JG Wentworth Reviews
About JG Wentworth
A majority of J.G. Wentworth’s financial services revolve around purchasing structured settlement payments from individuals who need a large sum of cash immediately. Structured settlements are periodic payments used for instances where a large settlement has been made to remedy a claimants situation. They are also used to reduce legal and other costs by avoiding trial.
The insurer of the settlement typically purchases an annuity or assigns the financial obligation to a third party who then purchases a qualified funding asset to finance the payments. While these intermittent payments can be beneficial for some, others may want a large sum of the money or all of the money up front. J.G. Wentworth will purchase all of your future payments or a portion of them depending on how much money you need.
To begin, you will be required to submit the necessary paperwork in order to obtain a quote from the agent. Their offer will be designed around the amount of money you are requesting in relation to the number of future settlement payments they want in exchange. The dollar amount they receive will be higher than the amount they lend to you and a percentage of this profit is paid to the agent as commission.
There have been many individuals who complained about being taken advantage of by J.G. Wentworth’s sales team. The lower the payout they are able to settle for equates to a higher commission for them.
Since structured settlements are commonly used to prevent lawsuits from people who have been injured in some sort, clients who need to pay medical bills will often come to them for immediate cash. Medications that distort a client’s thinking ability puts them at risk for accepting an unfair offer. There are actually companies who prey on individuals awarded structured settlements for injuries and related circumstances.
J.G. Wentworth has been in business since the 1990’s and they have an A+ rating with the Better Business Bureau. While some of their sales agents may be out for the sell, there are others who are fair and honest. If you feel they have made you a low offer, don’t accept it.
Take some time and apply for different quotes from different companies before selling your structured settlement payments. Research each company’s reputation; a better deal may not turn out to be what you expected if the company is not reputable.
Consult with a lawyer and/or a financial professional. Consider the amount of taxes you will be responsible for in exchange for the lump sum of money you will be collecting. Review the legal restrictions on your structured settlements before considering selling your settlement payments. Make sure you are prepared for future financial obligations and you are able to manage your money wisely. Most importantly, make sure that you seriously consider the amount of money you will be sacrificing before signing the contract.