United Kingdom (PRWEB UK) 24 September 2012
Since the start of the recession, families around the UK have had their fair share of financial heartache. Job losses, pay freezes and sky-rocketing bills have all had a devastating effect on budgets that have already been stretched to the limit.
With banks making it harder for people to access extra cash, many people have turned to doorstep lenders, payday loans and other forms of high interest credit to get their hands on money they have needed in times of financial hardship.
These short term financial solutions often have high interest or APR rates, making it more difficult to repay what’s owed – which in turn leads people on a downward spiral of debt that’s hard to break.
A recent study released by Santander showed that as many as 9 million households are forced to rely on borrowing money in order to pay their bills every month. The study showed that 18 to 30 year olds were most likely to borrow money; while 30% of 35 to 54 year olds and 17% of people aged 55+ would turn to high street lenders. It also showed that 7.5 million people use their credit cards every month to pay for household costs.
For those who want to tackle their financial problems and clear their debts, there are a number of debt management companies ready to offer help and advice.
DEMSA – The Debt Managers Standards Association is an organisation that promotes good practice within the debt management industry in order to protect the interests of the public. Therefore, it is recommended that those seeking help with debts choose a company that holds DEMSA membership.
Baines and Ernst is a specialist financial solutions company in Manchester and has been a DEMSA member since 2009. A spokesperson from Baines and Ernst said “It’s essential that customers know that their wellbeing is central to everything we do at Baines and Ernst. Our prime concern is helping people get out of debt and we can only do this by providing the very best advice, support and solutions that make getting out of debt as affordable as possible.
“Being a member of DEMSA shows that we are committed to providing the highest standards of service and to following their code of conduct as approved by the OFT.”
Accreditations are also a good way to benchmark the skills, experience and quality of service offered by debt management companies. One of the most prestigious awards is The Insolvency and Rescue Awards.
Now in its 5th year, The Insolvency and Rescue Awards – run by Insolvency Today Magazine – is a highly regarded event that’s dedicated to recognising excellence within the industry and awarding companies who strive to provide the best services to people in debt.
Previous winners of ‘Debt Management Provider of the Year’ award include Baines and Ernst – who have also been nominated as a finalist in a new category ‘Debt Management Team of the Year 2012’.
This year, the company’s Debt Relief Order team have been nominated Debt Management Team of the Year 2012. The nominated team specifically help people in severe financial hardship with a low income and debts of up to £15,000.
A spokesperson from Baines and Ernst commented on the nomination: “We are incredibly pleased to be included once again in one of the UK’s most respected award ceremonies and to be in the running for such a coveted award.
“Our company remains one of only two commercial debt solution firms to be awarded Competent Authority Status by the Secretary of State to provide Debt Relief Orders in the UK. This is a not-for-profit service provided by our company – to have the efforts of our staff recognised through an award nomination is truly rewarding.”
The Insolvency and Rescue Awards will take place on October 10th in London, where the winner will be announced.