With Gregory Pennington DMP, Want to try and do it by myself!

[Bombaymix]

Good afternoon! I'm sorry it has been a while!

I'm after a little advice if possible!

 

I've been in a dmp with Gregory Pennington for many years (5 or 6) and paid them every month. I was quiet happy with them until this week. I was away on holiday and had a lot of missed calls from an 0845 number, Messages left telling me to call GP Urgently. I ignored the phone calls, Never answer calls from numbers I don't know..

 

I returned home to letters from my bank saying GP had tried to take their payment late and there wasn't enough money in there to cover it. The money was due to go out on the 12th. As always, any money in my account gets withdrawn about 4/5 days later to ensure bills are covered.

 

I'm pretty annoyed at GP, I'm getting the same kind of hassle from them as I did from the OCs now. I know many of you will think I should have realised the money wasn't mine to spend... I was on holiday, and wasn't really keeping a track of what I was spending. Just checked my balance and withdrew what was left.

 

I know GP are going to ask me for some money, and I haven't got it now.

So I'm thinking, now is a good a time as any to ditch GP and their £35 per month fee and start trying to negotiate with my creditors myself. Some of you may recall I had a long battle with PDL companies and getting them to accept my DMP... Are they likely to give me a load of hassle again for setting up a self managed DMP?

 

I know who I owe money to but am unsure of exact amounts. Is it worth writing to all of my creditors and asking them for balances? or cancel my DMP and wait for them to write to me? I don't know what to do for the best.

Any advice would be welcomed! Thank you

BM

Edited May 21, 2012 by citizenB
formatted for easier reading

[citizenB]

You should be able to obtain a list of your creditors and balances left from Gregory Pennington.

 

Is this one of these companies that you build up a pot with ?

 

In order to protect your self you should also write to the creditors asking them for balances outstanding.

 

If you are going to manage your own DMP then you might want to have a read of the following and perhaps contact one of the agencies mentioned.

 

When contacting your creditors - remind them that you will have a little more to offer them as you will no longer be paying DMP fees.

 

If you are experiencing difficulty in repaying your debts, CASHflow is a way for you to negotiate affordable repayments with your creditors. Before you can use CASHflow, you must have spoken to one of the free advice agencies licensed to offer CASHflow to their clients. The advice agency will start by talking to you about all of the options available, and can help you to decide if CASHflow is the right one for you.

 

If you decide to use CASHflow, you will be provided with all of the tools you need to be able to complete your own financial statement and negotiate offers of repayment with creditors yourself. This will enable you to stay in control of your situation, but still have support from an adviser at any stage if you need it.

 

You can contact a local advice agency to check if they offer CASHflow. You can find a list of free advice agencies that are near to you by searching for a money adviser in England or Wales, Scotland, or Northern Ireland.

Alternatively, you can call National Debtline on 0808 808 4000

CASHflow: http://www.cashflow.uk.net/

National Debtline: http://www.nationaldebtline.co.u k/

https://www.mymoneysteps.org/

Also as highlighted in the CAG newsletter...

There is the new CAB system that might also be worth a look, this system saves all your details, has guidance allowance figures to work with if you wish and you do not need to be invited / signed off etc with this system, just log in and away you go (see below)

 

(Also, there are a number of other self help tools and systems around so might be worth a little exploration if this is what you eventually decide on.)

 

http://mymoney.nedcab.org.uk/moneyadvice/

 

http://mymoney.nedcab.org.uk/moneyadvice/ (example of completed dmp)

[Surfer01]

Use CCCS They are free and very good. All the money you pay them goes to your creditors as there are no hidden charges. We used them until we got back on our feet.

[Bombaymix]

Hi both! Thanks for the advice so far.

 

Gregory Pennington (I believe) Take £220 a month from me and distribute it amongst my creditors (11 of them) and deduct a £33 management fee. As far as i'm aware they don't build it up in a pot.

