Your views and questions.

Moderators: TalbotWoods, JaneClack

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By TalbotWoods
#304593 First this I will say is that I am NOT knocking GPs DMPs/Think Banking, if you are on one that is your choice, but you should be aware that in their latest 'Committed to great service!' newsletter, which most people will not have looked at as it looks just like a normal glossy 'throw it in the bin' newsletter the following is hidden on page 2.

Under the innocuous title 'Great Service and Value for Money' is a para with a message:

"As of 24th September we will be introducing a small increase to your monthly management fee, which will go from 15% to 17.5% and we will be amending our minimum and maximum monthly charges."

And it then goes on to tell you:

"If for any reason you feel that the proposed increase above is unaffordable..... we will attempt to negotiate alternative arrangements with your creditors on the basis that we will be distributing slightly less of your monthly payment to us, which will remain the same."

In other words 'we're going to take our increased cut and there will be less for paying off your debts'.

So Gregory Pennington are going to take 17.5% of everything you pay (subject to your individual maximum amount) .....

Somehow I dont think the Creditors are going to like that, especially when the elk of PayPlan and CCCS do the same job, but dont take a cut!!!

I wonder how many people will start getting letters from the creditors!
By wisernow
#305063 why anyone stays with these companies is something i will never understand.I have been with Payplan, found them great and the advice is always good and best practice and no fee to pay.Why go anywhere else?I believe the same can be said for cccs,although i have no experience of them myself.