Nick Pearson of Paymex Group

We sat down with Nick Pearson, Director of External Affairs at Paymex, to find out about policy formation, the damage done by 'rogue' companies, and what it's like working for both fee and free DMCs...

1) Firstly, what exactly does Paymex do, and what is your role within the company?

Paymex Group is a debt solutions provider to both individuals and businesses. Our best known brand is Baines and Ernst. As Director of External Affairs my main role is to represent the business to outside organisations such as lenders, trade associations and government departments. I am also a Board member of our trade body DEMSA. I see my other key jobs as identifying new business opportunities and keeping colleagues informed about developments in the regulatory environment.

2) When did you join Paymex and what did you do before?

I joined Paymex in October 2008. Prior to this I had spent 27 years in the free to client/charitable debt advice sector.

3) What is the best thing about your job?

I get to meet lots of interesting people and the variety of different areas I get involved in make this a great job. Over the years the thing that has given me most personal pleasure is being involved in policy formation via bodies such as the Financial Services Consumer Panel (I was a member for six years) and the HM Treasury Financial Inclusion Taskforce.

4) What less well-known options are available to those seeking debt management that brokers may want to refer their clients to you for?

In addition to the usual debt solutions such as DMPs and IVAs we also offer full and final/lump sum settlements and our Evolution Bank account and loan options. As a Competent Authority, we can also provide Debt Relief Orders. Finally, we also offer corporate debt solutions.

5) What do you think is the biggest issue at the moment in the debt solutions industry?

I think the reputational damage done to the sector as a whole by the “rogue elements” in the industry is probably the biggest issue. The Insolvency Service Debt Protocol and the BIS Select Committee investigation into debt management are also major issues. Finally, we eagerly await the revised OFT Debt Management Guidance.

6) How does the majority of your business reach you?

About 25 per cent of all business comes in as via www.bainesandernst.co.uk. Many leads come to as a result of either data we have purchased or via licensed lead introducers. Family and friend referrals are also a significant source of new business.

7) What kind of cases do you deal with on a regular basis?

The range of different types of cases we deal with is vast, ranging from businesses that have very significant levels of corporate debt to clients on low incomes who need a Debt Relief Order. A typical client is in their mid to late 30s, working full time and on above average income with c£17,000 of unsecured debt owed to seven creditors.

8) If you weren’t working at Paymex what do you think you would be doing instead?

I’d be doing more work on my PhD. In the long term I imagine I will return to the free sector and go back to where I started, that is to work as a volunteer debt adviser in a free to client advice centre.

9) If you could change one thing about the debt management industry, what would it be?

Two things: I’d like creditors to make their customers aware that if they are going to pay for debt advice they should always go to a DEMSA member. The reality is that many people in debt will chose to pay for debt advice and creditors need to steer these people to reputable firms rather than allowing them to take their chances on a Google search. Secondly, I would like to see even closer working relationships between free and fee charging debt advice providers as this will benefit clients.

10) What, in your experience, are some of the most common reasons for individuals becoming indebted?

A change in circumstances often combined with overcommittment is the main cause of personal debt, but life is complicated and therefore so are the reasons why people get into financial difficulty. Most clients can identify a trigger for the situation they’re in. We take the view that if clients approach us for help they are serious about wanting to sort out their problems and we are non-judgmental about how they got into difficulty in the first place.

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