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debt..

#1
Hi there hope you are all well, looking a bit of support over something thats troubling me. I am currently with think banking & Gregory pennington to pay off some debt that i have, but to be honest im not 100% happy with them i am paying them £180 a month but yet i am still receiving letters from creditors. I also am finding this a little hard to maintain paying out especially when i have a house etc to run. What would happen if i left them and stopped paying them? To be honest my debts r only for credit cards and catatlogues etc, also a bank loan and a sofa, in total its about £8000.

The only ones i am concerned about is the sofa and the bank, what do you think would happen if i just stopped paying Gregory pennington?and just negotiated a payment with the sofa company and the bank? I really am not worried about credit cards etc as these are not a priority debt.. what is the best thing to do? I am not worried about my credit rating as to be honest when i get given credit i am out of control so its best that i dont have it! i live in northern Ireland.

I would appreciate all comments
 
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#2
no theres no way they will my credit ratin is awful x
 

Katesands8

Silver Member
#3
Why don't you make an appointment with the CAB and go and have a talk with them, they may be able to help you or at least point you in the right direction to getting sorted!
Also check with the company that you are using that the various debts you have have all been informed not to send you letters! It may be (as with credit cards) that due to a law change, they are paying off the bigger debts first.
But don't make the mistake of thinking the credit card is not a big deal it is! A credit card is normally the first port of call in any credit rating check.
I hope you get some help to ease your worry
 

Emmaline

Hippety Hop!
#4
Hi Curvyg, I have been in your situation and as has been said, the first point of call is the CAB, they are fabulous in helping to sort out this sort of thing.
In my case, which is quite a few years back now, they asked me to fill out a statement of all my outgoings and incomes and then even contacted some of the creditors for me getting them to reduce the interest being charged and in some cases even freezing it altogether. (No firm can take you to court as long as you promise to pay something to them even if it's only £5 per month!)
There has been some considerable discussions on progs such as Watchdog about these firms who "take over" your debt and then do nothing but keep your money! I do hope you have not been caught up in one of these scams. Again - CAB will help you in that and will have all the necessary info about them.

All the very best to you .... :)
Hope you will let us know how you get on.
 
#5
Thanks for responding to me.. i have currently sent CAB an email explaining my situation, while i wait for them to respond to me do u think i should stop my payment with Gregory penningiton? And then just deal with the CAB, as i dont want to be paying them money if i am going too try and get CAB to help me. Also every review about Gregory pennington i have read isn’t good
 
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Katesands8

Silver Member
#7
I wouldn't stop paying any money until you know exactly where you stand! You've said that you're using GP to help pay your debts ~ are they a debt help payment firm? If they are you need to keep up your payments. If they are supposed to be keeping your creditors off your back and you do stop paying then you've broken your contract and will open the door for your creditors to come back after you!
You must show willing here and keep up all payments until you get help.
Have you tried contacting the person in charge of your account and explaining that A) you're finding the payments too harsh and B) Ask for them to detail exactly in what order and what amounts your payments are being distributed to your creditors, C) What percentage of the £180 you're paying them are they keeping as handling and interest charges!
If you have to keep asking for this information do so, chase them for it, it will help you when you go to see the CAB, the more paperwork you have for them to work with the better for you!
You might find you're paying more to them than your creditors.
You don't want to destroy your credit rating any more so keep paying, hopefully the CAB will be able to help you.
 
#8
i have an appointment wit CAB 2mro so hopefully can get somethin sorted through them xx
 

Katesands8

Silver Member
#9
That was quick! You're lucky! Make sure you take ALL your paperwork and if you've had phone conversations , make sure you make notes what was said and include the name of who you apoke to!
You must ALWAYS ALWAYS ALWAYS get the name of who you spoke to, if you don't it's very easy for them to say the conversations ever took place! This is where mobiles come in handy as they store numbers, times and lengths of calls!
Good luck for tomorrow
 
#10
i no i was so suprised i got one so quick! i am going to take the starter pack they gave me when i signed up and i have my own personal finance manager whose name is louise mckenna and her number, she is a lovely girl but i really do think Gregory pennington are taking the hand out of people after reading the reviews and receiving the letter from my sofa company! fingers crossed i get sorted xx
 
#12
Hi hun, just wanted to say good luck for the appt tomorrow, debt is a terrible worry, hope they cana help you sort something out...xx
 
#13
Thank u :D im sure it can be sorted, iv got my pack in the house so im sure they can tell from there how to sort it, id rather get it done for free than pay gregory pennington and so far they havent even paid my sofa what they r owed! bit of a joke to me! wish id have went to CAB in first place! xx
 

Nixnax

Full Member
#15
Hey,
I was with a fee charging company, i was paying then around £50 a month for doing pretty much nothing. i was having letters etc. I then switched to CCCS which don't charge you a monthly fee ALL of your money goes to your creditors. I'm in around £11k debt and I love this company. Good luck at CAB
 
#16
hi went good with CAB i have wrote letters to gregory pennington saying that i want to cancel my agreement with them (they need 2 weeks notice) so will de dealing with CAB :) i have around £300 a month after i pay all the neccissitys but surely i wont have to pay all this to my creditors?how is it worked out by CAB?X
 

Nixnax

Full Member
#17
I think they will use all of your disposable income (£300) I said I have a car (which I don't) so I will still have 'fun' money, then when I do get a car in a few months I know I can still afford one.
 
#18
u see i was goin to say my rent was dearer than wat is is lol but i was scared of having to prove it lol do u not have to prove it? il make up things if u dont hehe
 
#19
Did the CAB not give you any help in finding a new company to handle your debt for you! I'm not sure I'd advise getting rid of one company before you had another one in place! You might find all your creditors coming after you at once! I think above somebody said they were very happy with CCCS it might be worth asking her for their details in a private message!
You need to write/ or contact all of your debtors, and explain your circumstances! In that you will no longer be with the company they've been dealing with.
Go back to the CAB and see if they can help you make the calls! You can't get blood out of a stone, they may be able to get them to agree to freeze the interest on your credit cards as long as you agree to pay them something.
Be aware though that if you take matters into your own hands re paying them you must keep them up, no matter what else comes up! It's ok to miss a payment when you've got good credit but when you don't they will say you've broken any goodwill agreement you had and will come after you.
I would seriously go back to the CAB and ask for help rather than just advice!
I would also seiously consider going to your bank and saying look I know I've been stupid blah blah, but if you can give me a loan for x thousand (be truthful in this add EVERYTHING up!) but rather than give me the money give me cheques made payable to this companies for the amounts owed, that clears up my all of my debts and Iwould have the just one payment to you, I can afford £250 a month after paying all my necessities, what sort of loan and over what period of time can you help me with!
If they say yes and they might, they might not but you'dve tried your best! But if they do please don't miss payments, use the 5yrs plus to get your credit rating back up again!
Good luck
 

Nixnax

Full Member
#20
I completely with Katesands8 don't leave the currently debt management company without having another in place, because when you switch you do miss a months payments but you really don't want to miss anymore than that. Please feel free to PM me.
 


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