If you’re overwhelmed by debt, you might be considering debt relief as a way back on track. But what is debt relief and how does it work?
The first step is understanding if your current debt qualifies. Typically, only unsecured debts qualify, such as credit cards, personal loans, and medical bills. If you’re struggling to keep up with your accumulating debt and are looking to take control of your finances, debt relief may be an option for you.
At JG Wentworth, we start with a free debt assessment—no commitment required— to learn more about your debt, and finish by lowering our clients’ overall debt and helping them pay it off faster, with most clients paying off their debt in full in just 2-4 years. But there’s a whole process in-between to make sense of, and that process often raises questions.
We’re pulling back the curtain on our Debt Relief Program, so you can weigh the pros and cons for your individual situation and decide if JG Wentworth can help you meet your financial goals.
Spoiler alert—we probably can!
How will debt relief affect my taxes?
When clients pursue debt relief through our program, they get the incredible benefit of having one of our Certified Debt Specialists walk them through all of their debt relief options to create a plan tailored to their individual situation. And once they decide to move forward in the debt relief process, we get to work, negotiating with their creditors on their behalf to lower the total amount of debt owed.
If our team of trained negotiators successfully lowers the amount of debt due, clients may have to report the forgiven amount as taxable income, depending on their circumstances. We suggest our customers consult with a tax professional to determine whether they might be affected. Regardless, many people going through our Debt Relief Program find that saving thousands of dollars in interest is well worth it!
Still not sure if debt relief is a good idea for you? JG Wentworth’s Certified Debt Specialists are available to answer all your questions. Call today at (888) 570-5240 to explore all your options with us!