JG Wentworth Debt Relief: how to read a settlement offer before you enroll
We hold no confirmed facts about this provider, so this page explains the type of service: what debt settlement does, what to check and where it goes wrong.
The short version
- A settlement program asks you to save money while negotiators try to cut your debts, and accounts often go unpaid in the meantime.
- Checkngocash has no confirmed terms for this provider, and terms vary. Ask for fees, timeline and risks in writing before you sign.
- The company behind the offer makes every decision and sets the terms, not Checkngocash.
At a glance
Debt settlement companies negotiate with creditors to accept a smaller lump sum than you owe. You usually deposit money each month into a separate account, and the company uses it to pay settlements as they are reached. The FTC says these programs often tell you to stop paying creditors directly.
That is the part to weigh. While you save, late fees and interest can grow, collectors may call and creditors may sue. Creditors do not have to agree to settle, and you may finish with unsettled debts, fees paid and a lower credit score. Before you sign with any provider, including JG Wentworth Debt Relief, ask for the total fee, the timeline and the amount you must save before the first offer.
Pros and cons
What works
- A successful settlement can reduce what you owe
- It may be an option when a repayment plan is out of reach
- A single monthly deposit can be simpler than juggling many bills
What to weigh
- Stopping payments can damage your credit and add late fees and penalties
- Creditors are not required to settle, and some will not work with these companies
- Collection calls and lawsuits are possible, and the process can take years
- Debt forgiven in a settlement may be taxable income
Who it suits
A reasonable fit if
- You are far behind on unsecured debt and a repayment plan will not work
- You can keep depositing for the whole program
- You have already talked with a nonprofit credit counselor and read the contract closely
Look elsewhere if
- You can still cover your minimum payments
- Your biggest debts are secured, such as a mortgage or car loan
- A lawsuit or collection activity would be more than you could handle
Opens the advertiser's site.
How it works
- Ask for the money questions in writing
Request the total fee, how and when it is charged, the monthly deposit and how much you must save before the first offer.
- Check where your deposits are held
Ask whether the account is in your name, whether you control it and how to withdraw if you leave.
- Compare before you decide
Weigh the quote against a nonprofit debt management plan, a consolidation loan and a bankruptcy attorney's advice.
Questions people ask
What does this page know about JG Wentworth Debt Relief?
Can a settlement company charge fees up front?
Will settlement hurt my credit?
What should I try before settlement?
Do you have the fee and timeline in writing?
Until you do, you cannot compare this offer with the alternatives, so request both before you enroll.
Advertisement. Checkngocash is not a debt relief company, lender or law firm, and we may earn a commission if you click through or sign up. JG Wentworth Debt Relief sets its own terms and fees. Under the FTC Telemarketing Sales Rule, a debt settlement company that sells by phone may not charge a fee until it has settled a debt, you have agreed to the settlement and you have made a payment under it. Settlement can damage your credit, and forgiven debt may be taxable. The figures here come from offer data that has not been confirmed with the advertiser.