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Help

Please choose from one of the following topics, for the questions that are most relevant to you:

LOANS...
DEBT MANAGEMENT PLANS...
INDIVIDUAL VOLUNTARY ARRANGEMENT...
PROTECTED TRUST DEEDS...

LOANS

1. Where can I get more information about interest rates?
2. How much can we borrow?
3. What happens if I complete the online application form and then change my mind?
4. How confidential is my application?
5. What happens if I am taken ill or made redundant and have difficulty in making the repayments?
6. Where can I get more information about credit, finance and loans?

1. Where can I get more information about interest rates?

A: The office of fair trading website offers a number of tools to help you when looking for a loan or finance including this repayment calculator.

2. How much can we borrow?

A: Any amount from £500, depending on your ability to repay. Simply tell us how much you're looking for, and we'll try to find the right loan for you. If you are unsure how much you can afford it's a good idea to do an income and expenditure exercise to see how much you can afford to pay each month. The Office of Fair Trading offer this free tool to help you budget.

3. What happens if I complete the online application form and then change my mind?

A: By completing our online application you are under no obligation to proceed.

4. How confidential is my application?

A: All applications are treated in the strictest confidence. Your bank, employer and so on will not be contacted without your permission.

5. What happens if I am taken ill or made redundant and have difficulty in making the repayments?

A: Our lenders can arrange comprehensive insurance policies to help you should the worst happen.

6. Where can I get more information about credit, finance and loans?

A: Visit the Office of Fair Trading's website.

Do you have a question that isn't covered here? Please feel free to make an enquiry using the contact us section of our website and we'll be more than happy to get back to you with the information you require.

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DEBT MANAGEMENT PLANS

1. Is this a loan?
2. Will I be credit checked before acceptance?
3. Can I come on plan if I already have CCJs against me?
4. Does it make a difference if I am a homeowner or tenant?
5. Do I have to be in full time employment?
6. Do I have to tell my partner?
7. Does the Payment Plan cover all of my debts?
8. What is the difference between a secured and unsecured debt?
9. Do creditors always accept reduced payment offers?
10. Will the plan affect my credit rating?
11. Will I receive a Default Notice?
12. Will the plan prevent my creditors taking further recovery action?
13. What if my creditors continue to pursue me for payments?
14. How long will the plan take?
15. What if my circumstances change?
16. How much does the service cost?
17. How are the fees collected?
18. Can I cancel my plan at any time?
19. Do I incur any charges if I cancel my plan?
20. How is my money held until it is distributed to my creditors?
21. What happens to any money held for distribution if I cancel?

1. Is this a loan?

No. We neither lend you money nor pay off your debts. Your payment plan is a solution that allows you to repay your creditors at a monthly rate that you can afford. If you do not make payments into the plan, we cannot make payments to your creditors.

2. Will I be credit checked before acceptance?

No. Since we do not lend you any money, we do not need to credit check you.

3. Can I come on plan if I already have CCJs against me?

Yes. You can even use the plan to make payments against any existing CCJs that you have. Just make sure that we know exactly what your current situation is when you talk to us before coming on plan.

4. Does it make a difference if I am a homeowner or tenant?

No. It makes no difference whether you are a tenant or homeowner or even if you are still living with your parents.

5. Do I have to be in full time employment?

No. To come on plan, you only need to have a surplus of income above what you need to live on.

6. Do I have to tell my partner?

We believe that it is always best to be honest with your partner. However, you only have to tell your partner if you have shared debts and/or you need your partner’s income to be taken into account to support the plan.

7. Does the Payment Plan cover all of my debts?

No. A debt repayment plan can only cover your unsecured debts and arrears.

8. What is the difference between a secured and unsecured debt?

A secured debt is a debt secured against an asset that you own. Typical secured debts will be a mortgage, a secured loan, a car loan, etc. An unsecured loan is any loan not secured on an asset, such as a bank overdraft, a personal loan, a credit card, store card, etc.

9. Do creditors always accept reduced payment offers?

Creditors do not have to accept any offer of repayment below the contracted minimum. However it is our experience that they are prepared to accept reduced repayment offers where we are able to demonstrate that the offer we have made is reasonable and that you are committed to repay your debts by use of the plan.

10. Will the plan affect my credit rating?

Because coming on plan will result in your not making contracted repayments on your unsecured debts, you should expect that your credit rating will be adversely affected. However, your credit rating may already be poor if you have arrears or a history of missed or late payments.

11. Will I receive a Default Notice?

By coming on plan with us, you will be in default on your original credit agreement and your creditor is therefore entitled to send you a Default Notice. Creditors send out Default Notices to protect their own legal position.

12. Will the plan prevent my creditors taking further recovery action?

We cannot guarantee that your creditors will not take further action, including court action to recover debts from you but, if they do, we will help you respond so that any repayment that is required is within your ability to repay.

13. What if my creditors continue to pursue me for payments?

Certainly in the short term, your creditors will continue to take action to recover your debts. Do not ignore them. Deal with calls politely, informing creditors that you have appointed Baines & Ernst to act on your behalf. You should forward any letters to us to deal with on your behalf.

