Debt

Find your way out of debt with Baines & Ernst

With the UK’s total household debts totalling just under £1.5 billion, it’s no secret that debt has become a serious issue for thousands of people around the country. In fact, many people are paying as much as £2,578 a year in interest just to stop debts increasing.

It’s important to remember that when it comes to debt, you’re not alone and that there are debt solutions available to guide you through these difficult times. At Baines & Ernst, we can help you manage your debt problems and get your finances back on track.

You don’t have to live with debt

The country has gone though major financial changes in recent years with alterations to lending procedures, rises in interest rates and increases in general household expenses leading people deeper into debt.

Every day we talk to people who are struggling to repay their debts as they try to meet basic living costs. And every day we offer advice on how they could manage and eventually clear debt.

Getting out of debt

At Baines & Ernst, we understand debt is personal, that’s why we never offer a one-size-fits-all kind of service.

We take the time to listen to our clients and learn about their current situation. Only with this knowledge can we provide a full evaluation and offer advice on suitable debt solutions. Our commitment to service means we have helped over 140,000 people and have managed debts totalling £1 billion – making us one of the most trusted debt providers in the UK.

We specialise in the following debt solutions:

Debt Management Plans: With a DMP you can consolidate your debts into one manageable monthly payment. The plan is tailored to suit your individual situation – making repayments as affordable as possible. Creditors are not obliged to freeze interest and charges – this means the companies you owe money to could continue to add to your debt leading to an increase in the repayment period. Of 84% of debts managed we freeze interest and charges, and DMP clients can expect to clear unsecured debts on successful completion.

• Click here for more information on Debt Management Plans

Individual Voluntary Arrangements: An IVA is a legally binding agreement with your creditors where they agree* to freeze interest and charges and write off any remaining debts that still exist at the end of the IVA term, which is normally 60 months†. Individual Voluntary Arrangements also offer protection from creditors taking court action to recoup outstanding money. You can expect to be free from the debt included in the IVA in 5 years.

• Click here for more information on Individual Voluntary Arrangements

Debt Relief Order: A DRO is an alternative to Bankruptcy for those with little assets or disposable income. Baines & Ernst provide the service for free; all you pay is a fee of £90 which is paid directly to the Insolvency Service. The DRO typically lasts a year, after this time you can expect to be freed from the debts included in the DRO.

• Click here to learn more about Debt Relief Orders

Bankruptcy: This is often regarded as a last resort in debt management, that’s why we will always see if other, less severe debt management solutions are more appropriate for your situation. Bankruptcy can free you from unsecured debts; however you could lose your home, assets and car to repay your creditors.

• Click here to learn more about Bankruptcy and the effects of going bankrupt