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What to do if you’re denied a debt consolidation loan
by
JG Wentworth
•
June 18, 2024
•
6 min
There are some very common reasons why someone won’t qualify for a debt consolidation loan, so if you find yourself in this situation, don’t panic. JG Wentworth offers debt relief services beyond loans that will help you get back on track. We provide customized debt settlement solutions in which our team negotiates with creditors to try to reduce the total amount you owe, and often in less time. Our Debt Settlement Program offers you many of the benefits of a loan even if you don’t qualify for one.
The main benefit of a debt consolidation loan
If you’re juggling multiple debts, it can be a hassle to keep track of various payments, interest rates, and due dates. The primary advantage of consolidation is that you only need to focus on a single, monthly payment. By consolidating your debts, you can potentially secure a lower interest rate for the overall loan, resulting in significant savings over time. So, why wouldn’t someone qualify for one of these loans?
Common reasons debt consolidation loans are denied
There are three main factors that will have a debt consolidation loan rejected…
- Employment stability: If a consumer doesn’t have reliable and consistent income.
- Too much debt: If a consumer’s debt-to-income ratio is significantly unbalanced.
- Low credit card score: If a consumer’s credit history is inconsistent.
If you find yourself struggling with one of these hurdles, rest assure there are still options available for reclaiming your financial freedom.
If you are $10,000 or more in debt — JG Wentworth can help
While having a debt consolidation loan turned down can be stressful, JG Wentworth’s Debt Settlement Program is here to help. In fact, as long as you know the dates and amounts of your payments, we can provide a quote within minutes…
4 Benefits of Enrolling in the Debt Settlement Program
You deserve to live a debt-free life. Our representatives can assess your unique financial situation and eligibility to suggest the best course of action, offering you tailored options for individual financial needs.
Reduce Total Debt
If your debt qualifies, our Certified Debt Specialists will create a customized program to help you save money by negotiating with creditors to resolving your enrolled debt.* Also, creditors may be more willing to agree to settle knowing that you have the option to file bankruptcy, which typically results in creditors receiving little to none of your original balance.
Get Out of Debt Quicker
We can help negotiate on your behalf so that you can become debt-free in less time at a fraction of the cost than it would take on a standard repayment schedule.*
Make One Monthly Payment
If you qualify for our debt settlement program, you will make a monthly deposit into a dedicated program account that helps support negotiations and pay off your debt. No more keeping track of multiple bills and deadlines.
Eliminate Collection Calls
Collection calls will typically slow down or stop completely as your accounts age and we begin the negotiation process with each creditor.
7 Secrets Our Representatives Wish You Knew
Knowledge is power. We want you to feel empowered to take the right steps towards debt relief. In this helpful video, we run through secrets about debt settlement we want to share with prospective customers.*
How JG Wentworth’s Debt Relief Program Works
Contact Us
You can reach out to us by phone or online through a contact form. One of our representatives will reach out to you and ask you some questions to learn more about your debt. There is no obligation to work with us after this initial phone call.
We Create Your Debt Relief Program
If your debt qualifies, we will work with you to create a customized program. During this time, you will make a monthly deposit into a dedicated program account, gradually building the amount instead of making minimum payments on your debt.
We Negotiate on Your Behalf
As you grow your dedicated program account, we will work to negotiate with your creditors to reduce your overall debt. Each time we are successful, we will reach out to you for authorization of the settlement terms.
You Pay Off Your Debt
After you pay the full or reduced amount owed on each account, you will be free of your enrolled debts!
Want to Learn More?
Fill out the contact form today and one of our representatives will get in touch with you to discuss your options. There is no pressure or obligation to work with us, and consultations are free of charge.
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*JG Wentworth’s debt relief program is offered by JGW Debt Settlement, LLC. Program results will vary by individual situation. As such, it may not be suitable for all persons. JG Wentworth does not offer debt relief services in all states and fees may vary from state to state. Not all debts are eligible for enrollment. Not all individuals who enroll complete our program for various reasons, including their ability to save sufficient funds. Savings resulting from successful negotiations may result in tax consequences, please consult with a tax professional regarding these consequences. The use of debt relief services can potentially have an adverse impact on your credit rating, may result in you being subject to collections, and may result in other adverse action by creditors or collection agencies. Read and understand the program contract prior to enrollment.
JG Wentworth does not pay or assume any debts or provide legal, financial or tax advice or credit repair services. You should consult with independent professionals for such advice or services. Please consult with a bankruptcy attorney for more information on bankruptcy.