14. How long will the plan take?

Because you are making reduced payments on your debts, it will take longer for your debts to be paid off. As part of our initial consultation with you, we will provide you with an estimate of the likely time you will be on plan. Please understand that a Debt Management Plan is not an overnight solution.

15. What if my circumstances change?

Because a Debt Management Plan is an informal arrangement, it is easy to change it as your personal circumstances change, and even to replace it with an alternative arrangement if that becomes more appropriate at a later date.

16. How much does the service cost?

We retain your first monthly payment as our initial fee and then a monthly management fee equivalent to 17.625% of each payment you make to us, subject to a monthly minimum of £25 and a monthly maximum of £90. There are no other hidden charges.

17. How are the fees collected?

We retain your first monthly payment as our initial fee for setting up your plan. Every time we make a distribution to your creditors on your behalf, we deduct our fee for that distribution. If we do not make a distribution, we do not take our fee.

18. Can I cancel my plan at any time?

Yes. All you have to do is give us 2 weeks written notice of cancellation.

19. Do I incur any charges if I cancel my plan?

No, you can cancel with us at any time without any further charge.

20. How is my money held until it is distributed to my creditors?

We hold all monies sent to us for distribution to creditors in a client trust account with our bankers. This means that your money is completely protected in the event of our insolvency.

21. What happens to any money held for distribution if I cancel?

We will refund to you any monies you have paid us which we have not yet distributed at the time you cancel with us.

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INDIVIDUAL VOLUNTARY ARRANGEMENT

1. Is this a loan?
2. Will I be credit checked before acceptance?
3. Can I enter an IVA if I already have CCJs against me?
4. Does it make a difference if I am a homeowner or tenant?
5. If I am a homeowner, will I have to release equity in my home into the IVA?
6. Do I have to be in full time employment?
7. Do I have to tell my partner?
8. Does an IVA cover all of my debts?
9. What is the difference between a secured and unsecured debt?
10. Do creditors have to accept an IVA?
11. Can an individual creditor refuse to accept an IVA?
12. Will the IVA affect my credit rating?
13. Will the IVA prevent my creditors taking further recovery action?
14. How long will the IVA last?
15. What if my circumstances change?
16. Can I cancel the IVA once it is set up?
17. What happens if I just stop paying into the IVA?
18. How are the supervisor's fees collected?
19. How long does it take to set up an IVA?
20. Will interest and other charges be frozen while the IVA is being set up?
21. Can a creditor take further recovery action before the IVA is approved?
22. What happens if the IVA is not approved?

1. Is this a loan?

No. An Individual Voluntary Arrangement is a legal process whereby you can agree with your creditors to repay them less than you actually owe them.

2. Will I be credit checked before acceptance?

No. Since you will not be borrowing any money, there will be no need for a credit search.

3. Can I enter an IVA if I already have CCJs against me?

Yes. Entering into an IVA even offers you a way by which you can avoid further recovery action after a creditor has obtained a CCJ against you.

4. Does it make a difference if I am a homeowner or tenant?

No. It makes no difference whether you are a tenant or homeowner or even if you are still living with your parents.

5. If I am a homeowner, will I have to release equity in my home into the IVA?

Almost certainly you will have to release equity in your home into the IVA, usually as part of the final settlement of the IVA.

6. Do I have to be in full time employment?

No. To enter into an IVA, you only need to have a surplus of income above what you need to live on.

7. Do I have to tell my partner?

You will almost certainly have to tell your partner if you are entering into an IVA.

8. Does an IVA cover all of my debts?

No. An IVA can only cover your unsecured debts and arrears.

9. What is the difference between a secured and unsecured debt?

A secured debt is a debt secured against an asset that you own. Typical secured debts will be a mortgage, a secured loan, a car loan, etc. An unsecured loan is any loan not secured on an asset, such as a bank overdraft, a personal loan, a credit card, store card, etc.

10. Do creditors have to accept an IVA?

The decision to accept or reject an IVA is made by a vote of your creditors at a creditors meeting. You need to get 75% acceptance by debt value at that meeting for the IVA to go ahead. If less than 75% by debt value vote to accept the IVA, the IVA will fail.

11. Can an individual creditor refuse to accept an IVA?

Yes, but only if he has more than 25% of the debt voting at the creditors meeting. Once the IVA has been accepted by vote at the creditors meeting, all creditors are bound by law to accept the arrangement.

12. Will the IVA affect my credit rating?

You should expect that your credit rating will be adversely affected by going into an IVA.

13. Will the IVA prevent my creditors taking further recovery action?

Yes. Once the IVA is in place, you are protected from all further recovery action by your unsecured creditors.

14. How long will the IVA last?

This can vary, but it usually lasts for 5 years.

15. What if my circumstances change?

If you are unable to maintain repayments because of changed circumstances, your supervisor in the IVA can request a variation to reflect your new circumstances.

16. Can I cancel the IVA once it is set up?

No. An IVA is a legal process and, once it is set up, you cannot just cancel it if you change your mind.

