Advice needed please

sarahjane3775

Hi

I am a long time lurker who is looking for some advice!
I have been on a dmp with Gregory Pennington ( I know I know if only id known about this site then) for nearly 3 years now and have now very fortunately come into a position where I can clear my debts!

The problem I have is Gregory Pennington are saying I need to pay them the full amount I owe, then they will offer my creditors lower settlement figures and once they have been accepted they will refund 50% of what is left over to me and keep the other 50% as a fee!

I said no don't bother I will do it my self and send them full and final settlement letters, but they have said to me the creditors will listen to them more than they will to me and they will be able to get me more money off than I would myself even after the fee!

Just wondering if this is right or if they just want to make more money off me?

The amounts I owe are:

Welcome finance £3326
Natwest loan £2911
Natwest overdraft £2651
Clarity £299
Capquest £396
Aqua £287
Argos £267
cash genie £195

Any advice much appreciated

Thanks in advance

Sarah

bargainbetty

Yes, they are trying to make more money off you, and yes, you can do it yourself.

Call all your creditors and ask for up to date statements of account to be sent to you - not the agents. Then. write back offering amounts to settle the debt, but ensure that you state the account must be marked as fully satisfied and the debt considered fully settled.

No partial settlements - full and final only, and the agreement must be in writing. Ensure that you stipulate that the offer is limited, and you do not yet have the cash (just to make sure that they don't try to up your regular payments).

Tell GP to sod off. They have had more than enough money from you, and I would take everything back from them immediately. All you have to check is check the terms of your agreement with them, give appropriate notice and then write to all your creditors telling them the DMP is continuing but will now be self-administered.

Good luck x

sarahjane3775

Thanks for that just what i thought but needed someone to reassure me!

Thanks again!

sarahjane3775

sorry me again another question!

If i do this on my own how much should i start off offering as a full and final setllement?

Thanks

fatbelly

sarahjane3775 wrote: »

they have said to me the creditors will listen to them more than they will to me and they will be able to get me more money off than I would myself even after the fee!

Absolute rubbish!

I suggest start at 25% though I would be impressed if you got agreement there.

The agreements I am seeing are taking a lot of to-ing and fro-ing but settle at 30-40% eventually (50% might be more realistic for the tiddlers)