 

Surfer, CCCS and Payplan, I'm almost certain that your debts need to be more than 5k to enter into one of their plans. I think My debt is closer to 2.5k.

 

I've emailed each of my creditors the following

 

"To whom it may concern,

I currently make monthly payments to your company through Gregory Pennington Debt Management company.

The reference number for my current DMP is *******. The current monthly payment I make is £**.** per month. For security, my date of Birth is **/**/**** and my full name and address including postcode is Bombay Mix, 1 Bombay Road Road, Bombay, *** ***.

I am requesting a balance of the debt I owe to your company, The debt I am currently making payments towards. I do NOT Acknowledge any other debt to your company.

I am considering resigning from my Debt Management plan and am looking at making payments directly to your company. I'd be grateful if you could forward the information as soon as possible so I can arrange to make payments. The amount I will be paying will be increased as I will not be committed to a monthly management fee. I would ask that the same terms apply and would request that no further interest or charges are added to the amount I have to pay.

The only reference to the debt I have is the account number ends ***.

I would request that you appreciate my previous account conduct when looking at this request and deal with this as a matter of urgency. I would prefer to deal with this by email or in writing only.

Kind Regards

Bombay Mix"

 

I've sent this email to the info@ and enquiries@ addresses of all but 2 of my original creditors. I done this at 16:00 this afternoon and have yet to receive any response yet. Hopefully I'll have some responses in the morning.

 

To be honest, I really can't be bothered speaking to GP on the phone at the moment, They are going to pester me for money I haven't got and find a million and 1 reasons why I should stay in my DMP with them. I'd rather try and test the water with a few of my creditors first and see how willing they are to provide me with information and entertain a self managed dmp with me.

 

The £1000s I've paid GP over the years is gone. I'm grateful to them for keeping the creditors off my back but feel a little more confident now (after what I consider a BIG mistake from GP) to try and negotiate with these creditors and put an end to a lot of stupid mistakes from my teenage years!

 

Any further advice is welcomed. Just wondering if anybody else has ditched their DMP and gone it alone.

My OC'S are, Welcome, Barclaycard, Lowell, MMF, Mckenzie Hall, Capquest, Payday Express, Poundstillpayday, Wageday Advance & Fredrickson Int

 

Thanks again

 

BM

[Surfer01]

Have you viewed the CCCS link I supplied?

[Bombaymix]

Hi! Yes, I explored that option. They told me to write to my creditors and make arrangements lol

[Bombaymix]

I've had an email back from Welcome this morning telling me to call them to get the information I require, Saying they cant send personal information via email for DP reasons.

[Bombaymix]

Ok, slight change of plan.

I (against all advice) spent the afternoon phoning all of my original creditors to ask for accurate account balances. Was actually pleasantly surprised with the responses. All very helpful.

After receiving a heavily discounted offer from one of the OCs (60% if I pay full amount) I decided to spend another 90 minutes phoning round to see if anybody else would be more generous with offers of F&F settlements. About half of them agreed that they'd reduce the balance if I pay within 14 days. Discussed this with family and I have 2 options, 2 people MAY write me 11 cheques and I pay them what I've been paying Gregory Pennington. Worked it all out and my total debt (including Gregory Penningtons management fee) will be reduced by just under £800 over a year.

So, Will be presenting all of my figures (dragons Den style) and see if anybody is brave or foolish enough to take a chance on me with an interest free £1800 loan. Seriously, the 2 possible people who may loan me the cash will be 10x worse than ANY DCA If I miss a payment haha.

Would like to add... And I hate to say this... PDL Companys x 4 were the best to offer substantial discounts. After all the hassle I had with them, Found them the best to deal with. Although.. They asked for debit card details and bank account number, I told them all.. Your bank details or NO DEAL. They agreed and sent emails confirming f&f balances and their bank details.

