How do I leave A Debt Managemnet programme

liquid_skinz

Hi.

I have been with Gregory Pennington for 4 years now. I have paid off approx. half of my debt. I may be coming into some money from a grandparents will. So my question is this.

How do I go about getting off the debt management programme, so that I can try and settle some of by debt with my creditors. I want to do this so that I don't have to pay Gregory Pennington some of the money in fees.

If I contact national debtline or citizens advice, will they be able to advise me as to the best course of action?

Any help would be greatly appreciated.

davek1

First of all if you are with GP whether or not you come into money ditch them fast they are costing you money not saving it for you.

Telll them you will no longer need their services cancel any direct debits nad contact all creditors yourself.

I don't know what your level of debt is but try to negotiate full and final settlements with each creditor and only do this in writing. If that doesn't work then ask for a settlement figure and pay that. I stress only deal in writing with the creditors and when you contact them make sure that as part of the deal your credit file is marked as satisfied and paid.

If you can't afford to repay all of the debts look at the interest rates and pay the highest rated debts first if you can. Any you still need to continue repaying either use CCCS or Payplan or set up a do it yourself plan that way ALL of your money goes to the creditor and not into the pockets of the debt management company as per GP.

Hope this helps. Whatever you do get shot of GP ASAP>

Dave

Sea78

You could also try the CCCS for further advice as well - they are free and will hopefully help quite a bit.

corris3

I agree with all of the above, we found that our daughter had huge debts managed through a programme with GP. It took a lot of hard work by me and her dad to get rid of GP but eventually did it... GP like to do everything by phone, I prefer things in writing, not once did we get a reply to any of our letters. Eventually though we got everything cancelled and sorted out the creditors ourselves, within 2 weeks we had stuff sorted and our daughter is now halfway through a 2 year plan with us to clear her debts whereas GP had promoised her that she would be debt free in 7 years... they were no where near tough enough on what they allowed her to keep to spend so her habits never changed, now she really has to think about what she spends her money on. Thanks must also go to Nationwide who helped her out with a bank account that she couldn't go overdrawn on.

The sad thing is many of her friends are with GP who keep extending the term of their debt management plan so that they have more each month to spend.