Unmanageable debt can be an excruciating burden to carry alone and constantly trying to juggle creditors can be quite simply exhausting, especially if you aren’t entirely sure of how to handle the problem.
Professional debt management firms can provide an invaluable service, bringing expertise and much-needed relief to individuals unable to cope with their financial problems.
However, although many debt management firms do a first-class job, like any industry, there are a few whose standards are not as high as they should be. But with so many companies offering debt management services, how can you decide who you should trust?
Baines and Ernst â€“ part of the award-winning Paymex Group, have been providing debt management services since 1996 and, to date, have helped more than 140,000 people escape the pressures of debt. During this time, they have created professional relationships with more than 3,500 different creditors, making it potentially far smoother to try and negotiate a debt solution for individuals who are struggling to meet their commitments.
However, their longstanding history and excellent track record in helping individuals is only part of the story.
In any kind of financial services, it can be comforting to discover that a company is willing to follow a voluntary code of conduct, which ensures not just quality of service, but commitment to ethical practices.
DEMSA â€“ the Debt Managers Standards Association â€“ is a perfect example of this. The organisation was established almost 12 years ago and was set up to protect the interests of all parties involved in debt management negotiations â€“ both the lenders and members of the public.
DEMSA’s own published mission statement declares that they aim to ‘encourage the highest standards within the debt management industry’ and that all members of the public must not only be treated ‘ethically’ but also ‘compassionately and effectively.’
Any member company which belongs to DEMSA must ensure that the customer’s interests are paramount at all times and that solutions which would be unsuitable or inappropriate are not recommended. Information provided to the customer must be clear and transparent without the unnecessary use of jargon.
The Office of Fair Trading has recently published guidelines about what it expects from the industry, setting out good practice for companies involved in providing debt advice. DEMSA has a code of conduct that all of its members must rigorously adhere to and this has been given the seal of approval by the OFT.
A debt management firm must apply to belong to DEMSA and membership is dependent on several factors, but in particular, adherence to the code, both on application and for the duration. DEMSA will carry out audits to ensure that all member firms continue to comply with the requirements and will take steps to discipline or eject any firms found failing to meet the standards.
Therefore, for any individual seeking to find a reputable debt management firm where they can be assured of receiving the best possible advice, itâ€™s recommended that they choose a DEMSA member such as Baines & Ernst.
Baines & Ernst has played a pivotal role in the financial industry â€“ helping people with all levels of debt find a way to conquer their financial troubles.
As part of the Paymex Group, their excellence in this area has been recognised formally when the group was awarded â€˜Debt Management Provider of the Year 2010â€™ and 2011 and 2012 finalists, at the prestigious Insolvency and Rescue Awards.
Having unmanageable levels of debt can be a very difficult situation to deal with. By picking a company such as Baines and Ernst, who are accredited members of DEMSA, you can be sure you will receive a sympathetic response, as well as the best practical help available, from the experts you really can trust.