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Reduced fee settlement? Any experience?
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goonernumber1
Posts: 84 Forumite
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
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
0
Comments
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not myself but im sure someone will be able to help.
would the dmp company take a % of your newley aquired £ and if so how much?0 -
Each company is different, I'm with CCCS who let you run the show on the offer and you keep the money in your bank account until they accept or otherwise. GP probably want the money to earn interest on it, call me cynical
On that note why not switch to CCCS or payplan they are free, they put every penny towards your creditors and you'll be out of debt sooner
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Each company is different, I'm with CCCS who let you run the show on the offer and you keep the money in your bank account until they accept or otherwise. GP probably want the money to earn interest on it, call me cynical
On that note why not switch to CCCS or payplan they are free, they put every penny towards your creditors and you'll be out of debt sooner
Who are CCCS please??
Thanks.0 -
goonernumber1 wrote: »Who are CCCS please??
Thanks.
They are the consumer credit counseling service, as I said they provide a free service as they are a registered charity, web site https://www.cccs.co.uk0
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