60 Seconds With... Nick Pearson

19 October 2009

What does Paymex group do?

Paymex provides debt solutions to individuals and businesses. we have six brands that operate under the paymex umbrella and eachspecialises in a different area of debt solutions. our brands are baines & ernst (debt management), blair endersby (iva specialist), easycall finance (loans and finance solutions), buchanan roxburgh (protected trust deeds), baker evans (bankruptcy support) and evolution (a current account open to everybody).

Do you deal with mortgage brokers and IFAS?

There has been a dash for cash by big debt management businesses when it comes to referrals. We have signed up a number of mortgage brokers who refer clients to us and receive commission for doing so. we always look to keep originating brokers in the loop as a means of doing further business. we’ve got a number of large networks already signed up and are in the process of signing up more.

How have you reacted to direct competition from brokers?

There is a growing realisation in the mortgage broking and ifa communities that due to the dire economic situation, having a relationship with a debt management company should be part of the fact-find service they offer. A number of brokers have set up debt management companies but they will find out pretty soon that it is a complicated business. We make payments to around 7,500 creditors every week on behalf of our customers. The infrastructure needed to set up the plans in the first place and keep people on them is extensive.

We’re meant to be halfway through the recession. How are consumers coping at a grass roots level?

 

There is no sign of the situation easing and we anticipate that it will get significantly worse. there’s always a lag with debt problems. for people who lose their jobs, generally it’s at least 12 months before their debt situation becomes so critical that they seek advice.

When dealing with customers, what is their biggest regret?

Not having sought advice sooner. a lot of consumers are under the impression that nothing can be done. in fact, nothing could be further from the truth.