Have been approached by Gregory Pennington, they say they can clear it in 19 months and only pay 200 a month which includes their fee. Thats 50 cheaper a month to pay out than im paying now and only 500-600 they make out of me.
Is there a better (cheaper) way than using them?
Cheers
The answer might depend upon the type of debt and to whom. Some lenders (Amex comes to mind) will strongly resist debt consolidation etc. others just accept it.
Of course there is, but it may not be available to you if you have an impaired credit rating. Nobody with a good credit rating should need to pay an APR of over 81 as you appear to be, nor even as high as the
34 you've just been offered.Is your existing £250 a month also for 19 months, or for less? That makes all the difference. If it's less, then obviously the APR will be much less than 81.
Almost certainly.
There's a rash of companies making money out of borrowers in trouble. Read this comparing Gregory Pennington with the free Consumer Credit Counselling Service (who operate PayPlan)
The best place for free debt advice is the Consumer Credit Counselling Service and the best forum is The Motley Fool's - Dealing With Debt . Try those first
- it will allow you to compare the Gregory Pennington deal.
Good luck !
Daytona
Have something to add? Share your thoughts — no account required.
Ask the community — no account required