So, Hopefully.. There is at last some light at the end of the tunnel. Will be nice to be able to pick up the phone again

 

Now, the hard part.. A call to GP to tell them I no longer require their services

eurgh

Might actually type them a letter instead and hibernate for a month lol

Regards

Bombay Mix

[Maggers1]

Hi

I am in the same situation as you were. Can you tell me what happened with gp, did you pay first or cancel gp first, did you get the creditors to send you final letters saying your accounts were settled and did gp charge you for cancelling???

[Bombaymix]

Hi Maggers.

As it's an informal agreement between you and Gregory Pennington (there's no contract) I'd cancel direct debit and THEN inform them that you've cancelled it and are going to arrange with your creditors yourself.

 

I'd consider writing to Gregory Pennington, although they were good for me and took a lot of strain off me they will try and talk you into staying in a plan with them.

 

Your creditors will be happier, the management fee that you're currently paying can then go towards your debts!

 

If you need any help with anything. Give us a shout

 

Regards

 

BM

[Maggers1]

I'm lucky enough to have a super fiancée that is willing to pay them all off for me. I did speak to Quick Quid today on that stupidnlive chat thing to see what they are willing to take of the price of the debt as it stands but when I to.d them they I couldn't pay that second she was a bit abrupt and said 'you have to pay by debit card and if you don't do it before 6 o'clock this evening the deal is off'. I managed to get it down to 330 rather than 500. But you you think I can get a better deal ? Will i still be able to get a deal at all seen as i wont be paying it today? Reading some threads I'm definitely not going to pay by debit but by fast pay,ent through my fiancées bank

 

Thanks mag

[Bombaymix]

Lol @ QQ. You can guarantee that whoever you spoke to would have been on commission!! I'm sure, when you have the funds available the same offer will be on the table.

 

Are the majority of your debts PDL debts? Quiet a few of them will offer you generous f and f settlements. But before you agree anything, there's specific guarantees you need from them that they're not going to pursue you for the remaining balances nor sell on the remaining balances to DCAs!

[Maggers1]

Yes. One is QQ and the others are wonga and pay day express. What is an f and f settlement. And how do I make sure that once I've paid that's the end of it?

[citizenB]

Yes. One is QQ and the others are wonga and pay day express. What is an f and f settlement. And how do I make sure that once I've paid that's the end of it?

 

You need, in writing, before you pay them a penny.. that they will confirm that the amount they have agreed is a Full & Final Settlement. That they will mark any records that the debt is satisfied/ paid. That at no time will they pursue any balance nor will they sell it on to a 3rd party. If they wont put that in writing, then I am afraid you are leaving yourself open for them to pursue at a later date or sell it on to another agency who will pursue.

[Maggers1]

Okay. Thanks for your help !!!

[Bombaymix]

F and f = full and final!

 

You just basically need that assurance in writing (or email). Payday express did discount my debt by quiet a bit and then sent me an email saying my account balance is now £0.00 and that my account is in goodstanding!! (like I'd EVER want to use their services again lol)

 

Wonga. I'm still paying them off monthly but I'm sure you'll also get a decent full and final settlement with them.

 

There's nothing to stop you emailing them with a ridiculous amount telling them you've got a one time offer like 50% of the value of the debt (or even less, depending how cheeky you are feeling) and telling them this is an offer of payment as long as they agree to write off the outstanding amount and Mark your credit files as settled and the above conditions (not pursue you for remaining debt or sell on the remaining debt to a Dca)

[Bombaymix]

*sorry was typing that as citizenb replied lol

[Maggers1]

I think I'll email them what you emailed them. And I'm going to be very cheeky haha

[Bombaymix]

The advise on f and f settlements is "start low", they can only tell you to go away and re negotiate lol.

 

Not sure if PDL companies will accept low f and f, I've heard of DCAs accepting low offers because they have paid peanuts for the debts usually.

 

Let us know how you get on.

[Maggers1]

Well. They all have a nice email now lol

[Bombaymix]

hopefully they'll be quick in replying and accept your offers!