Ditching My Gregory Pennington DMP! What Does it Entail?

[sebaab]

Hi, I want to get out of my DMP with Gregory Pennington. I have 21k outstanding debts with 8 creditors. GP are charging me £90 per month of my £550 payment as their management fee and I've decided I'm not happy paying this any more after 3.5 years of paying it!!!!! So, how easy (or difficult) is it to manage the debts myself? and how do I cancel my DMP? Is it just a case of sending GP a letter and cancelling the DD? Thanks

[nanna58]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

You would need to start your diary .If you decide to go the unenforceable route you will need to send for your C CA from each creditor, but your detailed diary is a must so that our team can help , as each scenario can differ.

[MrsD]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

DMPs especially the paid for ones are the work of the devil and aren't really a vehicle for you to pay your debt off, it's to make money for GP.

I would just cancel the DD and email them telling them, then you need to get copies of all the "work" they have done on your behalf so that you know where you are with your debts, then look at UE, but as Nanna says, you need the info to let us know the details of timings, owners etc then we can suggest a way forward without lining GPs pocket

[sebaab]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

DMPs especially the paid for ones are the work of the devil and aren't really a vehicle for you to pay your debt off, it's to make money for GP.

I would just cancel the DD and email them telling them, then you need to get copies of all the "work" they have done on your behalf so that you know where you are with your debts, then look at UE, but as Nanna says, you need the info to let us know the details of timings, owners etc then we can suggest a way forward without lining GPs pocket

Thanks for your reply. Is it that easy to cancel the DMP? No contract with GP or anything silly?

[MrsD]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

you'll need to read your paperwork, but I can't see how they could hold you to a contract,

[MrsD]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

from GP's site

2. HOW WE MAY END THIS AGREEMENT

12.1 We may end this Agreement at any time by giving You two weeks’ prior written notice if any of the following happens:
(a) You fail to make two successive Regular Payments; or
(b) You are otherwise in serious breach of this Agreement or have persistently committed a series of minor breaches (even if any one individual breach would not necessarily be regarded as a serious breach on its own) including, in particular (but not limited to), Your failure:
(i) to make the Regular Payments at the agreed amount or time; or
(ii) to co-operate with Us to assist Us to perform the Services; or
(iii) to provide accurate information, or evidence of information You have provided; or
(c) You become bankrupt, file a bankruptcy petition, make an arrangement or composition with your Lenders generally, or make an application to a court of competent jurisdiction for protection from your Lenders generally. 13. EFFECT OF ENDING THIS AGREEMENT

13.1 When this Agreement ends (either under clauses 5, 11 or 12 of these Terms):
(a) Our duties and obligations under this Agreement will come to an end; and
(b) We will, within 5 working days of the end of the Agreement, refund to You any undistributed balance of your Regular Payments that we are holding on your behalf in Our Client Account; and
(c) We will withdraw from any continuing negotiations which are ongoing but have not yet been concluded; and
(d) your liability to your Lenders will continue (and be unaffected) to the extent that any amounts You still owe to your Lenders over and above the repayments made to them under the Debt Management Plan will remain outstanding; and
(e) You may within 30 days of the end of this Agreement request Us to send You copies of all paperwork received from You or your Lenders that has been retained by Us as a scanned image.

[JLC]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

I just informed my debt management company, cancelled the payment and left it at that.

[helmsman]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

I just informed my debt management company, cancelled the payment and left it at that.

So did I.

[sebaab]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

Thank you for all your replies and support. I am so glad I found this forum! I will cancel my Gregory Pennington DD and send them a letter relieving them of their duties.

[nanna58]

Re: Ditching My Gregory Pennington DMP! What Does it Entail?

And breath x