DMP Mutual Support Thread - Part 12

Suseka97

joesab wrote: »

Thanks- its with a company called gregory pennington. So if my creditors accept my offers will i then have any further obligations to gregory penningotn? Are they likely to ask for a payment to them?

I wont be able to pay all the creditors in one go so will still have to be paying monthly payments to Gregory Penningotn. Could I reduce these until i have another chance to make another offer to a creditor?

I'm unfamiliar with GP - so do you pay them to manage your DMP? Is that why you are asking whether they'd ask for payment? Sorry, am a bit confused with the question.

If you are finding your DMP unsustainable, then you need to reduce your monthly payment. After all, DMPs are an informal arrangement, so you are not bound by any rules. If the £1400 you mention is split across various creditors and up until now you've been paying the agreed amount it is quite unlikely they would accept any F&Fs. As to your credit file - then that's already been affected by virtue of the fact you are in a DMP.

Suseka97

Rosie1001 wrote: »

Update ....I got a letter demanding full payment of my balance or debt will be passed on to recovery. Do I ignore this letter or contact them , I had my default letter a few weeks ago and ignored that. I can't remember what Lloyds said to do about this letter , ignore or respond. Thanks in advance

Yes, file (bin) it - just a standard letter no need to worry about it

joesab

Suseka97 wrote: »

I'm unfamiliar with GP - so do you pay them to manage your DMP? Is that why you are asking whether they'd ask for payment? Sorry, am a bit confused with the question.

Yes I pay them and they are paying off my credtors. I just dont want to suudenly discover that having raised the money to , for instance, contact all the crediors and agree a final payment, to be suddenly landed with a fee from GP

January2015

joesab wrote: »

Thanks- its with a company called gregory pennington. So if my creditors accept my offers will i then have any further obligations to gregory penningotn? Are they likely to ask for a payment to them?

I wont be able to pay all the creditors in one go so will still have to be paying monthly payments to Gregory Penningotn. Could I reduce these until i have another chance to make another offer to a creditor?

I have no idea about how GP work. However, what I would say is that it would be so worth you while to terminate your agreement with them immediately. Either go self managed or go to one of the free debt charities.

I'm not going to knock anyone for using a fee paying DMP provider - if that's what you found when you needed support to get going then I understand why you went with them. However, you have now found a fantastic source of support and information from others who are going through, or who have been through and completed their DMPs and you don't need the likes of money grabbing fee-charging DMP providers.

Suseka97

joesab wrote: »

Yes I pay them and they are paying off my credtors. I just dont want to suudenly discover that having raised the money to , for instance, contact all the crediors and agree a final payment, to be suddenly landed with a fee from GP

I agree with Jan15, that you should end your contract with GP (even if it costs a little) and go with one of the free providers or self-manage. The latter may suit you better because you have experience of a DMP now and it would be easy to switch to self-managing. If you want some advice on that just shout - plenty of us have done that in the past/recently. I'm one of them

Annec1414

Eeek - i'm having a DMP wobble!


I've done lots of research and have cancelled my DD's for credit cards... next step is to 'make the calls' or send private messages to the card companies, but I'm starting to feel really anxious and scared of the impact of this on me and my family... has anyone got any regrets out there?


I'm worried about not being able to afford to do things with the kids and what if I can't stick to the budget, there's no 'buffer' of my trusty overdraft or credit card..


Desperately seeking reassurance please.
TY!
X

January2015

Annec1414 wrote: »

Eeek - i'm having a DMP wobble!


I've done lots of research and have cancelled my DD's for credit cards... next step is to 'make the calls' or send private messages to the card companies, but I'm starting to feel really anxious and scared of the impact of this on me and my family... has anyone got any regrets out there?


I'm worried about not being able to afford to do things with the kids and what if I can't stick to the budget, there's no 'buffer' of my trusty overdraft or credit card..


Desperately seeking reassurance please.
TY!
X

We've all been through the wobble. All I can say is you won't regret it. If you find your budget too tight after a couple of months, don't panic - just talk to your DMP provider and adjust it

kram

Annec1414 wrote: »

Eeek - i'm having a DMP wobble!


I've done lots of research and have cancelled my DD's for credit cards... next step is to 'make the calls' or send private messages to the card companies, but I'm starting to feel really anxious and scared of the impact of this on me and my family... has anyone got any regrets out there?


I'm worried about not being able to afford to do things with the kids and what if I can't stick to the budget, there's no 'buffer' of my trusty overdraft or credit card..


Desperately seeking reassurance please.
TY!
X

All I can say is its the best thing I have done & wished I had done it sooner.

We all have our wobble moments but thats par for the course in our new journey in dmp land.

Give it a few months & things will settle down & remember you have always got choices of how you want to do things plus you have got this forum where you can post anything at anytime & get answers from people who are going through the same things as you.

sourcrates

joesab wrote: »

Suseka97 wrote: »

I'm unfamiliar with GP - so do you pay them to manage your DMP? Is that why you are asking whether they'd ask for payment? Sorry, am a bit confused with the question.

Yes I pay them and they are paying off my credtors. I just dont want to suudenly discover that having raised the money to , for instance, contact all the crediors and agree a final payment, to be suddenly landed with a fee from GP

From Gregory Pennington website :

What happens if I have second thoughts ?

If you change your mind after the fourteen-day cooling-off period (although you wouldn't be entitled to a refund of anything you've paid already, just give us two weeks' notice so we can inform your lenders.

I would give them two weeks notice, contact one of the free debt charities, and put GP ‘s 35% fee towards your debts instead of into their pockets.

Good luck.

phil788660

Hello everyone. This is my first post. I wondered if anyone could help with the following:

I entered into a debt management plan with step change over a year ago.

Everything is going well with it but in the next few months I will be coming into some money

The money won't be enough to cover the full total but it should be around 50% of the total owed

I owe 2 debts to Intrun group £24k and £2k and 2 debts to PRA group £6k and 8k

So in total £40k ish. The above debts were sold to the PRA and Intrun group in January this year and I have not missed any payments.

I wondered if anyone on here has any experience of what would be a good starting point to offer to settle and how would I approach this?

Thanks in advance

Phil