123ds and Baines and ernst help please :)

jackal28

Hi guys im in 20k of debt
mixed between a credit card 2 loans with different banks and a car loan with blk horse finance
I have been paying these happily and never missed a payment , but the wife has lost her job and we aint having the money to live on ...

so a friend of mine suggested a debt management scheme....... i dont know how they got my number but 123debt solutions rang me , gave me what i wanted to hear and quoted me 250 a month , and could they have my first payment asap , which i thought was a bit pushy and decided to ease off and after searching on the net saw that they have no good reviews .... but realize they have my credit card details as they asked for account number so im a bit worried they may take money out of my credit card account :S

i then told my friend and he said tht 123ds sound dodgy and try baines and earnst as he was with them ..... yet again i found them very friendly and they gave me exactly what i wanted to hear i gave them my dormant account number ...... and thought they sounded a good company until again i came on here ....... omg ive just done the same thing as 123 debt solutions they have one of my card numbers and are sending me txts saying remember to send ur first payment on the 18th AS PROMISED

i have not signed anything from either company and baines an erst are sending out someone to pick up the paper work this Thursday ...

basically how can i get out of these two situations , its sunday night and neither company were open and im worried they will try and take money out because iv made an oral agreement and the conversation was aparantly recoreded ..... first things first should i cancel both cards to stop them from taking money i dont have out

help please i was in a desperate state yesterday when i rang them and now wish i never for the worry its causing me

jellybean39

I would have thought you should have a cooling off period. Well i would hope. if they dont listen you could get in touch with i would of thought fsa as they cant bully you into things you dont want to do. Phone the national debtline free of charge and they will advise you the best way forward.
Also do a soa on here and people will help you with where you can cut back etc. advise on here is invaluable. You can sort this out for your self will take a little bit management and contol its hard but even im managing to do it!!!Perhaps start with the card company and tell them what has happened and that they are bulling you they may be able to stop payments. I know its hard but try not to worry as it wont change the situation. these campanies are ruthless and they charge a fortune and pray on vunerable people. they should be banned. You still have 2 days to get it sorted so they cant take the money. Im not sure who regulates these people but if u can find out that could be a good place to start to find out where u stand. Dont know if any of this will help but just what i would do x good luck will pop on keep us updated x

aimingforadebtfreelife

Bainst and Ernst will get you deeper into debt.

Firstly to ease your worries I have taken this from their website:

In line with the Consumer Protection (Distance Selling) Regulations 2000, you may cancel the DMP at any time. You will also have a cooling off period of seven working days from when the forms are signed and returned to us, during which you may cancel in writing and receive a refund of the initial fee paid to us.

Basically you give them all the details - ie amounts o/s and account numbers/ creditors details etc.

They agree a monthly figure of say £250 to be split between creditors. HOWEVER.... they keep the first £250 for themselves and claim its for the admin of getting payments set up so in reality you have missed a month with your creditors which naturally will get them annoyed. Add to that when your SOA is issued to creditors there will be an extra creditor.... Bainst and Ernst who will charge about £50 a month for handling your affairs.

Most of, sorry, all of what they do you can do yourself for the cost of a stamp and an extra £50 a month can go towards paying off your debts. Post up a SOA on here and we'll have a look and advise but you have made a great step by realising there is going to be a problem.

jellybean39

thanks aimimg
Didnt know actual facts but there is always a cooling off period. i cant believe the government let these leeches arry on trading as they are jsut paryaing on peoples misery anyway. is there nothing that can be done about these businesses?

kmh29

Hi

I wonder if you could help. I was with Baines and Ernst (B&E) until May 2009 but have since been managing the debts myself. I am now starting the process of full and final settlement offers to creditors and I want to find out the amount of the original debt so that I can include this in my negotiations i.e. the amount paid to date with my F&F offer will be £x (%) of the original debt.

The problem I have is that B&E have the original paperwork (no I didn't keep a copy - stupid I know but that's what a mess I was in at the time).

I am hoping to be able to obtain the information from B&E. Upon termination of the DMP, B&E supplied me with a schedule of the creditors contact details and the amount outstanding against each but not the amount of the original debt. I don't know where else I can get this from.

I understand that companies must keep records for 5 - 6 years but wondered if someone could asvise me if it's likely that B&E will still have this information and, if so, the appropriate legislation I should quote in my request. Is it the same as a SAR?

Any help appreciated.