Please help....

BruceWayne

I was contacted last week by a new department at the BoS, called the "money management department", after running through my income and outgoings suggested I speak to a company called Think Money Group, I agreed and had several lengthy conversations, and eventually agreed to a DMP with Gregory Pennington and a managed bank account with Think Banking.

However since having done this I have done a bit more research in to these "solutions" and going by posts on this and other forums, it seems as though I have made a mistake.

I have had a look around this site and realise I would be better off with either CCCS or Payplan, however having last week been pretty happy I had found a solution to my concerns, I feel as though I am back to square one, and wondering if I am now tied in to these agreements. Is this the case? Would I be better off sticking to what I have agreed in the short term and looking to change in a few months? I am so confused, dont know what to do!!

sand-dancer_3

Hi, ive just started a thread tonight asking for advice on these plans. Im about to embark on something to help me sort my debts out. Hopefully the replies we both get can help both of us and anyone else in the same situation.
Good Luck x

p00pieb0tt0m

Hello BruceWayne. You're right you would be better off with CCCS or Payplan. As free to use charities, all the money you pay is distributed between the companies you owe to. The companies you mention will take a cut of your money. If you contact www.cccs.co.uk or www.payplan.com you will get a very similar solution to the one you would pay for.

poorandindenial

Hi BruceWayne

I think that the best thing to do would be to contact CCCS or PayPlan or CAB and ask them whether you can transfer your DMP to them, your creditors will be happy that they get all the money you pay rather than another company. I don't know what the deal is with private companies that run these and whether there are any contractual issues around shifting so check your agreement with them. All the debt charities will have experienced people in your situation though and should be able to guide you through it all.

Good luck

Numpty_Monkey

Hi :hello:

i think your best plan would be to phone cccs (theres a link in DFW Dictionary sticky at top of board),
why pay someone else to profit from your debt:mad:

Why not post an SOA on here and let the wonderfull people try to help:A

welcome to the best place you'll find:j

BruceWayne

Here is a SOA

IN:
Salary £350 - £400
SAAS Bursary £521

OUT:
Mortgage £230
Electricity £40
Setanta Sports £5
Vodafone £35-45
Orange £30
Tv Licence £32.50 per Quarter
Council tax £80
Sky Talk £15
Food £50
Cigarretes £100
Family Member Loan £152 pm approx £3700 remaining

Owing
BoS Overdraft £248.85
BoS Overdraft £1249.99
BoS Credit Card £2571.48
BoS Personal Loan £13063.43
Virgin Credit card £2044.89

Gemmzie

BruceWayne wrote: »

Here is a SOA

IN:
Salary £350 - £400
SAAS Bursary £521
I think you're a student, so is this the same for every month of the year?

OUT:
Mortgage £230
Electricity £40
Setanta Sports £5 Probably needs to go
Vodafone £35-45 Do you need two mobile contracts? This is a huge amount per month
Orange £30 ^^
Tv Licence £32.50 per Quarter
Council tax £80
Sky Talk £15
Family Member Loan £152 pm approx £3700 remaining This might have to go in the debt section as you can't be seen to be giving preferential treatment to any one creditor

Owing For all of these - APR, minimum payment
BoS Overdraft £248.85
BoS Overdraft £1249.99
BoS Credit Card £2571.48
BoS Personal Loan £13063.43 Term?
Virgin Credit card £2044.89

Bit more info needed, you need to add everything in your outgoings - food, travel, gifts etc.

**ZAPPER**

and eventually agreed to a DMP with Gregory Pennington and a managed bank account with Think Banking.

Hi Mate,
Well done on posting on here, you will now get all the help you need.

WIth regards to the above did you actually sign anything ?????

BruceWayne

i have signed documents for both the dmp and bank accounts, as i have been thinking about it, they did say there was a 14 day cooling off period on both...:D

Gemmzie

Cancel the DMP with Pennington as soon as you can. Both CCCS and PayPlan will do the same job for free meaning more money to your creditors and less hassle!

**ZAPPER**

QUOTED FROM THE T&C AT GREGORY PENNINGTON;-


"Monthly Fee" means the monthly Fee payable for our Services. This is an amount equal to 15% of your Monthly Payment:eek:, apart from your first Monthly Payment which is the Initial Fee, subject to a minimum of £25 and a maximum of £100.
"Monthly Payment" means the total amount which is paid every month by You to Us throughout the Payment Programme. Apart from your first Monthly Payment which is the Initial Fee, this is made up of the Monthly Repayment to be made to your Creditors, and our Monthly Fee and any other payments as instructed or agreed with You (including any PPI premiums).


1.4 You have a right to cancel our agreement at any time during the first 14 days of the Term. "Days" here include Saturdays, Sundays and public holidays. You can do this by writing to us at the above address or by telephone on 08456 343434 saying you wish to cancel. We will then refund to you any Fees already paid to us that are Cleared Funds.:T