Beginnings of the company
JG Wentworth was started in 1991 as a merchant bank mostly dealing with clients in the healthcare industry. It developed its services to eventually allow clients to turn their regular payments into lump sum amounts of money. These regular payments include mortgage notes, inheritance, lottery winnings, and insurance deferrals among others. The services provided by the company came as a much needed relief for people who for some reasons could not wait for the periodic payments to be fully paid. The company’s approach to turning periodic payments into lump sum amounts and its understanding and willingness to help made it very popular.
Service to clients
The company is always ready to assist any client wishing to get a lump sum amount of money in exchange for their periodic payments. The people who work for the company are professionally trained and they have made the company more popular by processing applications in record times. These factors have been responsible for the company’s popularity.
· It has been turning periodic payments paid to its customers into lump sum payments for many years helping customers out of financial difficulty.
· The professionally trained staffs of the company are willing to help with any client’s issued and have the experience to back it.
· Applications made by clients to the company are processed very quickly and in some situations take less than a day when the necessary documents have been provided.
· The company has been around since 1991 and has gained a lot of experience dealing with financial transactions. This gives confidence to prospective clients.
How the company brought sanity to the industry
In the late 1990s the company started to deal primarily with structured settlements and annuities. It gave much needed help to customers who needed their money immediately instead of receiving it in periodic payments. The general practice in the industry before JG Wentworth was customers receiving a certain sum of money secured by their assets and repaid by their periodic payments. The company came and started buying the entire length of periodic payments for a lump sum amount. This shook up the industry and made the company very popular.
The model employed by the company has several advantages to clients. The most important benefit that the company gives is that no obligations are made on the client after receiving the lump sum amount of money. It cannot affect credit rating of the client.