Gregory Pennington?

abc1989

Anyone had any dealings with them?
Ive been on the phone for about one hour with them discussing options!

Seems pretty reasonable and understanding, best of all I can be debt free in 17months!

Nottoobadyet

Are they a debt managment company? if they are charging you, keep away and go with one of the free agencies such as CCS or PayPlan. How do they intend to get you debt free? a DMP? an IVA? Magic?

jamespir

abc1989 wrote: »

Anyone had any dealings with them?
Ive been on the phone for about one hour with them discussing options!

Seems pretty reasonable and understanding, best of all I can be debt free in 17months!

yeah once youve paid there hefty admin fees

NorthernLas

Gregory Pennington is a fee paying debt management company. You will either pay up front and/or monthly fees for them to manage your debt. Charities like CCCS (note not CCS who are another fee paying company) and companies like Payplan will to this service for free.

This means that all of your money goes to pay off your debt. They sound nice because they are on commission to get you to sign up.

Have a look at the organisations who do it for free before you sign http://www.moneysavingexpert.com/loans/debt-help-plan#help

Also see this thread which is someone who signed with GP https://forums.moneysavingexpert.com/discussion/2713529

abc1989

Ahh!
Yes the guy said pay £200(pcm) and 15% goes to them (£30)

Thanks for your help! I just want to be debt free by the end of 2011
!!

phil80

If you go with one of the free services it will free up an extra £360 a year to pay towards your debts rather than lining the pockets of Gregory Pennington.

abc1989

To give you an update!

Ive personally totalled up my debts including the ones I forgot about when speaking to Gregory Pennington

I'm currently in £4,565 debt, I have one debt that is currently paid up to date! I have been on CCCS website We have worked out that after Ive paid for all my bills (not including debt re-payments), rent, food etc I only have £176 disposible income.Does this mean the full £176 goes to the creditors now?


I hopefully will be debt free in 1year 2 months! - Just in time for the end of next year! hip hip hoory!

:money:

darkblue_2

Useless, blood-sucking, evil, crafty little people. And I'm speaking as a creditor, not a client.

They would assess finances and give pro-rata payments of something pathetic like £10 per month, while they made sure their 'management fee' was the first payment they took - and more like £40 per month.

Ridiculous.

Citizens advice bureau do the same for free. CCCS, etc too.

abc1989

Ive just checked my credit report,

Most of my loans arnt showing on there? Im confused

Also, silly question what does default mean?

darkblue_2

You have missed successive repayments and the account is in arrears. Different lenders have different policies. Some may record a default after 3 successive missed payments, some only after 8 (which is equifax/experian's statutory).

Check your reports with both experian and equifax, as some lenders use one and some the other. There are other, smaller ones which aren't worth checking TBH

Hax

I used Gregory Pennington many years ago - it was a lifeline when I needed them - took all the stress out of dealing with the finance companies and their "telephone thugs". Had no problems with them at all - they were very helpful and efficient.

I eventually discovered CCCS and moved over to them - which eliminated the fee that GP charged. CCCS were just as competent - although, to be fair, most of the arrangements were already in place with the different creditors by that point.

I'd go with CCCS if I were you. And "yes" - any "left over" money after living expenses will be directed at paying off your debt - make sure you included things like clothing, birthday presents, etc in your SOA - it's very hard to change things (in your favour) once agreements have been made with creditors.