Baines & Ernst are the biggest Debt management company in the UK.
Impressive huh? One of my mates enlisted their help as he found himself in a situation where his sleep was affected, he worried constantly, he had used all his credit cards to the limit and got loans to have a nice life...
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A review by Johnsie on Baines & Ernst Dept [TV Advertisement] May 23rd, 2002
Author's product rating:
Special Effects
Not applicable
Style
Needs help
Clarity of message & brand identity
Unmemorable
Quality of Concept
Weak
Humour
Not applicable
Advantages:
You think it's all sorted . . . .
Disadvantages:
Extended Payment time, Pay huge fees, Not legally binding
Recommend to potential buyers:
no
Full review
Baines & Ernst are the biggest Debt management company in the UK.
Impressive huh? One of my mates enlisted their help as he found himself in a situation where his sleep was affected, he worried constantly, he had used all his credit cards to the limit and got loans to have a nice life...
It all started when his long term partner ditched him for a bloke with more money and a better job, but hey thats another story...
He felt down and wanted to cheer himself up and he had 2 credit cards with £1000 on each to spend...
Clothes quickly ensured he reached his limit and he called up for a higher limit and got it, he applied online at night for further credit cards and got them...he had a decent job...holidays added to the cards and the new ones quickly reached limits and even got extended...he never missed a payment..
Overall in 2 years he had £18,000 in credit to 4 major companies, names withheld...
He kept going out to dinner with every girl he met to impress and thus his ready cash was spent every month, he stopped a few payments here and there to allow him the payments to be used as cash...
He decided to change jobs and in doing so managed to have a period in his life where 2 months he would have little cash flow...and the proverbial hit the fan in a big way...
The letters started coming in and he placed them neatly in the bin...worst mistake...
when he got paid again he decided to treat himself again to cheer himself up...
Sleep was now becomning an issue and he would call friends at all times of the day and night, his work was affected as he was thinking about his debt...pressure made him ill for a few weeks...sick pay made his salary even lower and less chance of paying any creditors that month too...
Then he bought a tabloid one day and noticed the advert for Baines and Ernst...His problems then started after months of confidence with B&E....
A debt management company exists essentially to as the title says manage debt, which means that they negotiate a lower monthly payment figure with your creditors, they ensure that the mortgage is paid firstly and everyone is given a percentage of your income which you can afford to give..
The money you can give is all calculated out with your earnings and outgoings/allowances...
They in the majority of cases contact your creditors and deal with them directly and you just sit back and relax...and B&E create Voluntary arrangements with your creditors which means they tell a creditor you are having trouble and will pay them a set amount from the B&E account you have set up...
You pay B&E an agreed amount which is then divided to the creditors and a monthly fee to B&E for their trouble...
Here is some figures you may find interesting :
For a £397 payment per month for a debt of £18,000...creditors with varying amounts and interest rates, he had one creditor who after interest was calculated every month he effectively paid £10 to the account...think how many years £3000 would take to pay off...
Of the 4 creditors he had the total he paid to them was £300...for a £18000 debt, cool or what? If you got a good memory you would notice that he paid £397...Yep £97 every month as a fee to B&E, how many months was it taking to pay off? I worked it out with him and gave up after 10 Years...interest was still to be paid...
So after looking at the figures a few months after enlisting B&E's help he realised that he was in a further spiral, he was not allowed any further debt whilst with B&E, his first payment of £397 would be lost if he withdrew from the programme, his creditors could decide at any time that they were not happy with the arrangement and indeed he started getting a letter from one of his creditors telling him they did not wish to deal with B&E and that Legal action would be taken against him...he passed the letters to B&E as agreed but they kept coming every month although he paid his £397...His credit status seemed to be in a state which would never be repaired...
So what made him join Baines & Ernst?
The advert stated :
One fixed monthly payment to cover all your debts, Solve your debt regardless of credit status, stop worrying about your debt, reduce payments by up to 75% per month...giving you cash to spend on living expenses...Not a loan or bankruptcy...
So he was hooked, and when he realised that he could have done all the things Baines and Ernst do himself and saved the £97 per month and given it to his creditors he was very unhappy which is when he told me of his problems...
What can you do?
Well if you contact your creditors yourself it shows them you are living up to your problems and that you want to pay them...they ARE very understanding if you contact them directly...
The local citizens advice bureau gives free advice on this problem, which give you best advice and not what would make them the most money...
The main thing you need to do is face up to your problems and speak to someone, whether it be a friend or family member they can and will think objectively for you without being bogged down with depression on the amounts you owe...
