lost chance on paying back debt thanks to Gregson & Brooke

[grandadpalmer]

hi everyone

i have been with debt solution company called Gregson & Brooke for almost 2 years, a year ago i recieved a letter from a creditor Equi-debt to say i could clear the debt at a reduced sum, i sent this letter on to Gregson & Brooke they said they couldnt clear the debt as they were chasing up PPI refunds from the orginal company (Abbey National) even though they had the funds avaliable, the debt has now gone up to the orginal ammount again.... i feel they have not helped me and i would like advice on what i do next

[FORCEOFONE]

Re: lost chance on paying back debt thanks to Gregson & Brooke

Claiming back PPI payments from the original creditor has nothing at all to do with settling an account with the assigned creditor. The PPI issue has nothing to do with equi debt unless the balance will be used to settle the outstanding debt

If they have offered a short settlement (equi debt), AND FUNDS WERE AVAILABLE TO CLEAR THE DEBT, your debt management company has a problem.

Their is nothing stopping the debt management company from continuing the PPI claim from the original creditor as equi debt will be no longer relevant as a short settlement has occurred.

Call my cynical, but no doubt the debt management company take a cut out of every repayment you make, so it is not in their interest for a short settlement offer

My own personal opinion as usual

[FlamingParrot]

Re: lost chance on paying back debt thanks to Gregson & Brooke

hi everyone

i have been with debt solution company called Gregson & Brooke for almost 2 years, a year ago i recieved a letter from a creditor Equi-debt to say i could clear the debt at a reduced sum, i sent this letter on to Gregson & Brooke they said they couldnt clear the debt as they were chasing up PPI refunds from the orginal company (Abbey National) even though they had the funds avaliable, the debt has now gone up to the orginal ammount again.... i feel they have not helped me and i would like advice on what i do next

Gregson & Brookes are a fee-paying debt management company. Their website is down 'for maintenance' so I can't look at their T&Cs but I've found this on another site:

6. Our fees
6a. Our initial fee is equivalent to your first 2 months payments.
6b. Our management fee is equal to 17.5% of your monthly payments.

:scared:

There are free DMP charities you can use if you need a third party to set up a DMP for you, otherwise you can do it yourself. Why would you want a percentage of your hard earned cash to go to a profit-making debt manager rather than your creditors so you can clear your debt more quickly?

As you have seen, G&B are not acting in your best interests, and they will obviously take a cut from any PPI refund they manage to obtain. It's also perfectly possible to do the reclaims yourself, with the help of sites like this one, we have excellent PPI specialists on board. :first:

[Amethyst]

Re: lost chance on paying back debt thanks to Gregson & Brooke

http://www.fca.org.uk/news/consumers...nagement-firms