PORTLAND, Ore. — For more than a decade, John Wyllie lived the dream millions of Americans once fantasized about: winning Publishers Clearing House’s famous “$5,000 a Week for Life” prize. But today, the 61-year-old Oregon native is facing the unthinkable. After Publishers Clearing House (PCH) filed for bankruptcy earlier this year, his guaranteed income vanished overnight. Now, Wyllie fears he could lose the home he thought his winnings had secured forever.
A Life-Changing Win
Back in 2012, Wyllie was stunned when the PCH Prize Patrol knocked on his door to deliver the news: he had won one of the sweepstakes giant’s most coveted jackpots — $5,000 a week for the rest of his life.
According to NBC affiliate KGW8, Wyllie received a $260,000 annual payout. The winnings allowed him to retire early and purchase a house on six acres of land in scenic Bellingham, Washington. For years, it seemed like the perfect storybook ending.
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“It gave me a life I never thought I’d have,” Wyllie said.
A Nightmare Decade Later
But in 2025, those reliable checks suddenly stopped. PCH had filed for bankruptcy, blindsiding not just Wyllie but at least 10 other long-time winners still owed money.
“This feels like a nightmare,” Wyllie told reporters. “I haven’t worked in over a decade, and at my age, it’s almost impossible to find a job now.”
Without his weekly income, he faces the very real possibility of losing the home he bought with his winnings.
Why PCH Collapsed
The once-booming sweepstakes giant had been in decline for years. According to The Wall Street Journal, the company’s revenue plunged from nearly $900 million annually before the COVID-19 pandemic to just $180 million last year.
Analysts point to the rise of online retailers like Amazon, which outcompeted PCH’s traditional direct-mail and online sales model. On top of that, the company was hit with an $18 million settlement from the Federal Trade Commission (FTC) in April for deceptive practices. The FTC alleged PCH misled consumers into thinking they needed to buy products to improve their odds of winning.
Within weeks of the settlement, PCH filed for bankruptcy protection.
New Owners, No Relief
In July, ARB Interactive purchased PCH for $7.1 million. The company announced it would honor prizes awarded after the takeover but would not cover obligations to winners from before its acquisition.
That leaves Wyllie and others like him in legal limbo, forced to seek payment through the bankruptcy court.
Andrea Coles-Bjerre, a law professor at the University of Oregon, told KGW8 the chances of recovery are slim. “They’ll be considered unsecured creditors competing for money that simply doesn’t exist,” she said.
A Broken Promise
For Wyllie, the experience underscores the fragility of financial security built on promises from private sweepstakes. “You think it’s forever, and then one day, it’s gone,” he said.
He isn’t alone. At least 10 winners are in similar situations, with many unable to return to the workforce or rebuild their financial footing after relying on payouts for years.
Lessons for Handling a Windfall
The collapse of PCH serves as a cautionary tale for anyone who comes into sudden wealth, whether through a sweepstakes, lottery win, or inheritance. Experts stress that while the money may seem endless, careful planning is essential.
Keep Quiet About Your Win
Financial advisors recommend avoiding publicizing your windfall. Setting up a revocable living trust can shield your identity and provide extra financial protection.
Build a Professional Team
Experts like John Jennings of ArchBridge Family Office advise hiring both a financial planner and an estate attorney before collecting large prizes. A strong team ensures proper structuring of accounts and long-term planning.
Decide on Payout Options Wisely
If you’re offered a choice between a lump sum or an annuity, consult a trusted financial advisor. Each option carries trade-offs involving taxes, payout amounts, and long-term security.
Plan for Taxes and Savings
Financial planner Rachael Burns recommends working with a CPA to minimize taxes and maximize savings. Strategies could include contributing to retirement accounts such as IRAs. Some investors diversify further with gold IRAs or high-yield savings accounts for liquid emergency funds.
Pay Down Debt First
Experts warn against rushing to make lavish purchases. Instead, eliminating debt ensures more future income can go toward building wealth rather than covering interest payments.
Think Long Term
Wealth advisors often suggest maintaining an emergency fund with at least six months of living expenses and contributing steadily toward retirement accounts.
Secure Your Legacy
Creating or updating a will ensures your loved ones are protected. Estate planning services like Trust & Will provide affordable options for drafting legally binding wills and living trusts.
A Warning for the Future
For many, Wyllie’s story is both tragic and eye-opening. What was once pitched as “money for life” turned out to be as fragile as the company behind it.
“I thought I was set,” he reflected. “Now I’m not sure what happens next.”
While Wyllie and other winners continue to fight for payouts through bankruptcy court, their chances remain slim. And for millions of Americans, it’s a sobering reminder: even life-changing money requires careful management — and sometimes, even that may not be enough.
