DMP/Guarentor loans help

AtotheZ

Hi

Currently with Gregory Pennington which is who my DMP is with at the moment.

I know after reading through the forum that I should change to Step change and go from there.

I will let you know how things go and my full story once things are in place.

My only problem is that two of my creditors are Guarantor loans (I'm the guarantee)

What are my implications in this situation? My guarantor is out of a job at the moment and I just don't know what they will do as i am the only one paying in to the loans?

Any help would be greatly appreciated!

GP has advised that I am fine as long as I am in a DMP and that I am doing what I can to pay into this. I just dont want any CCJs and court action etc,

sourcrates

AtotheZ wrote: »

Hi

Currently with Gregory Pennington which is who my DMP is with at the moment.

I know after reading through the forum that I should change to Step change and go from there.

I will let you know how things go and my full story once things are in place.

My only problem is that two of my creditors are Guarantor loans (I'm the guarantee)

What are my implications in this situation? My guarantor is out of a job at the moment and I just don't know what they will do as i am the only one paying in to the loans?

Any help would be greatly appreciated!

GP has advised that I am fine as long as I am in a DMP and that I am doing what I can to pay into this. I just dont want any CCJs and court action etc,

Post moved to general DFW forum.

Hi,

Only difference between GP and stepchange, is that stepchange won`t charge you a 25% fee every month, they won`t charge you anything.
All GP want is your money, there very good salesmen, are you paying the full contracted payment to these loans currently ?

AtotheZ

sourcrates wrote: »

Post moved to general DFW forum.

Hi,

Only difference between GP and stepchange, is that stepchange won`t charge you a 25% fee every month, they won`t charge you anything.
All GP want is your money, there very good salesmen, are you paying the full contracted payment to these loans currently ?

I am paying 50 pound and 73 pound instead of 205 and 270.

After i had gone through my I and E this is what i was able to afford to them.

I understand i am paying a fee with GP thats why I want to call step change and get everything sorted with them. I shall do that once i finish work. This is all just so stressful and its starting to get to me a little bit. I'm just pushing forward and trying to keep it together. I think ill save an extra 38.50 by going to SC.

Thank you for your reply and sorry for posting on the wrong forum.

Thanks

Suseka97

There's no reason why SC would treat your situation any differently to how GP have done thus far - the only difference will be not having to pay any fees for the 'benefit' of their advice or service. All SC and GP do is act as a third party between your and your creditors, and GP take a cut, whereas SC do not.

So, don't delay and give notice to GP and get in touch with SC. It's probably best if you give them a call and you can use the I&E you agreed with GP as your baseline. Depending on how the DMP allocations are calculated by GP vs how they are calculated by SC may mean a slight tweak here and there - that's all.

AtotheZ

Suseka97 wrote: »

There's no reason why SC would treat your situation any differently to how GP have done thus far - the only difference will be not having to pay any fees for the 'benefit' of their advice or service. All SC and GP do is act as a third party between your and your creditors, and GP take a cut, whereas SC do not.

So, don't delay and give notice to GP and get in touch with SC. It's probably best if you give them a call and you can use the I&E you agreed with GP as your baseline. Depending on how the DMP allocations are calculated by GP vs how they are calculated by SC may mean a slight tweak here and there - that's all.

Sounds like a plan. I will do this today and also get my I and E form so i can give this to SC.
I just thought GP would do a better job as you're effectively paying them for a service...guess thats not the case.

Thanks again, this forum is a life changer - I'll keep you updated.

sourcrates

AtotheZ wrote: »

.
I just thought GP would do a better job as you're effectively paying them for a service...guess thats not the case.

Imagine the service you get from GP and Stepchange as been akin to what PayPal offer, they simply process your payment, as do the debt management companies, the only differance is that the stepchange service is free, GP is not.

Gregory Pennington is a commercial debt mangement company, they sell debt mangement plans and other debt solutions basically, the process is exactly the same whoever arranges it, the debt charities get funding elsewere, hence DMP`s are free.