In some situations, you may find yourself receiving monthly payments, such as from insurance payouts or the settlement of a lawsuit. Those payments are known as structured settlements. However, many people may prefer their payout in one lump sum instead of in regular monthly amounts. If you are in that situation, you will want to use a company to help you get all of your money in one lump sum. JG Wentworth is one of the most popular names in that area. It is one of the biggest buyers of structured settlements and offers a wide variety of additional financial services. Knowing more about the company can help you in determining whether you want to use them for your structured settlement.
JG Wentworth not only offers an option for consumers to receive a single lump sum payment for their settlements, but it also provides several other financial services. Some of those include prepaid cards, mortgages and even personal loans. JG Wentworth is also the owner of Peachtree Financial, another reasonably known buyer of structured settlements.
One of the biggest reasons you might want to rely on JG Wentworth to get your cash immediately instead of in monthly amounts is because you have significant medical bills. Another reason might be because you are looking to make a sizeable purchase, such as a down payment on a new home. JG Wentworth can help by buying future payments of your structured settlement annuity in exchange for one lump sum cash payment.
While this is a good way to get all of your money in one lump sum, it’s important to keep in mind that when you rely on this service, you will be selling your settlement at a discount. In other words, when you use JG Wentworth, you will not receive your full settlement amount. You can find out beforehand how much you will receive by contacting the company for a quote. There are different factors that come into play that determine the exact amount you will receive, including the length of your settlement and the total amount of each monthly payment.
When you use JG Wentworth’s service to get your settlement in a single lump sum amount, a judge needs to approve the sale of the settlement to the company. Furthermore, depending on the state in which you live, you may be required to speak with a financial adviser about your situation. After using the company’s service, however, it can take anywhere from 60 to 90 days to receive your money.
Another service that JG Wentworth offers is help with pre-settlement funding. That means that if you are involved in litigation, the company can help you get some of your settlement prior to the closing of the case. This money is not considered a loan and is instead part of the settlement you will eventually receive, but you receive it in advance.
JG Wentworth buys not only structured settlement annuities but inheritance money, mortgage notes and even lottery winnings. That means you can have the company convert that money into a single lump sum amount as well if you would rather not get monthly payments.
At the end of the day, it is up to you if you really want to use JG Wentworth. If you think that it is worth losing some money from your total settlement amount in favor of receiving a single lump sum instead of monthly payments, then it is worth it. However, if you want every penny you are due, you might be better of avoiding JG Wentworth or any other company that offers such services.