduce your total debt burden by 20-50%.
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Avoid bankruptcy – Settling debts lets you pay back what you can without having to file bankruptcy.
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Flexible program – You can enroll only the debts you want and can opt out of the program at any time.
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More affordable payments – Monthly payments are based on what you can afford, not the total balances.
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Reliable company – In business for over 30 years with mostly positive customer reviews.
What are the cons of JG Wentworth debt settlement?
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Damages credit – Your scores will drop significantly when you stop paying creditors. It could take years to fully recover.
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Tax consequences – Settled debt may be treated as taxable income by the IRS. You may owe extra at tax time.
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Collection calls – You’ll still get hassled by creditors seeking payment until debts are settled.
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Lawsuits – Creditors can sue you for repayment, although JG Wentworth offers legal support.
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High fees – Debt settlement fees can equal 20-25% of your total debt.
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No guarantee – JG Wentworth may not be able to negotiate settlements with all your creditors.
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Program length – It takes 2-4 years to complete the debt relief process.
What do customers say about JG Wentworth?
Most JG Wentworth customers seem reasonably satisfied, based on reviews. On Trustpilot, 12,469 of the company’s 17,469 reviewers rated them “Excellent” or “Great.” Positive reviews praise JG Wentworth’s customer service and ability to lower debt.
However, debt settlement is a lengthy process with strict rules. Some clients get frustrated with the drop in their credit score or frequent calls from creditors. The program also involves legal risks not everyone is comfortable with.
Here are some examples of customer experiences with JG Wentworth debt relief services:
“JG Wentworth has been amazing! My experience with them is really great. The reps are amazing with their timely response and updates on what’s going on with my account. They were able to lower my debt just like they said they could.” – Juanetta, New York
“I decided to explore JG Wentworth for their debt relief services after finding them through a Google search. My experience with their customer service has been very positive. Whenever I’ve needed to reach out, Erica, the representative assigned to my case, responds within a day.” – M., Oklahoma
“The program worked great for me. It gave me a better understanding of how debt works, using your credit and your credit score. I would definitely recommend the program. It moved very fast and assisted with getting my debt clear.” – Tiffany, North Carolina
But not all reviews are glowing:
“I really screwed myself over working with this company, only to get a settlement less than I was promised on the initial call with the sales lady because that is all she was. After contracts were signed all communication to her after was not answered.” – Monique, New York
“No response from really anyone from the company. I called right away to cancel and I have gotten crickets.” – C., Ohio
Is JG Wentworth right for you?
While JG Wentworth seems to be one of the better debt settlement services, keep in mind there are risks involved. Make sure you understand the process and are comfortable with the potential credit damage.
Debt settlement could be a good option if:
- You have $10,000+ in unsecured debt to enroll
- You can afford the monthly program payments
- You’ve already tried debt management without success
- You want to avoid bankruptcy
- You don’t mind waiting a few years for resolution
But you may want to explore other strategies if:
- Your debts are mostly student loans or secured debt like mortgages
- You can’t afford high monthly payments
- You want to protect your credit score
- You need relief within 6-12 months
- You don’t want creditors calling frequently
Ultimately there is no one-size-fits-all solution for debt relief. Compare all your options – including credit counseling, debt consolidation loans, and balance transfer cards – before deciding if JG Wentworth is your best path to becoming debt-free.
The Bottom Line
JG Wentworth is a legitimate debt settlement company that’s helped many customers lower their debt burden over the past 30+ years. They don’t charge any upfront fees and will refund you if they can’t settle your debts.
However, debt settlement comes with inherent drawbacks like damage to your credit and potential legal action. Make sure you fully understand the pros, cons, and risks before signing up. While JG Wentworth is one of the better services, debt settlement may or may not be the right choice for your situation.
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
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
- Best price guarantee
- No upfront fees
- Over 30 years in business
- 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.
JG Wentworth doesnt 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.
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.
J.G. Wentworth Review (2025)
FAQ
Does JG Wentworth mess up your credit?
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.
Is there a real JG Wentworth?
The J.G. Wentworth Company is an American financial services company that purchases structured settlements, annuities, and lottery payments in exchange for a lump-sum cash settlement. They also offer debt counseling and negotiation services. Chesterbrook, Pennsylvania, U.S.
Does JG Wentworth pay your debt?
JGW’s fees are calculated based on a percentage of the debt enrolled in the program. Read and understand the program agreement prior to enrollment. JG Wentworth does not pay or assume any debts or provide legal, financial, tax advice, or credit repair services.
What percentage of your money does JG Wentworth take?
How much money does JG Wentworth take from settlements? JG Wentworth fees can range from 9% to 15%, depending on the details of your structured settlement or annuity.
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.
How good is JG Wentworth customer service?
Of 216 recent JG Wentworth reviewers who talked about customer service, about 81% were satisfied or happy with how company reps provided guidance and support. That ranks JG Wentworth fifth for customer service among debt settlement providers on our site.
Is JG Wentworth scamming customers with dubious debt relief promises?
There are a few ways JG Wentworth could be scamming customers with dubious debt relief promises: 1. Charging excessive fees – Upwards of 25% fees before settling any debts. Could pay more than just paying off normally. 2. Damaging credit – Program requires defaulting on debts which devastates credit scores with negative marks. 3.
What does JG Wentworth do?
JG Wentworth focuses on helping individuals overcome financial hardships in various ways. Our Debt Relief Program allows us to negotiate with creditors on our client’s behalf to help pay off or reduce their unsecured debts.
Is JG Wentworth a legitimate debt settlement company?
Light regulation – Debt settlement industry has lax government oversight. Unethical conduct is often technically legal activity. While some customer criticism is justified, J.G. Wentworth seems to satisfy the basic standards of a legitimate, lawful business.
Does JG Wentworth charge a fee?
Fees are calculated into your monthly program payment, and JG Wentworth promises they will never increase. You are free to cancel the program with no penalty at any time during the debt settlement process. Clients also have the option to purchase legal insurance through an unaffiliated law firm for an additional monthly fee.