17. What happens if I just stop paying into the IVA?

If you fail to keep to the arrangement, your supervisor in the IVA has the right to apply for you to be declared bankrupt.

18. How are the supervisor’s fees collected?

The supervisors fees are collected from the payments you make into the IVA and you will normally have no other fees to pay.

19. How long does it take to set up an IVA?

It takes typically between 6 and 8 weeks to set up an IVA.

20. Will interest and other charges be frozen while the IVA is being set up?

No, but any such interest and charges will be covered by the IVA when it is approved.

21. Can a creditor take further recovery action before the IVA is approved?

Yes, but you can apply to the courts for an Interim Order to stop any of your creditors taking further recovery action until the outcome of your creditors meeting is known.

22. What happens if the IVA is not approved?

You will have to come to an alternative arrangement with you creditors to repay your debts.

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PROTECTED TRUST DEEDS

1. Is this a loan?
2. Will I be credit checked before acceptance?
3. Can I enter a PTD arrangement if I already have CCJs against me?
4. Does it make a difference if I am a homeowner or tenant?
5. If I am a homeowner, will I have to release equity in my home into the PTD?
6. Do I have to be in full time employment?
7. Do I have to tell my partner?
8. Does a PTD cover all of my debts?
9. What is the difference between a secured and unsecured debt?
10. Do creditors have to accept a PTD?
11. Can an individual creditor refuse to accept an PTD?
12. Will the PTD affect my credit rating?
13. Will the PTD prevent my creditors taking further recovery action?
14. How long will the PTD last?
15. What if my circumstances change?
16. Can I cancel the PTD once it is set up?
17. What happens if I just stop paying into the PTD?
18. How are the trustee’s fees collected?
19. How long does it take to set up an PTD?
20. Will interest and other charges be frozen while the PTD is being set up?
21. Can a creditor take further recovery action before the PTD is approved?
22. What happens if the PTD is not approved?

1. Is this a loan?

No. a Protected Trust Deed is a legal process whereby you can agree with your creditors to repay them less than you actually owe them.

2. Will I be credit checked before acceptance?

No. Since you will not be borrowing any money, there will be no need for a credit search.

3. Can I enter a PTD arrangement if I already have CCJs against me?

Yes. Entering into an PTD arrangement even offers you a way by which you can avoid further recovery action after a creditor has obtained a CCJ against you.

4. Does it make a difference if I am a homeowner or tenant?

No. It makes no difference whether you are a tenant or homeowner or even if you are still living with your parents.

5. If I am a homeowner, will I have to release equity in my home into the PTD?

Almost certainly you will have to release equity in your home into the PTD, usually as part of the final settlement of the PTD.

6. Do I have to be in full time employment?

No. To enter into a PTD, you only need to have a surplus of income above what you need to live on.

7. Do I have to tell my partner?

You will almost certainly have to tell your partner if you are entering into an PTD.

8. Does a PTD cover all of my debts?

No. A PTD can only cover your unsecured debts and arrears.

9. What is the difference between a secured and unsecured debt?

A secured debt is a debt secured against an asset that you own. Typical secured debts will be a mortgage, a secured loan, a car loan, etc. An unsecured loan is any loan not secured on an asset, such as a bank overdraft, a personal loan, a credit card, store card, etc.

10. Do creditors have to accept a PTD?

A Protected Trust Deed will fail if creditors representing over 33% of the total debt value object in writing within 5 weeks of receiving notice of the institution of the deed.

11. Can an individual creditor refuse to accept an PTD?

Yes, but only if more than 33% of the total debt is owed to him. Once the deed has become protected, all creditors are bound by law to accept the terms of the deed.

12. Will the PTD affect my credit rating?

You should expect that your credit rating will be adversely affected by going into a PTD.

13. Will the PTD prevent my creditors taking further recovery action?

Yes. Once the deed has become protected, you are protected from all further recovery action by your unsecured creditors.

14. How long will the PTD last?

This can vary, but it usually lasts for 3 years.

15. What if my circumstances change?

If you are unable to maintain repayments because of changed circumstances, your trustee in the PTD can request a variation to reflect your new circumstances.

16. Can I cancel the PTD once it is set up?

No. A PTD is a legal process and, once it is set up, you cannot just cancel it if you change your mind.

17. What happens if I just stop paying into the PTD?

If you fail to keep to the arrangement, your trustee in the PTD has the right to freeze your bank account and even to apply for you to be declared bankrupt.

18. How are the trustee’s fees collected?

The trustee’s fees are collected from the payments you make into the PTD and you will normally have no other fees to pay.

19. How long does it take to set up an PTD?

It takes typically 6 weeks to set up a PTD.

20. Will interest and other charges be frozen while the PTD is being set up?

No, but any such interest and charges will be covered by the PTD when it is approved.

21. Can a creditor take further recovery action before the PTD is approved?

Yes, but you can apply to the courts for an Interim Order to stop any of your creditors taking further recovery action until the outcome of your creditors meeting is known.

22. What happens if the PTD is not approved?

You will have to come to an alternative arrangement with you creditors to repay your debts.