Debt Management question

absvicandmark

I have been with Baines & Ernst for about 6 months to a year at the mo. They have managed to get all my finances sorted out and I only pay them one monthly payment (this includes a 59.00 management fee - I know but im pretty sorted now). However, yesterday I had a phone call from B&E saying that they can set me up with a IVA (I think). At the mo, my debts will be paid off in about 7 yrs. They said if I sign up for this IVA thing then everything will be paid off in 5 yrs. If there is any outstanding debt after the 5 yrs then the creditors have to by law right it off.
It sounds too good to be true so id thought id check on here 1st. They said they will send everything in writing to me.
Has anyone heard of this?

THE_LONE_RANGER_4

do your home work on this , im against going to companies who charge like b,e, as if you wish to do an iva im sure you can do this with out paying monthly for the privilage you could get cccs to assist ,but becarefull miss a payment bankcrupt is what follows reguards andrew

fatbelly

I'm surprised this post has attracted so little comment. Maybe if i bump it up, others will join in.

You will be paying Bains & Ernst £56 x 12 x 7 = £4976. That's £4976 that could be going to your creditors and reduce the time you spend on this DMP. I would ditch them and go with a free service.

An IVA is an insolvency solution - it's main use is for people who would go bankrupt but need to protect a house or business or some other asset. Andrew is right to say that a failed IVA usually results in bankruptcy.

If you want to post more detail, others may comment. Do you have a house or business or other assets? How much are your debts? How much do you earn? What's your family situation?

That'll do for starters.

homersimpson_3

I'm surprised this post has attracted so little comment. Maybe if i bump it up, others will join in...You will be paying Bains & Ernst £56 x 12 x 7 = £4976. That's £4976 that could be going to your creditors and reduce the time you spend on this DMP. I would ditch them and go with a free service.

couldn't agree more. try consumer credit counselling service- loads of threads on forum and well regarded.

poppy52

Why pay Baines and Greed so much money every month when CCCS or Payplan will do exactly the same job for free?

AGB863

They will probably charge you a hefty fee to set it up in the first place

absvicandmark

Ive been paying them for a while and to be honest have had good service from them.
Not sure about this offer though.

sparkle84

absvicandmark wrote:

Ive been paying them for a while and to be honest have had good service from them.
Not sure about this offer though.

It doesn't really matter if they have been providing a good service the fact is you have paid for something you could get for free. Forget the IVA the cheeky bast*tds, you will be finished a DMP in 7 years so they think how can we make more money out of this person I know flog them an IVA - you are not suitable you are paying an DMP although dump B&E and move to cccs or payplan

Kevicho

homersimpson wrote:

couldn't agree more. try consumer credit counselling service- loads of threads on forum and well regarded.

Ha ha, i always wondered what cccs stood for (but was too afraid to ask :rolleyes: )