Help with moneyshop and various other payday cheque companies

[heyarnold]

Hello everyone

 

New to the forum and really need some help. I have really gone and got myself into a hole with the moneyshop, H+T and another company called the Trade Exchange. The amounts respectively are:

 

Moneyshop: £500 (5 cheques)

H+T: £600 (6 cheques)

Trade Exchange: £200 (2 cheques)

 

I recently joined a debt management program with Gregory Pennington (I know they charge me for the privledge). the reason for joining them was because I suffer from bouts of depression and am currently recovering from a gambling problem. Not only this but my family is curently going through a very stressful time following an incident with my father and so I don't exactly feel up to the task mentally of trying to negotiate with several creditors. Therefore I went for debt management.

 

However the outstanding cheques with these companies are causing me huge stress. The biggest problem is that when the cheques were written they were taken with my cheque guarantee card. Now I understand that you can cancel a cheque but what do you do if you have a cheque guarantee card? Would I be correct in understanding that these cannot be cancelled?

 

Any advice as to how to go forwards would be greatly appreciated as I really don't know what to do or what course of action is best to take.

 

Thanks

 

Michael

[42man]

You could have carried out your debt management with Payplan or CCCS, they don't charge anything, Gregory Pennington will take a cut before paying the rest to the creditors....ALL the money should be going to the creditors. And give the national debtline a call their advice is free, confidential and impartial - http://www.nationaldebtline.co.uk/

[Jamie Kingston]

agreed with 42man, DMP are a waste of money and are known to "**** lenders off" i would advise contacting them directly and bite the bullet, if they dont accept now they'll have to accept later , its not a matter of if just a matter of when.