IVA with Baines & Ernst

Timgold

Hi All
My question is regarding Baines & Ernst , I was looking into bankrupcy due to my debts (25ish grand unsecured ) and clicked on a web page asking the question do I qualify . A few mins later the phone rings and its B & E asking a few questions about my cercomstances and advising me that an IVA would be a better option . A bit of a snowball affect then occured and within the hour i had sighned some paper work and later today someone is coming round to collect id and details of my debt. Before I pay this company a penny id like a bit of feedback about them . The say i can get rid of my debts by paying £310 for 5 years which is better than just one of my loans any info would be a great help .
Thanks
ps great site feels a relife to know im not the only one in trouble

Charco_2

hold your horses, you don't seem to know much about this, Personally i wouldn't hand over any signed bit of paper just yet until you have a better understanding of what it is you're signing up to.

Obviously they are going to attempt an IVA for you but do you understand this?

I am a fan of IVAs as a debt solution (unlike so many people on these boards) but you have to know your onions before you commit to one.

Timgold

Firstly thanks for your response much apreciated
I have looked into IVAs and what they entail I did look into one a few months back but at that time my income was too unstable to commit. I am concerned that they want the first two payments only on the premis that they may be able to sort an IVA with no garantee is this the norm or are they going to take two payments stop me paying my debtors then do nothing leaving me out of pocket and making my situation genrally worse? Do I have any legal backup if this does happen ? I feel an IVA is my best course of action but is this company legit has anyone else had an IVA with them and what is there situation a few years down the line?
Once again thanks for all responses they are greatly apreciated.

Charco_2

Sorry, i wasn't back on again today until now... have you signed up weith B&E?

Yes they're legit. I don't understand what they do with these two up-front payments... do they delay your creditors meeting until they've been paid or do they go ahead? Seems like a bit of a risk! As you say, what if the IVA is rejected?

There are other companies out there who do not charge up front fees if you want a heads up on one!

Tixy

Tim

This guide is worth a quick read http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf.
Also if you haven't already signed up for an IVA with them if you decide an IVA is the right option for you it might be worth talking to other IVA provider to compare what they say and whether these up front fees are the norm across the board. Do you now feel certain (or comfortable) that your income is stable and likely to remain so? Remember the fees B&E can earn for an IVA are many times greater than the bankruptcy you had been considering.

Baines & Earnst/Blair Enderby don't have a good reputation on these boards for providing DMPs (or unbiased advice for that matter) but I don't know about their reputation with regards to IVAs.

From the info you posted it does look as though they may be trying to rush you into a decision. A few more days won't make any difference while you take time to satisfy yourself that its the right thing for you.

gav7

Whatever you do dont sign on with Baines and Earnst. I have received some paperwork from them but after doing some research I went with CCCS who have been fantastic. B&E have just phoned me and when I explained politely that I was no longer going with their help they made me feel terrible by playing the guilt game and saying that I owed them some kind of courtesy and should sign the documents anyway. I have found them to be worse than useless and even the information on the paperwork they sent me is completely inaccurate. Thank God for this site as tis was the first place i read warnings about them. I would advise anyone with problems to go to CCCS as they are non profit and 100% of your payments will go to your creditors. I am starting a DMP this month and for the first time in ages I feel calm and relaxed.

trudij

and just to level things up (as the b&e slagger off is doing it in his first post!!!) - Im with Blair Endersby (the part that do IVAs - im fairly sure that Bainst and Earnst are the debt management part?) - and have 8 payments left till i finish. B&E have been fantastic with me all the way through, and I really cant speak highly enough of them.

OP - if you are still wondering about who to go with, have a look on the web -there is an iva forum that has members who are with all of them between them,and they have many reviews of them all there - might well help you make an informed choice.

good luck !!

AdamLovesMusic

Hi Timgold,

What ever you do please do not go with B&E!!!!. I had the same thing happen to me and I am regretting that I took the IVA option. B&E are just glorified sales people who are out for what they can get. I wish someone had told this to me before I signed the paper and had to cough up an upfront fee which is non refundable if you decide to terminate the policy within 14 days. My debt situation is similar to your and I was misold an IVA and B&E will profit about £14k before even a penny goes to my creditors...vultures!

I've actually just found out about this great forum today and will be positing a separate post about my situation.

Adam