After paying for just over a year he stopped paying B&E and spoke to his creditors directly, most accepted the same payments and he had an extra £97 to go round them every month, true he did lose his initial payment of £397 but he has now sorted out himself and is working in a positive manner to pay of his debts...
Baines and Ernst state they satisy 9 out of 10 clients...so maybe some have better figures that I have not seen...
Last week he told me that he got a letter from B&E telling him that he qualified for a Trust deed to be set up...Why was this not the initial solution to his debt problem?
This involves a payment of around £200 into a trust and after 3 years the debt is written off and is legally binding if 75% of the creditors agree...he is going to contact them again...How much more money can they make from him? Answers on a postcard please...
Did you know that Baines and Ernst were prosecuted this year for using MIcrosoft Office which was without a licence and they have appeared on the BBC watchdog programme
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Advantages: You'll never get in debt again Disadvantages: You'll never get any credit again
...these ads on TV for Baines & Ernst, it sounded so easy, I'd give them my problem creditor, pay them for the inconvenience and let them deal with it, yeah, that was it. How could I have been so foolish? Before I knew it, I’d handed my soul to the devil and was paying him in monthly instalments for the privilege of destroying my life.
Baines & Ernst told me that as a client I was in no position to pick and choose which debts I kept and which ... ...risk. I signed with Baines & Ernst, now I pay the price.
It’s been a year since I signed my life away to Baines & Ernst. I’ve had my bank accounts closed and I’m facing my first, of probably many, CCJ’s, which is due to be issued in the next 10 days. A CCJ, I’ll have that on my file for the next 6 years. The best laugh is, it’s my bank who’s serving me with it, I never had a problem with my bank until I ...
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Advantages: your monthly outgoings will decrease Disadvantages: you will never pay the initial amount off
I had to contact Baines and Ernst a couple of years ago, (or so I thought after seeing them on the tv) my out goings were not exceeding my income but not leaving me much at the end of the month. So I thought that all my problems were over. I rang the number given and gave them all my credit info they requested, Then they told me to stop paying.
once I stopped paying everything i had then to send all the late payment letters to them for them to negotiate ... ...i sent them all to Baines and ernst as i was asked to for them to sort out. They sent out statements detailing how much i had paid and how much was going to my creditors. The amount owed was actually going up as they hadn't arrranged for interest to be stopped and the paymetns i was making wasn't even covering interest in most cases.
In the end i stopped paying through them and contacted the CAB, i filled in some forms and sent them to my creditors ...
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Ciao members have rated this review on average helpful
Advantages: None Disadvantages: gives you some more debts
I really don't know why the Adcertising Standards Authority lets these people get away with their misleading ad - their so-called service is nothing more than a way of getting money out of people who are already in dire financial straits. They offer to help with depts and reduce payments, but what they don't tell you is that they take a huge, and I mean huge, chunk of that money in their fees. they don't do anything that any Citizen's Advice Bueau ...
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Ciao members have rated this review on average helpful
I like many were drawn in by the amazing helpfulness of the baines&earnst advert, 'cut down you monthly out goings for a better life'. 'quickly remove your debts without the worry'. It's all camel dung as i found out the hard way. I had a pregnant wife £11,000.00 pounds of debt and i just lost my job, sitting at home depressed and full of sorrow about my situation an advert ,bains&earnst we willl help you get back on your feet go on give us a call. ... ...'we will take all your debts speak to the relevant people and that's all you do. 'youpay us £140.00 a month and we will do the rest'. did they mention that they would be adding there own fee's every month. NO. did they mention that there is no time scale to how long you pay them back. NO. did they even mention that you would still recieve court threats from your debters even though they were being payed every month (and always late i might add) NO. ...
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Advantages: Helps you get out of debt Disadvantages: cant think of one
I am currently trying to sort out my debts after getting in a mess. B&E have helped me so much what I did was Phone up after seeing the advert for them and wanted to find out more about it. Ive met a wonderful women so I want to get straight for her. They went through all of my ingoings and outgoings and calculated a monthly affordable payment. Yes they do take a slight cut of the money but in return you get regular calls all free envelopes and most ... ...saving money in the long run. all I do is when i get a bill now send it in a pre-paid envelope and my stress is all gone I can now sleep properly knowing I can afford this payment and in 25 months it will be all finished the staff are friendly and helpful to any problems you have. what a relief ...
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Ciao members have rated this review on average somewhat helpful
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