Baines & Ernst Debt Management – Does It Work?
Question by Miles B: Baines & Ernst debt management – does it work?
I have been speaking to an adviser about debt solutions and how we can control affordable repayments on about £25,000 outstanding. Both my wife and I were made redundant by the same employer back in April and I have just started a new job on a lesser salary with my wife still out of work.
We have met all of our payments during our redundancy period but have now reached a point where it is no longer feasible to repay on the interests.
With 5 creditors, we have been trying to speak to CAB about our options but it is impossible to get through to them.
We have been assured that this is our best option to take on with Baines and Ernst and we believe that their national reputation may help our case of structured repayments with frozen interest.
However their start up fee of £370 and delayed start of 2 months means that our creditors are 2 months with no payment.
I would like to know whether a national company like B&E holds more credibility than a smaller local company. I also need to know whether an agreement would lessen the risks of bailiff involvement, and thirdly whether speaking to the creditors directly would likely have a worse impact regarding future court/bailiff involvement.
I would be grateful for any GENUINE advice from someone who works in the industry or someone who currently has an agreement in place with B&E. Thank you.
Best answer:
Answer by Judy
There is nothing this company can do for you that you can’t do yourself.
Why havent you visited a library or a bookstore and gotten a book on debt/credit reapair?
This tells you step by step how to negotiate, settle, and lower interest rates?
Did you know they will let your bills go unpaid for months and months?
Did you know that fees will rack up?
Did you know that you will likely end up in court anyway with your wages being garnished, even after paying that company thousands of dollars?
Did you know that this will devastate your credit?
Google debt managment complaint, scam, rip-off.
It will open your eyes.
They are out to get your money – not out there to help you.
It’s a money making business – don’t let them take yours.
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This appears to be a debt settlement firm…..which we have a lot of here in the USA….
These firms have you deliberately default on your credit cards/debts so that they can attempt settlements for 50%. Deliberately defaulting on loans/credit cards to attempt to settle for less is always going to be a dangerous game to play…whether you do it by yourself or if you hire a company.
Not all creditors will settle for less…but rather will take you to court instead for defaulting on your loans/credit cards. None of these firms have the power to force settlements on your creditors…they have the right to refuse to settle and take you to court instead.
You mentioned that you met all of our payments during our redundancy period, means you can organize your finances without any debt management.
Be it B&E or any other debt management company, they all will get your payments in default just to get is settled for 50% at later stage.
Any account showing as settled is again a bad credit history, that will make you suffer for a longer period besided raking up management fees.
Go by your instinct, since you are best manager of your own finances. At the end you will save those managment raking up fees that can be utilized for repayment of your debts.
Blemished credit is both stressful and costly, but it’s not the end. As hopeless as the situation might seem, bad credit won’t last forever. There are things you can do right now to begin improve your credit score.
1. Stop using your credit cards: In a bad credit situation, one of the worst things you can do is continue accumulating debt by making credit card purchases. Put your credit cards away until you have more control of the situation.
2. Get a copy of your credit report: You can’t begin repairing your credit until you know exactly what you need to work on. Obtain a copy of your credit report from each of the three major credit bureaus to find out which accounts need work and which are just fine.
3. Clean up your credit report. : If your credit report contains incorrect information, you have the right to have it removed. Your credit report will include information about disputing inaccurate information with the credit bureaus.
4. Get current on delinquent accounts: Your payment history makes up 35% of your credit score. Getting current on your delinquent accounts will have a great impact on your credit.
5. Don’t put in any more credit applications: As long as your credit is in repair mode, you should avoid making any more applications for credit. It’s likely that you’ll get turned down for credit and the applications will only decrease your credit score.
6. Keep accounts with balances open: You might be tempted to close out credit card accounts that have become delinquent, but wait. Before you close any account make sure it won’t negatively affect your credit.
7. Call your creditors: Right now they’re certainly the last people you want to talk to, but you’d be surprised at the help you might receive. Talk to your creditors about your situation. Many of them have temporary hardship programs that will reduce your monthly payments until you can get back on your feet.
8. Pay off your debts: You will have to start paying off your debts to improve your credit situation. If you don’t have the money on hand, sell some of your belongings to speed up the process. It will be a sacrifice, but the financial freedom you gain will be worth it.
9. Get professional help: Resources, like consumer credit counseling, are available to assist you. If you are overwhelmed by your credit situation, seek professional assistance. You can locate a credit counseling agency through the National Foundation for Credit Counseling.
10. Be patient: Your credit wasn’t damaged overnight, so don’t expect it to improve in that amount of time. Continue paying your debts and over time you will see an improvement in your credit.
Good luck.
This is affiliated to an Experian company
http://www.esuperfind.com/lowermybills.php?id=hra0tt16koo9 they are better known than B&E
I really never heard of Baines & Ernst debt management services, but I know that debt consolidation companies offer great services to people who are in debt.
One website that I recommend you to visit is:
http://www.1st-debt.com
Let me know what you think of their services.