Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

[Amethyst]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Not surprising unfortunately xx

I think you guys that had a pot of money with Bournes should prepare yourselves for having lost that money. If it can be shown the money was taken fraudulently then there could be criminal proceedings... eg. if its shown that no debts were paid in F&F or creditors never contacted about F&F settlements then it could seem the 'product' was sold fraudulently? I don't know whether that could end in any chance of getting any of the money back from the directors personally.

[Last]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

I hope there could be legal proceedings because that money should have been in seperate no interest accounts, that is what I was told, that should of only be used for F&F....it must have been safe gaurded if its not then the FCA need to take a long hard look at themselves because they did regulate Bournes after all.

[Amethyst]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

I wonder if one of you guys who has been affected might make enquiries of the FSCS ... I really don't know, but since DMC's have been regulated by the FCA they could come under the FSCS when they go under, I suspect there some odd clausing of money keep for F&F's in there not being deposits, but might be worth a quick call to ask the question ?

[Last]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

I have spoke to the FSCS a couple of weeks ago and they have already told me that the money won't be covered by them. This CANNOT be right....my debts should have been cleared thats how close I had become to paying of my creditors...the last 3 years of struggling could have been wasted.

[Amethyst]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Well it was worth an ask. I am trying to think of what to do.

Does anyone happen to have the Bournes Terms and Conditions/ Contract which details the 'savings' scheme part of the DMP ?

I think it was being sold basically as a savings deposit account and thus the FSCS should kick in, and the FCA are at fault.... not sure but terms would help.

Thinking aloud really,.

[Tools]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

For info from FCA relating to similar firms http://www.fca.org.uk/news/customers...nagement-firms

We took over regulation of consumer credit, which includes debt management firms, on 1 April 2014.
You should be aware that the Financial Services Compensation Scheme (FSCS) is not available to customers of consumer credit firms.

[Last]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Is that not just the date they took over from the Office of Fair Trading!!!!!!!!!!!!!!

[Amethyst]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Consumer Credit Firms aren't meant to be acting as 'savings accounts'/ taking 'deposits' though are they?

[Amethyst]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Is that not just the date they took over from the Office of Fair Trading!!!!!!!!!!!!!!

Yes it is, I think the main point Tools was making was that FSCS doesn't cover consumer credit FCA authorised firms. He's on phone to FCA now but not expecting a huge amount.

[Tools]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

As Amethyst has already stated, anyone paying money to similar firms with this business model would be advised to ask for monies already paid in to be returned to you. I would then recommend using a DMP provided by someone such as Step Change.

[Pallawan]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Hi there
I just wanted to ask if most of you have contacted the Ombudsman and if so has it been helpful? What can they do that's different to the Administrator?
sorry if I sound stupid but I've never really had to deal with anything like this before.
Everything else is sorted for now, except this 1 phone call but I'm in hospital so difficult to make private calls, which is why I wanted to know if contacting the ombudsman is important.

[Pallawan]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Can anyone advise?

[Kati]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Can anyone advise?

[MENTION=52843]Pallawan[/MENTION] .... what have you done so far??

The ombudsman (to me) seems like a last resort ...
Have you notified the administrators??
Have you got a reply??

At the end of the day, it is your choice - if you want to get in touch with he ombudsman, we'll be here to advise. If you don't, then we'll be here too :tinysmile_twink_t2:

K x

[Pallawan]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Hi Kati
I've done everything I think. Contacted administrator, creditors, DMP plan set up with StepChange etc. it's just I was reading how some people have rung the ombudsman and put claims in and I don't understand why? I thought by contacting Mr Levy the administrator and sending all statements etc that was putting in a claim. What does the ombudsman do that's different?
excuse my ignorance

[Kati]

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Hi Kati
I've done everything I think. Contacted administrator, creditors, DMP plan set up with StepChange etc. it's just I was reading how some people have rung the ombudsman and put claims in and I don't understand why? I thought by contacting Mr Levy the administrator and sending all statements etc that was putting in a claim. What does the ombudsman do that's different?
excuse my ignorance

While you could contact the ombudsman, I cannot see it making much difference (correct me if I'm wrong?!) as they really cannot do anything more at this time

xx