Thursday, January 23rd
2025 Structured Settlement Buyer Reviews
JG Wentworth
- "A+” BBB rating
- $1,000 dollar best offer guarantee
- Very well-known option for structured settlement buy-outs
If you have ever watched cable TV, then you've likely seen JG Wentworth's varied (and memorable) advertisements, most of which state some variation of "It's my money and I want it now!” Even though JG Wentworth is a reputable company, we aren't exactly comfortable with the way they represent structured settlement selling. We're also concerned with the fact that they don't recommend independent legal and financial counsel before working with them.
Slightly misleading information
While JG Wentworth does offer information pertinent to selling a structured settlement, we found this information to be slightly misleading, which makes it dangerous for customers. For example, JG Wentworth frames the beneficial tax-free payout of a structured settlement as unfairly "keeping you from your money”, and they overrepresent the role of inflation in devaluing the value of a structured settlement. Most financial advisors would tell you that under no circumstances will you come out ahead when selling your structured settlement, and that you will lose money long-term. We find the fact that JG Wentworth misrepresents the basic facts of a structured settlement, and insinuates that the nature of structured settlements is somehow unfair, distasteful to say the least.
A standard guarantee
JG Wentworth does offer a "best price guarantee”. If you can provide a written quote from a competitor which JG Wentworth cannot match, they will pay you $1,000 payable on receipt of confirmation that you sold all or part of your structured settlement through JG Wentworth. While this seems okay on the surface, if you have a better deal elsewhere that JG Wentworth cannot match, why continue with JG Wentworth's suboptimal price? Especially in regards to a deal that may involve forfeiting tens of thousands of dollars in future payments? On closer inspection, such cash guarantees don't really have much value for the seller.
An "A+” BBB rating, but some spammy practices
JG Wentworth has an "A+” rating with the Better Business Bureau, seemingly due to the fact that they respond to every complaint. However a quick perusal of customer complaints reveals a company that engages in predatory spam mail and calls. Customer complaints on the Better Business Bureau report endless streams of contacts from JG Wentworth, bordering on harassment. JG Wentworth does a good job responding to customer complaints on the Better Business Bureau sites once they are publicly posted, but the sheer volume of complaints from customers ins concerning. These complaints include requests not to be contacted, which were repeatedly ignored. This should give you pause before giving JG Wentworth any of your contact information (though, if you have received a structured settlement, structured settlement buyers may have already mined your contact information from public records).
A grim reminder: no buyer is your friend
Going through JG Wentworth's Better Business Bureau profile contains a staggering amount of heartbreaking stories from people who were addicts, just turning 18, or desperate, counseled into disadvantaged sales of their structured settlements by JG Wentworth. Of course, JG Wentworth responds to these complaints with all the necessary disclaimers and assertions of no-fault that are the staple of large corporations. However, the fact remains that JG Wentworth is a large company that buys structured settlements, ultimately seeking its own benefit as a priority. If you engage with them without representation, they may pressure you into a bad deal with all their legal i's dotted and t's crossed.
Watch your step
If your financial advisor advises that JG Wentworth is a good choice to sell your structured settlement, they may still be worth your while. You need to have someone in your corner protecting your interests. However, do not engage with any kind of financial giant like JG Wentworth alone. You may be better served by a smaller company with less incentive to pressure you into a sale.
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The 8 Best Structured Settlement Buyers
What's the Best Structured Settlement Buyer on the Market?
Well, it's a critical question, and one that should be explored with care. Many receive a structured settlement as an annuity paid over a long period of time in compensation for injury or malpractice. While the stable income of a structured settlement can be a necessary key to financial security, many people are often left in a bind when they need money for a sudden expense or emergency, and are unable to procure the collateral for a loan.
That's where structured settlement buyers come in. These companies offer a single lump sum of cash in exchange for your monthly payments, giving you the up-front capital you need to manage a crisis, or make a needed purchase/investment.
Structured Settlement Buyer FAQ
Continued from above...
It almost goes without saying that you should take care when you sell your structured settlement. While there are reputable buyers out there, many companies appear out of nowhere, or engage in less-than-reputable business practices. As the sale of a structured settlement is a major decision, a bit of careful investigation to determine the quality of the buyer can go a long way towards a transaction you'll be happy with.
Typically the sale of a structured settlement requires that you appear in court to talk to a judge in order to determine that you understand the particulars of the sale of your structured settlement, and that the sale is in your best interest. While potentially annoying, your court appearance is a critical step in the process, and something that directly protects you as a consumer.
Before this step, companies are required to advise you in writing that you can hire independent legal counsel to review your sale in court with you. This is strongly recommended, as legal counsel and financial advice can give you power and leverage in your structured settlement sale, making it so you get a better deal, and potentially earning multiple-thousands more from the sale of your settlement. If you sign this away to another person or a company, they may represent their own best interests, rather than yours.
So, which structured settlement buyers are worth your time? As you investigate the options, here are some tips for you to keep in mind:
- Information offered. Look for companies that inform you about their process, and the nitty-gritty details of the sale of structured settlements. Do they explain their process of purchasing structured settlements? Do they have specific recommendations for you as a seller? Oftentimes, the more information a company gives you, the more reputable they are.
- Low-pressure environment. Selling your structured settlement is a big deal, and you should never feel pressured to make a decision before you're ready. You should also not feel like you're being pushed to sell all of a settlement if a partial sale is what you need. Choose a buyer with a reputation for letting clients take the time they need to make whatever decision is best for their situation.
- Client reviews. Look for the testimony of past customers before engaging with a structured settlement buyer. Those who have gone before you can relay whether the company treated them with respect, and speak to the quality of the deal they received.
At Top Consumer Reviews, we want to make sure that our readers are well-equipped to navigate the sometimes murky waters of the structured settlement industry. We've gathered the best companies we could find, and ranked them based on their overall reputation and business practices. As you shop around for the best deal in the sale of your structured settlement, you should feel comfortable using our curated list as a starting point for finding a fair and honest buyer.
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