JG Wentworth's Debt Relief Program (2024)

Sources Cited

Fernando, J. (2021, February 24). What does unsecured debt mean? Investopedia.
Chen, J. (2021, June 30). Secured debt. Investopedia. Retrieved from
What's the difference between debt consolidation and debt settlement? Investopedia. (2022, February 8).
Brown, J. (2021, July 23). How Long Does A Bankruptcy Stay On Your Credit Report?.
DeMatteo, M. (2023, November 14). Do You Owe Tax on A Forgiven Debt?

¹Monthly payment and total savings are dependent on many factors, including, but not limited to, program fee, enrolled debt amount, monthly program payment and willingness of creditors to negotiate. The JG Wentworth Debt Relief Program fee is a percentage of each enrolled debt amount and may vary by state or debt load. The debt savings goal does not take into account the 18-25% program fee.The average amount saved on the debt balance does not take into account the program fee. Any decision to cease making payments to your creditors is yours. JG Wentworth does not provide direction on this matter.

*Disclaimer: The calculator on this web site is for estimation and educational purposes only. JG Wentworth makes no guarantees regarding its accuracy and specifically disclaims any and all liability arising from the use of this or any other calculator on this web site. Use at your own risk and verify all results with an appropriate financial professional before taking action. We are not registered investment advisers, attorneys, CPA’s or other financial service professionals and do not render legal, tax, accounting, investment advice or other professional services.

**The results, based on the information provided by you, represent an estimate for each payoff option.

Debt resolution program provided by JGW Debt Settlement, LLC (“JGW” of “Us”)). JGW offers this program in the following states: 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. If a consumer residing in CT, GA, HI, IL, KS, ME, NH, NJ, OH, RI, SC and VT contacts Us we may connect them with a law firm that provides debt resolution services in their state. JGW is licensed/registered to provide debt resolution services in states where licensing/registration is required.

Debt resolution program results will vary by individual situation. As such, debt resolution services are not appropriate for everyone. Not all debts are eligible for enrollment. Not all individuals who enroll complete our program for various reasons, including their ability to save sufficient funds. Savings resulting from successful negotiations may result in tax consequences, please consult with a tax professional regarding these consequences. The use of the debt settlement services and the failure to make payments to creditors: (1) Will likely adversely affect your creditworthiness (credit rating/credit score) and make it harder to obtain credit; (2) May result in your being subject to collections or being sued by creditors or debt collectors; and (3) May increase the amount of money you owe due to the accrual of fees and interest by creditors or debt collectors. Failure to pay your monthly bills in a timely manner will result in increased balances and will harm your credit rating. Not all creditors will agree to reduce principal balance, and they may pursue collection, including lawsuits. 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. You should consult with independent professionals for such advice or services. Please consult with a bankruptcy attorney for information on bankruptcy.

Client Grievance Procedure: If you are unable to resolve an issue with your Debt Specialist or Client Services Representative, please request to speak with a manager. If you cannot reach a resolution with a manager, please escalate communication via email at [emailprotected] or direct mail to the business address listed on our contact page.

Affiliated Business Arrangement Disclosure

JGW Lending, LLC (NMLS ID #2365173) is a wholly owned subsidiary of The J.G. Wentworth Company, LLC (“JGWC”). JGWC also owns 100% of JGW Debt Settlement, LLC. Because of this relationship, your referral to JGW Lending, LLC may provide JGWC with a financial or other benefit. JGW Debt Settlement, LLC may receive Debt Resolution Program fees, earned due to the settlement of your debts made with the proceeds of your loans from JGW Lending, LLC. Any program fees paid to JGW Debt Settlement, LLC will be made in compliance with the Telephone Consumer Protection Act 47 U.S.C. § 227 and applicable state laws. You are NOT required to use JGW Lending, LLC for a personal loan. Please click here for the full Affiliated Business Arrangement disclosure form (link to the form attached to this email – a version of this is signed off on during the app process as well).

FAQs

Does JG Wentworth pay off 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.

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Does using JG Wentworth hurt your credit? ›

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.

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Can I cancel my JG Wentworth debt relief program? ›

You can opt-out of this service at any time by replying to our last message with “STOP”.

Is it worth doing a debt relief program? ›

If you're one of the millions of Americans struggling to repay high-interest debt, a debt relief plan may be an option to help you get your finances on track. But it's not a quick fix. It's a long-term solution designed to help you get out of debt over a period of time — typically several years.

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Does debt consolidation hurt your credit? ›

Debt consolidation can negatively impact your credit score. Any debt consolidation method you use will have the creditor or lender pulling your credit score, leading to a hard inquiry on your credit report. This inquiry will decrease your credit score by a few points. However, this credit score decline is temporary.

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How much does JG Wentworth take from your settlement? ›

JG Wentworth charges a program fee that ranges from 18 percent to 25 percent of your total debts settled. The exact percentage will depend on your total debts, the settlement agreement and what state you reside in. JG Wentworth charges a program fee that ranges from 18 percent to 25 percent of your total debts settled.

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What is the lawsuit against JG Wentworth? ›

Douglas Simpson sues The J.G. Wentworth Company and Digital Media Solutions, LLC, for alleged violations of the Telephone Consumer Protection Act (TCPA), 47 U.S.C. § 227, and the Florida Telephone Solicitation Act (FTSA), § 501.059, Fla. Stat.

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Is debt settlement worth it? ›

If you're behind on your credit card payments and looking for a solution, you might be considering debt settlement, which promises to help clear your debts. However, debt settlement is risky and should be a last resort for most borrowers.

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What is the best debt relief program? ›

Best for credit card debt: National Debt Relief.
Best overall: Money Management International.
Best for customized options: Accredited Debt Relief.
Best for all unsecured debt types: Americor Debt Relief.
Best for customer support: Pacific Debt Relief.
Best in availability: Century Support Services.

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4 days ago

How long does a debt relief last? ›

A debt relief order normally lasts for 12 months. However, it will impact your credit report for six years from the date it was approved as it will be listed for future lenders to see.

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What happens to your credit after debt relief? ›

Debt settlement will remain on your credit report for seven years. This means that for those seven years, your settled accounts will affect your creditworthiness. Lenders usually look at your recent payment history.

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How does debt relief work? ›

Debt relief refers to measures to reduce or refinance debt to make it easier for the borrower to repay it. Options for debt relief include forgiving a portion of the debt, lowering the interest rate, stretching payments over a longer period, or consolidating multiple debts into a single, lower-interest one.

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What is negative about debt relief? ›

Stopping payment on a debt means you could face late fees and accruing interest. Additionally, just because a creditor agrees to lower the amount you owe doesn't mean you're free and clear on that particular debt. Forgiven debt could be considered taxable income on your federal taxes.

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Can I buy a house after debt relief? ›

Yes, it is possible to buy a home after debt settlement, but it may present challenges. Lenders may view individuals who have settled debts as higher risk borrowers, which could affect their ability to qualify for a mortgage or result in higher interest rates.

Who qualifies for debt forgiveness? ›

If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness. Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones.

Does debt settlement destroy your credit? ›

Debt settlement can eliminate outstanding obligations, but it can negatively impact your credit score. Stronger credit scores may be more significantly impacted by a debt settlement. The best type of debt to settle is a single large obligation that is one to three years past due.

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Does debt ever get forgiven? ›

But the harsh truth lies somewhere short of "totally erased" and "no consequences." To be clear, debt forgiveness does exist, and it's possible to settle your debt for less than what you owe. But to get it totally erased is rare, and it usually requires an extreme measure, such as bankruptcy.