Reduced fee settlement figures??

goonernumber1

Hello there,

I currently have 3 creditors who I owe about £6,000 to after some silly mistakes when younger (uni etc).

Because of interest I joined a debt management agency (Gregory Pennington), who distributes my £150 a month (keeping £20 for themselves), after freezing interest on the accounts.

At this rate, I would have paid up n about 4 years, however I am about to come into a bit of money and wondered if I could negotiate a one off reduced fee settlement.

When discussing this with Gregory Pennington, they said that the only way for me to go about this was to give them the full balance (say £2,300 which is one of the debts), then they negotiate with the creditor and pay them what they want and refund me back the rest.

It seems to me that the other way round would be easier.

Does anybody have any experience with this kind of thing.

Thanks

jonesMUFCforever

How much money are you expecting?

goonernumber1

ejones999 wrote: »

How much money are you expecting?

Around £3,000 I reckon.

I've heard they could accept about 50% as a one off payment??

jonesMUFCforever

They might but how much will Gregory Penningtom skim off?

goonernumber1

That's the thing, they won't tell me that