GW Financial

Kipper84

Hi all,

Does anyone have much information about GW Financial Solutions? I have done a search for reviews but have only found good ones so far. I am curious as I have just spoken with someone from there about setting up a Debt Consolidation Programme. Everything sounded perfect and excatly the sort of thing I need to help me get out of debt. I have agreed to go ahead with the programme but have not yet signed the paperwork.

I want to pay the debt off, it's currently around £10k, but I am struggling with the monthly repayments. This option enables me to halve the monthly payments with no extra interest. I understand that they take a monthly fee for this, but to be honest, it is much less than the interest I currently pay and the debt will be cleared quicker.

I just want to know if I have made a huge mistake agreeing to this, if so can I back out? Does anyone have any experience with them or can anyone suggest other companies that can offer the same service?

Thanks!

Tixy

Hi and welcome

Is this debt consolidation - or have they recommended their DMP services (debt management program) - this sounds more like a DMP.

There are other organisations offering the same service - but without the monthly fee. Which enables you to get debt free quicker.

Go with one of the debt advice charities or Payplan.
Have a read of this link IMPORTANT - Where to seek professional impartial advice about your debts.

Yes you can back out if you haven't signed the agreement.
They'll probably try to tell you they have a better chance of getting interest frozen than the charities, or more motivation to do so.
Neither of those are true - nobody can guarantee that your creditors will agree to freeze interest - but they often will when you are on a DMP.

Kipper84

Thanks for your prompt response!

I think it is a DMP...they said I should cancel direct debits and they will arrange the monthly payments. Thanks for the link, I actually have a call scheduled with Payplan on Monday so I will wait to talk to them before making a decision. I think I got caught up in the moment of having found a solution so agreed to it with GW but I will hold off signing anything until I have spoken with Payplan.

Tixy

If you do decide not to use GW - I would specifically tell them you don't intend to go ahead - and ideally follow it up in writing. Don't just decide not to return the agreement and assume it will be cancelled. Some DMP providers have been known to go ahead and take payments from a bank account without having a signed agreement.