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.