Please, desperate for advice re: Gregory Pennington

moonlightpjs

Hi, can anyone out there help - we had a DMP with CCCS who have now stopped it because we failed to include a debt with them, called Payplan who said they couldn't help as one of the debts was with a DCA who wouldn't deal with Payplan so out of desperation I called GP who now want us to take out a remortgage with a company they deal with so we can pay our creditors off at a lesser amount and be debt free, apart from having a higher mortgage but I don't understand how we can get a remortgage when our credit scoer is below zero and we also have a 6% penelty on our existing mortgage. GP are getting somebody to call me back soon so please help if you can

rog2

Be VERY carefull about taking out ANY re-mortgage reccomended by GP, or ANY DCA! At BEST this will turn an 'un-secured' debt into a 'secured' debt, putting your home at risk. Also, it is EXTREMELY UNLIKELY that the apr is favourable, in your circumstances, and the 'mortgage' is possibly even front-loaded.
In my opinion, GP and the DCA are probably going to make a lot of money out of you if you go down their proposed route. :mad: :mad:
So why not post the details of the loan, along with your full SOA and we will try to advise.
In the meantime DO NOT AGREE TO ANY PROPOSED LOAN!!!

moonlightpjs

Its not the DCA offering the remortgage - I think its a mortgage company that Gregory Pennington deal with. GP have told me that if we have a DMP with them, then the creditors will still have access to get security on our home etc so am desperate at the moment.
BR and an IVA are not an option and I am utterly petrified at dealing with credtiors myself - am sat here in tears and can see no way forward, I just feel like ending it all but I have a six month old baby as well as my son and I just think they would be better off without me. Suicide seems easy

Broken_hearted

Don't do it. Either set up your own DMP or go bankrupt whichever is best for you.
Also see a doctor regarding your emotional stat.

rog2

weller711 wrote:

Its not the DCA offering the remortgage - I think its a mortgage company that Gregory Pennington deal with. GP have told me that if we have a DMP with them, then the creditors will still have access to get security on our home etc so am desperate at the moment.
BR and an IVA are not an option and I am utterly petrified at dealing with credtiors myself - am sat here in tears and can see no way forward, I just feel like ending it all but I have a six month old baby as well as my son and I just think they would be better off without me. Suicide seems easy

I am convinced that GP are not giving you the best advice - I am also tempted to think that their advice is definitely NOT IMPARTIAL.
We NEED to know more details before we can advise, but we will advise.
In the meantime, and I know it is easy for me to say - but I HAVE been there, please try not to get too depressed. It is, at the end of the day, only money that we are talking about, and NO AMOUNT OF MONEY is worth contemplating suicide over.
Your Son and Baby are worth more than that.
Sit down, have a cup of tea and, if GP are harassing you by phone, switch off the phone - but stay on line.

Donedoingdebt

weller711 wrote:

I am utterly petrified at dealing with credtiors myself - am sat here in tears and can see no way forward, I just feel like ending it all but I have a six month old baby as well as my son and I just think they would be better off without me. Suicide seems easy

You must sit back & think clearly about this as it's a very important decision. You say you were already in a DMP with CCCS. Therefore, you must have contact details of all your creditors & I assume CCCS will already have negotiated monthly payments on your behalf. If you feel you cannot speak to your creditors on the phone, then write to them. Simply state that you are continuing with your monthly payments as previously agreed but that you will now be paying them direct, which means they'll probably receive their payments a few days earlier than at present. Ask them to send you a STANDING ORDER form (not direct debit) & agree a payment date of a day or 2 after you get paid. I did this with 4 different DCAs, covering 6 accounts & MBNA & had no problem at all. Regarding the debt that you did not include with CCCS, send them a SOA with an offer of payment that you can definitely keep up with every month. They may try & pressurise you by either refusing and/or trying to get you to pay more. Stick to your guns, repeat your offer & send your 1st payment by cheque if possible. Usually, once they realise they're not going to get any more money out of you then they'll eventually accept. Definitely DO NOT go along with Gregory Pennington's plan as I feel you may well regret this for a long time to come. CAB are also there to help you.

Snaggles

I'm so sorry you are feeling like this, it must be especially hard with 2 young children in the picture too. You mention you have tried both CCCS and Payplan - have you tried going to the Citizens Advice Bureau? I only ask because like Rog I'm concerned that Gregory Pennington wont be giving you impartial advice. I would also second the advice to speak to your doctor (I really hope I'm not speaking out of turn here) because things can get on top of you so easily when you have a small baby, and it's sometimes hard to see a way out.

You will get through this, I promise, no matter how bad things seem today. Just have a quick look through the top few threads today - there's a guy who has been to hell and back financially, in the end decided to go bankrupt, and is now coming out the other side. And there's another who's wife has gone into labour, full of happiness, who has also had an enormous battle with financial difficulties.

If you do feel able, take the details of what Gregory Pennington are offering and post them on here so we can all have a look. We wont judge you, but will give our honest opinions and do everything we can to help.

I had post natal depression after my son was born (not saying this is what you have, but I felt similar, that I was no good to my son and he would be better off without me). Looking back now a few years on, I can't believe I even considered it. These feelings will pass for you too.

Take care and do keep posting.

Love Snaggles xxx

iolanthe07

Your health and your children's future is infinitely more important than any amount of debt. Post your SOA and see if the great people here can help. Incidentally, trying not to be nosey, but why is bankruptcy not an option?
Stay strong.

THE_LONE_RANGER_4

dont secure anything ,if its all unsecured sit back for a few weeks ignore letters phone calls , and decide what you wish to do if its unsecured i would leave it that way . when you decide what to do , do what suits you, not dca etc . dca dont know you from adam so will be just after the money and not interested in your health or wellfare so think of your self .

Mike_St_Helens

Be very careful here.... Your own DMP, an IVA or Bankruptcy are there for you.. None are as scary as they seem.

Snaggles

Thanks Mike, hope you didn't mind me using you as an example of someone who is coming out the other side of a nightmare situation!