Many of us have experienced moments, especially in recent years, when a large sum of money could have solved a financial problem. Is Wentworth's offer worth singing about? There are times when it can make sense to do business with a company like J, G. You may need cash for a medical emergency and have nowhere else to go. Or maybe you want to pay off high-interest credit card debt.
You May Be Eager to Withdraw an Annuity. Wentworth may be willing to help, but will withhold a portion of your payment in return. The total amount you cash out is called the effective discount rate, which includes all your fees and can total 9 percent to 15 percent or more. Still, if you pay 30 percent interest on credit card debt, do business with J, G.
It can also pay you more for an annuity than you could earn by collecting it, especially if your insurance company charges a high redemption fee for early retirement. There's something you should know about J, G. Wentworth, however, is that the company recently reorganized itself to reduce its debt burden, which allowed its holding companies to come out of bankruptcy last June. If you file for bankruptcy again while your payment is being processed, you may have difficulty getting your cash.
If you're tight on money and have an investment that provides you with a steady stream of income, check to see if the company you've been doing business with will increase your monthly payments to provide you with more immediate cash. Since this can be complicated, you may want to talk to a financial advisor and lawyer before taking action. And check the tax implications associated with collecting an annuity. Build & Buy Car Buying Service Save thousands of dollars on the MSRP with upfront dealership pricing information and a transparent car buying experience.
Get ratings on the go and compare while you shop. Wentworth, based in Chesterbrook, Pennsylvania, buys structured settlements, long-term payments that are granted as settlements in lawsuits. People who have won the agreements waive future payments for immediate cash. One of the benefits of having a structured settlement is that you get long-term financial security in the form of a reliable stream of income.
Even better, as a recipient of a structured settlement, you have the right to sell part or all of your overall payment flow in exchange for a lump sum, and that's where JG Wentworth can help. In exchange for the services of an annuity buyer, you will receive a portion of your total annuity or structured settlement and send you a one-time payment. 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.
The company is known for its television commercials with Mr. Wentworth, and a series with interpretations of a long jingle performed in various styles, including Wagnerian opera singers. Prior to 1999, there was no regulation for structured agreements in New York State. Eliot Spitzer, then Attorney General of New York State, entered into a contract with J, G.
Wentworth regulates industry and limits rates. Wentworth could receive a rate of no more than twenty-five percent of the annual discount rate for annuities he had purchased from New York State citizens. At the time, a JGW executive told the New York Times that the firm was seeking the deal because of the pace at which its business had grown. Wentworth owns and operates under a number of brands.
Top Three Brands Owned by J, G. Wentworth, Peachtree and Stone Street Capital. JG Wentworth offers structured settlement payment purchases, debt relief services and annuity purchases. When you sell your structured settlement payments, the buying company will offer you a price based on the future value of your payments, taking into account the cost of inflation over time.
Selling structured settlement payments isn't for everyone, but many people benefit from these agreements. Wentworth, and other companies in the same industry, buy an annuity or a structured settlement, the seller will receive a lump sum of cash in return. In addition to this, JG Wentworth uses aggressive marketing techniques, which has caused some customers to send a cease and desist. A legal guardian can sell part or all of a structured settlement payment stream belonging to a minor in their care if they can prove to a judge that the lump sum will be used to benefit the child and that the transaction is in the best interest of the child.
For the duration of this program, you will be encouraged to stop paying your debt and instead deposit the money into a dedicated account, while JG Wentworth negotiates with creditors. Wentworth buys structured settlements at a discount rate, which is how they make a profit, so your payout will be less than the total value of your structured settlement. As you know, the result of this process is that sellers like you receive a lump sum in exchange for an annuity or a structured settlement. Keep in mind that it would take JG Wentworth 4-6 months to reach an initial settlement agreement with creditors.
The company completed tens of thousands of structured settlement purchases over many years, a level of experience that you are unlikely to find with most other structured settlement companies. The Wentworth fee varies based on several factors, such as the value of your structured settlement and the number of remaining payments. Wentworth is a structured settlement company founded in 1991, which has become a household name with well-known television commercials offering “cash now” in exchange for structured settlements and other annuities. Additionally, as a customer of JG Wentworth, you may be eligible to receive a significant cash advance prior to court approval; simply ask your representative for details when you call.