With borrowing in Britain ever increasing, Debt Solutions Company, Baines and Ernst, is offering a host of solutions to help get individuals financially back on track.
Statistics show that 25,264 individual insolvencies occurred in England and Wales in the first quarter of 2008 (The Insolvency Service). Plus, due to the credit crunch, the cost of borrowing is set to increase dramatically. This is having a knock-on effect on the housing market which is suffering its first major downturn since the early 1990s, causing a wave of household repossessions.
These factors are spurring Baines and Ernst onwards in this mission to help free the nation from debt.
Baines and Ernst knows each and every case is different and are offering a number of solutions. The company which has over 10 years experience has already helped over 130,000 people start to clear their debt problems whilst distributing over £1/2 billion back to creditors.
Mrs Chalk is a single parent of four children, two of whom are disabled. She called Baines when she found herself in debt: "Before I joined I was struggling with debts and being harassed by my creditors. I then got transferred to a guy in your company who helped me with the process. A huge weight was lifted from me and my family."
Baines & Ernst realises that every case is different, so the organisation aims to rehabilitate each individual client with money management plans tailored to specific needs, teaching them how to control their finances.
For those Britons who are anxious about their debts, Baines and Ernst is offering a free debt test, followed by a one-on-one money management consultation. Services include Debt Management Plans, IVAs (for people in over £15,000 of debt) and Prepaid Maestro Cards, amongst others.
*Based in the centre of Manchester, Baines and Ernst has a history of success stories, helping over 130,000 people to start to clear their debt problems through money management plans.
Each member of the Baines team is selected for their empathy and understanding. The debt advice they provide is proven to work and practised throughout the Britain.
Unlike other debt management companies Baines and Ernst operate a transparency policy, so you know who you're dealing with, every step of the way.
*Based in the centre of Manchester, Baines and Ernst has a history of success stories, helping over 130,000 people to start to clear their debt problems through money management plans.
Each member of the Baines team is selected for their empathy and understanding. The debt advice they provide is proven to work and practised throughout the Britain.
Unlike other debt management companies Baines and Ernst operate a transparency policy, so you know who you're dealing with, every step of the way.
Visit Baines and Ernst at www.bainesandernst.co.uk.
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Paymex Group, the
UK
’s largest commercial provider of financial solutions products to the public, has seen a dramatic increase over the last 12 months in the number of customers who are becoming insolvent. Commenting on the anticipated increase in the number of people going bankrupt and entering Individual Voluntary Arrangements (IVA's) and Protected Trust Deeds, (PTD’s), Nick Pearson, External Affairs Director at Paymex, said “Looking at our statistics for the 3rd quarter of 2008 compared with the 3rd quarter of 2007, Paymex has seen a very significant increase in the number of people either going bankrupt or entering into an IVA or PTD. The number of people we have advised on bankruptcy has increased by some 250% over the last year. During the same period we have seen the number of IVA’s or PTD’s we have arranged for customers increase by just under 50%.”
Pearson noted “the very substantial growth in the number of people the Group has advised on bankruptcy is due in part to some lenders using minimum return rates to block people entering into IVA’s or PTD’s to repay their debts. This had the effect of pushing some people into bankruptcy even though they were keen to repay a proportion of their debts via such an arrangement. In reality, the number of people on IVA’s or PTD’s would have risen more dramatically were it not for the stance of some lending institutions. The irony is that IVA’s or PTD’s normally result in lenders being repaid a far greater percentage of the outstanding debt than in bankruptcy, where typically they will receive little or nothing.”
Pearson continued “We anticipate that as unemployment rises, the economic situation deteriorates and credit options remain difficult to obtain for most, there will be a continued increase in both bankruptcies and IVA’s numbers over the coming 12 months, probably reaching levels never previously seen before in the
UK
.”
Notes:
Background:
The Insolvency Service is due to publish the latest insolvency statistics for the 3rd quarter of 2008 on Friday 7th November. It is anticipated that there will be a significant increase in both the number of personal bankruptcies and IVA’s.
About Paymex Group:
- Paymex Group Ltd is the largest provider of financial solutions in the
UK
;
- Over the last 10 years we have helped over 130,000 people to get their finances under control;
- Baines and Ernst, Blair Endersby and Buchanan Roxburgh are currently helping over 30,000 customers to repay debts to their creditors through debt management plans, Individual Voluntary Arrangements or Protected Trust Deeds;
- We have distributed over £1/2 billion to creditors;
- We broadened our debt solutions portfolio with Buchanan Roxburgh and Baker Evans.
- We branched out into further financial services with Easycall Finance and Evolution.
For more information about Paymex see www.paymex.co.uk
For further information contact:
Nick Pearson
Director of External Affairs
Paymex Group
Lloyds House
18-22 Lloyd Street
Manchester
M2 5BE
Telephone: 0161 216 8107
Mobile: 07958 741 267
Fax: 0161 216 8215
Email: nick.pearson@paymex.co.uk
Home Office: 01298 210 351
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