 | |
| Company type | Private Listed |
|---|---|
| Industry | Financial services |
| Founded | December 1996 (December 1996)[1] |
| Headquarters |
,
England
|
| Services | Debt management plans, Debt Relief Orders, Debt settlements, IVA, Bankruptcy and Trust Deed Advisory Services |
Number of employees | 252 (2014) |
| Parent | MoneyPlus Group (MoneyPlus.com)[2] |
| Website | www |
Baines & Ernst (Baines & Ernst Limited) 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.[citation needed]
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.
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.[3] 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. 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 2014[update].
In July 2017, the business and assets of Baines & Ernst were sold to MoneyPlus Group.[4]
Baines & Ernst's main service is the Debt Management Plan – also referred to as a DMP.[5]
A Debt Relief Order – also known as a DRO – came into force in the UK and Wales in April 2009[6] 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.[7] Baines & Ernst was approved[8] 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.
As of April 2014[update], Baines & Ernst are authorised and regulated by the Financial Conduct Authority (FCA).
