DMP Mutual Support Thread (Part 5)

sandalwood_2

mandij30 wrote: »

Hey guys,

with My credit card and NEXT store card spiralling out of control, and being unable to meet the monthly payments, I decided to take out a DMP with Gregory pennington, debt management. After speaking on the phone to one of there helpful advisors, I felt like they could manage my debt, they promised that they could arrange for my interest to be frozen so that I could pay off my debt much quicker.

Although NEXT have frozen the interest, and I'm just paying off the debt. My Virgin credit card is still charging interest of about £60 a month. Now baring in mind Gregory pennington are paying £76 a month on my behalf to Virgin credit card, I'm only really paying £16 a month off it. It's gonna take me years to pay back at this rate. Also Gregory Pennington are taking £46 a month from me in management fee. I just feel like I am hitting my head against a brick wall every month. Although its nice to have the peace of mind that they are dealing with my creditors and i'm no longer getting the threatening calls and letters.

I'm just wondering if there is any other debt management I could use, that doesn't charge alot every month. I mean that £46 I'm paying Gregory pennington every month could be paying more of my credit card off.

I really don't know where to go from here, all help and advice is appreciated

Hi,
I was going to go with a fee paying DMP company,thank god I found this thread before I did,u can go to CCCS,Payplan or even national debt helpline,they will do exactly the same as the fee charging companys,and apprantly what I have read on here,the companys take more notice if u go for a free company as they think if u can afford a fee charging company you afford the debt
hope this helps and good luck

mandij30

Hello Devongirl

Thank you for your quick response, I have just filled in the online information, with payplan. Awaiting there contact now. Will they charge me a monthly management fee ? Because if they do I might as well just stick with Gregory pennington debt management I'm now worried I may get charged a fee for cancelling Gregory pennington's services.

I'm trying my best to clear debts, but with a low part time salary, recently seperated from husband, 2 young children to support. And ridiculous bank charges every month, I am pretty desperate atm

Anyway thanks Devongirl you have been most helpful Xx

mandij30

jaybag wrote: »

Hi,
I was going to go with a fee paying DMP company,thank god I found this thread before I did,u can go to CCCS,Payplan or even national debt helpline,they will do exactly the same as the fee charging companys,and apprantly what I have read on here,the companys take more notice if u go for a free company as they think if u can afford a fee charging company you afford the debt
hope this helps and good luck

Thanks Jaybag, I only wished I had seen this forum before I entered into a management plan with Gregory pennington, They promised me that the interest would be frozen, so I assumed paying them would save me loads in cc interest charges. But seeing that I'm still being charged interest and paying £46 a month in management arangements fees, it seems pretty pointless.

Fingers crossed payplan can help me out
Thanks for your response Xx

MRSG2B_2

mandij30 wrote: »

Hello Devongirl

Thank you for your quick response, I have just filled in the online information, with payplan. Awaiting there contact now. Will they charge me a monthly management fee ? Because if they do I might as well just stick with Gregory pennington debt management I'm now worried I may get charged a fee for cancelling Gregory pennington's services.

I'm trying my best to clear debts, but with a low part time salary, recently seperated from husband, 2 young children to support. And ridiculous bank charges every month, I am pretty desperate atm

Anyway thanks Devongirl you have been most helpful Xx

Hi Mandy,

We're all here to help you along the way....there always seems to be someone on here who has experienced what you're going through so feel free to vent/share experiences here....no one judges which is fab, as we're all in the same boat.

The links Devongirl provided are all completely free, so no need to worry about management fees, all your money will go directly to companies you owe, so it might even reduce the length of your plan! This way you know your hard earnt cash isn't lining some greedy b****rs pocket!!

Don't worry, things will get better honey, we're all here for you xx

mandij30

MRSG2B wrote: »

Hi Mandy,

We're all here to help you along the way....there always seems to be someone on here who has experienced what you're going through so feel free to vent/share experiences here....no one judges which is fab, as we're all in the same boat.

The links Devongirl provided are all completely free, so no need to worry about management fees, all your money will go directly to companies you owe, so it might even reduce the length of your plan! This way you know your hard earnt cash isn't lining some greedy b****rs pocket!!

Don't worry, things will get better honey, we're all here for you xx

Thank you so much MRSG2B , I'm finally feeling a lil more positive now, and the frown has now turned into a smile, thank you to all for your advice and reassurance. I hate being in this situation, and I'm fed up of eating beans on toast everynight lol. I dream of a day when I am out of debt, and can start living life again It's good to know that others are feeling the strain as well.

sandalwood_2

mandij30 wrote: »

Thank you so much MRSG2B , I'm finally feeling a lil more positive now, and the frown has now turned into a smile, thank you to all for your advice and reassurance. I hate being in this situation, and I'm fed up of eating beans on toast everynight lol. I dream of a day when I am out of debt, and can start living life again It's good to know that others are feeling the strain as well.

I have only just started mine,first payment 1st June,but I feel so much better because of it,didnt really want to do it as I have always paid what I owe,but circumstances change (i.e baby number 1 on way,taking a pay cut at work) didnt have much choice,I am looking at it finishing around 4 years time,hopefully work will pick up and will be able to make FF settlement figures in the future,this thread has been a great help.I am sure it will all be fine

moneybuster

Keep getting automated phones calls from halifax saying


"important information for mr Moneybuster please press ANY key to continue"

so i pressed the RED key on the phone Upppppsss :rotfl:


regards maoneybuster

MRSG2B_2

mandij30 wrote: »

Thank you so much MRSG2B , I'm finally feeling a lil more positive now, and the frown has now turned into a smile, thank you to all for your advice and reassurance. I hate being in this situation, and I'm fed up of eating beans on toast everynight lol. I dream of a day when I am out of debt, and can start living life again It's good to know that others are feeling the strain as well.

I know exactly what you mean....I hate the situation I'm in, we're saving to get married and its a struggle, but its fun in some ways trying to hunt out the bargains each month! I'm a right little ebayer/primarni hunter these days lol! Once I'm out of debt there'll be no more cards or excessive spending....I've learnt the true value of money now and will make sure any children I have in the future know the true value too! x

cleomolly

Hello guys, be nice, I'm a new DMP member and a little fragile at the minute : )I need to sort out my bank account as i have a loan and credit card with my current banker. I'm just not sure how to go about it, as I've always had a joint account with my partner, all wages go in and all bills, spending come out. some of the DD's are in his name, some are in mine. so should i open a new bank account, have my wages paid in and then stop the old account being a joint one or would it be ok to be joint (they won't take his wages if it's joint will they?)if someone could please just clerify, I'm going to open a new account, have my wages paid in, transfer all loan payments in my name to this account, then the DD's for instance mortagage which is in both our names, just pay half towards it into the old account.this might not make sense but am struggling to explain!! hope someone can make sense of this. : )

mandij30

Just been contacted by payplan, they said they are unable to help me because my debt amount is under £6000. apparently they can only help people who have debt of over £7000. Then they recommended me another Debt management company ( however these charge an arrangement fee )
So I'm still no better off and back in the same circumstance I was in earlier.

I have debts of £5500

Anyone have any other suggestions ????