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Baines and Ernst

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Baines & Ernst
Company typePrivate Listed
IndustryFinancial Services
FoundedDecember 1996 (December 1996)
Headquarters
Manchester
,
England
ServicesDebt management plans, Debt Relief Orders, Debt settlements, IVA, Bankruptcy and Trust Deed Advisory Services
Number of employees
252 (2014)
Websitewww.bainesandernst.co.uk

Baines & Ernst is an English financial solutions company that is part of the Paymex Group. Established in Manchester in 1996 as a specialist debt management company, they provide services to help people get out of debt including Debt management plans, Debt Relief Orders and Debt settlements.

The company also offers an advisory service in Individual Voluntary Arrangements and Bankruptcy to people living in England and Wales, and Protected Trust Deeds to people living in Scotland.

History

Baines & Ernst was originally formed as a debt collection company with 50 staff members but quickly evolved into the debt management sector; offering debt advice and debt help to people who had fallen behind on repayments to creditors – the companies they owed money to. In 2009, the company was approved by the Secretary of State as a Competent Authority for Debt Relief Orders in the UK and Wales.[1] The company was also approved to provide Debt Relief Orders to people living in Northern Ireland in 2011.

Baines & Ernst was the first company to be established from its parent company, the Paymex Group. The Paymex Group is a financial solutions company offering expertise in various debt solutions through its other companies. Baines & Ernst associated companies include Baker Evans for Bankruptcy and Baines & Ernst Corporate for business insolvency.

The company's Head Office is located in Manchester City Centre and employs 252 staff. As of March 2014, Andrew Wisedale and Shaz Sulaman are joint Managing Directors.

Financial Services

Baines & Ernst’s main service is the Debt Management Plan – also referred to as a DMP.[2] A Debt Management Plan is a type of debt solution that enables people to repay their debts at a more manageable rate during times of financial hardship. Baines & Ernst acts as an intermediary between the debtor and the creditor. The company negotiates with the creditors involved to secure better repayment rates for the debtor and distributes payment to the creditors involved in the plan. Since the company began trading in 1996, they have helped over 170,000 people and have managed debts totalling £1 billion.

A Debt Relief Order – also known as a DRO – came into force in the UK and Wales in April 2009[3] and in Northern Ireland in 2011 following its introduction in the Tribunals, Courts and Enforcement Act 2007 as a new form of Bankruptcy.

Debt Relief Orders are suitable for people who do not own their own home, have little surplus income and assets and less than £15,000 of debt.[4] Baines & Ernst was approved[5] by the Secretary of State as a Competent Authority for the provision of Debt Relief Orders in the UK, Wales and Northern Ireland. The company provides the DRO service for free but those applying for a DRO must pay a fee of £90 to the Insolvency Service.

Industry Regulations

As of April 2014, Baines & Ernst are authorised and regulated by the Financial Conduct Authority (FCA).

Industry Memberships

  • Debt Managers Standards Association (DEMSA)[6]
  • Association of Professional Debt Solution Intermediaries

Industry Awards

  • Debt Management Provider of the Year 2010 at the Insolvency & Rescue Awards[7]
  • Debt Counsellor of the Year 2010 at the Credit Today Awards[8]
  • Best Debt Solutions Provider 2014 at the Financial Reporter Industry Awards [9]

Awards nominations

  • Debt Management Provider of the Year 2011 [finalists] Insolvency and Rescue Awards
  • Debt Counsellor of the Year 2011 [nominee] Credit Today Awards[10]

Charity

The company raises money internally through various fundraising days and distributes all donations to various charities every month.

The company raised over £15,000[11] in 2008 following the National Three Peaks Challenge in aid of charity DebRA.

References

  1. ^ "Insolvency Proceedings: Debt relief orders and the bankruptcy petition limit" (PDF). Gov.UK. Retrieved 12 May 2015.
  2. ^ "Acronyms - The Free Dictionary". Retrieved 2012-02-03.
  3. ^ "Debt Relief Orders (From 6 April 2009)". Retrieved 2012-02-03.[permanent dead link‍]
  4. ^ "Debt Relief Orders (From 6 April 2009)". Retrieved 2012-02-03.[permanent dead link‍]
  5. ^ "Debt Relief Orders - Competent Authorities". Retrieved 2012-02-03.
  6. ^ "DEMSA Members list". Retrieved 2012-02-03.
  7. ^ "Insolvency and Rescue Award Winners Revealed list". Retrieved 2012-02-03.
  8. ^ "Credit Today award winners revealed". Retrieved 2012-02-03.
  9. ^ "Baines & Ernst win coveted financial solutions award". PRWeb. Retrieved 21 April 2014.
  10. ^ "Finalists for Credit Today Awards announced". Retrieved 2012-02-03.
  11. ^ "Baines and Ernst 3 Peaks Challenge". Retrieved 2012-02-03.
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