Gregory Pennington?

RAS

HAve you checked all three crecit records?

fermi

Click --> IMPORTANT - Where to seek professional impartial advice about your debts.

And --> Debt Problems: What to do & where to get help

The WRONG people to go to...

Avoid any debt help or loan consolidation companies that advertise on the telly or in some newspapers. Their job is to make money out of you, plain and simple. While in the short term their plans will make your payments lower, in the long run it'll cost you dear. Avoid them. Don't touch them. Don’t go near them.

I think this post from the Forum explains it better than I ever can:

"We, my wife and I, are on a seven-year plan with CCCS" (the Consumer Credit Counselling Service, one of my suggested agencies – Martin) "having recently changed from a commercial debt management company after hearing Martin on Radio 2's Jeremy Vine show. The simple action of swapping to the CCCS has shaved over two years off the length of our plan as the money we were paying the management company now goes to our creditors instead! Of course, that also means a financial saving of nearly eight grand over the term of the original plans 10 year period."

This includes IVAs and debt wiping companies. While they sound good, they're only for a few people. If either is for you the debt counselling agencies should suggest it.

mozzyc

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!

Also, this '17 months' is only if all your creditors freeze interest, and that itself can sometimes be an uphill battle. Something most people entering a dmp soon find out. The debt free date doesn't always work out.

Plus, as said, go for a free dmp company. That extra money you'd pay them could go towards your debts.

dizzyblondie

Ive been with gregory pennington and they have made my life hell. The agreement plan was 4yrs and they said i would be debt free, i did as they said threw out all my cards cut my spending down as much as i could, never been late making my payments ive never missed a payment and yet 5 and half years later im still with them. DO NOT USE GREGORY PENNINGTON. I have all my paperwork ready to go to a solitor cause ive had enough, they still cant get me an end date. I'm so upset by this firm, PLEASE TRUST ME IT WOULD HAVE BEEN EASIER TO SORT MY DEBTS OUT MYSELF.

saltnvinegar

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!

Hi ABC1989

You have £176/month disposable income. Multiply this by 17 months gives you a total debt (not including any interest or charges that may be added on) of £2992.

Did you really miss out over £1500 of debt when speaking to GP?

Almost everyone I know who has gone with GP has ended up taking longer to pay off their debts.

Also did you cover any of the following points:

Did GP explain that going on a DMP is not a guarantee that creditors will freeze interest (they are under no legal obligation to do so and some don't)

Did GP explain that even on a DMP creditors are still entitled to carry out collection activities (though most don't)

Did GP explain that creditors do not have to accept a DMP?

Did GP explain that creditors may still apply to the court for a CCJ even when on a DMP?

Did GP go through a thorough I/E sheet and come up with a realistic budget

Did GP explain that while on the DMP you should not apply or take out further credit?

Did GP explain that creditors will almost certainly default you in respect to your loans and that your credit file would be trashed for 6 years.

Did GP explain that if creditors do the above then they may still apply for a CCJ after, for example, 5 years of the default meaning your credit file could be trashed for up to 11 years?

Not trying to frighten him you here, but you should have been made aware of the risks of DMP's (and I am doing a self administered DMP so have personal experience!)

Personally I would think long and hard about going on a debt management plan as it may not be the best option for you. Can you post up your statement of affairs (SOA) as you may be able to pay off your debt without doing something so drastic. You can fill one out here and publish it to MSE:

http://www.makesenseofcards.com/soacalc.html

The DFW's on the forum will then be able to give you some advice and maybe you can pay off your debt more quickly (and with less pain than you think)

Best

SnV

Deep_In_Debt

abc1989 wrote: »

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!



Yes, the £176 will go to your creditors.

Deep_In_Debt

abc1989 wrote: »

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
!!

So even though you only have £176 available to pay creditors with CCCS, that's still more than you would be paying to your creditors if you were with GP.

3431Anna

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!

My OH had a DMP with penningtons and never had any problems with them I realise he could hae got the service free but at the time he did n't know this and penningtons took a lot of stress from him:)

abc1989

Hmmm, I know I shouldnt of done it, but I signed up...:mad:
After all the bad press about paid DMP companies (after I signed up) Im very worried that my money is being paid to my creditors, I have paid them twice now - both on time may I add!
When is the best time to change over DMP's? I want to get out now! before its too late. I do think GP have great customer services etc, but I don't feel like I trust them to pay my creditors and its going to leave me in more debt

Also In the next month my personal circumstances will be changing as my rent will be going up around £175.00pcm extra - Bummer! I will now need to lower my payment which will take me longer too pay off my debt. I am gutted.

darkblue_2

abc1989 wrote: »

Hmmm, I know I shouldnt of done it, but I signed up...:mad:
After all the bad press about paid DMP companies (after I signed up) Im very worried that my money is being paid to my creditors, I have paid them twice now - both on time may I add!
When is the best time to change over DMP's? I want to get out now! before its too late. I do think GP have great customer services etc, but I don't feel like I trust them to pay my creditors and its going to leave me in more debt

Also In the next month my personal circumstances will be changing as my rent will be going up around £175.00pcm extra - Bummer! I will now need to lower my payment which will take me longer too pay off my debt. I am gutted.

After reading this page, I can't understand:
1. Why you signed up
2. Why you're considering switching to another plan.

Do it yourself, save yourself money and get more money into the owing debts rather than the pockets of Gregory Pennington and the likes!

In my opinion, when it gets to the stage that you consider using a debt management company, you should give up caring about missed payments on your credit file and just try and do whatever it takes to ensure the interest and charges are frozen. The longer you try and make payments with interest accruing, the more you are wasting on the lender's interest charges and not the capital balance.