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

[Last]

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

Action Fraud.....Done......the ombudsman is next I am going to complain regarding the conduct of the FCA and office of fair trading for not doing more to protect peoples money after similar companies going bust.

[Amethyst]

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

I was just saying that to Jules, they really didn't have much need for stealing the rest of peoples money as well, their fee structure was raking it in anyway.

[Nibbler]

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

Nice, but obviously not enough for these people as they had their "fingers in the till" all along as well.

[Amethyst]

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

So as well as the 10% of the overall debt at the start of the contract they took 20% of the reduction to a F&F settlement as well ?

So say you had a debt at the start of £10k

You paid £1000 as the fee (10%)

They got a full and final settlement on the debt of £5k

You paid 20% of the reduction ( £1000) to Bournes

So for a £10k debt, settled with creditor for £5k you'd pay Bournes £2k ?

So in essence paid £7k for a £10k debt, and Bournes got £2k for getting the 50% reduction.

Oh missed out VAT. so 20% of £5k reduction is £1000 plus 20% is £1200. So actually £7.2k for a £10k debt.

Nice work if you can get it.

[Ripped Off by BOURNES]

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

Hi,

This is from my July Statement

Fees Due to Bournes
Based on Payments to Creditors: £643.70
Legal Fee: £965.69 (This was a final settlement Plus Bournes Cut of 20% of the saving Plus VAT
Based on Total Debt: £2,545.84
Total Fee: £4,155.23




Total Receipts : 12,211.00
Total Paid Out to Creditors: £5,180.55
Balance : £2,875.22

[Last]

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

Yes that was roughly how it worked.

[Amethyst]

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

Amethyst - that last post was Ripped of by Bournes.

Actually while you're on here though, did yours work in the same way ?

[Amethyst]

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

Just by way of update for the Poll

[Amethyst]

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

Yes I just spotted that and amended lol, it's Monday

[Last]

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

Amethyst - that last post was Ripped of by Bournes.

[Amethyst]

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

Can you just confirm I understand how this was set up please.

Your debts were approx £25k at the start.

You paid £357 a month from 2011

Half ( so £178.50 ) was distributed to your creditors

The other Half went to pay the fees of £2545.84 - so that's paid off over 14 months

You've been paying for 3 years - 36 months - so total non distributed paid of £6436 ( £178.50 * 36 )

Balance in 'f&f settlement' should be 22 months worth or £3927

(I know you have put The balance owing to my personally is £3,232.22. I'm just checking if my basic understanding of the way it works is right )

Is that right ?

[Ripped Off by BOURNES]

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

Hi all.

This is what I have just sent to Watchdog.

It was a full and Final settlement scheme, which I joined
in Oct 2011. So Bournes would use approximately half of my
money to pay agreed monthly amounts to my creditors. The
other half was used to pay my fees, which were £2,545.84
(10% of my total Debt). Once that was paid the money was
used to build up my bank so Bournes could then negotiate
with Creditors for early settlement amount of my debt


I paid my agreed Monthly amount on August 1st of £357.
However my creditors confirmed the last payment received
was in July. My creditors started to contact me about the
Missing Aug Payment. When I contacted them they informed me
that they had been told by Finacial Conduct Authority(FCA)
that Bournes were not allowed to receive or make payments.


I tried to call Bournes for 2 weeks & just got an answer
phone message saying the office was closed for training.I
then contacted the FCA and they informed me that Bournes
was no longer trading & would probably be put into
Administration. They also told me to cancel my Direct Debit
to Bournes


I have documentation from the Administrator that I would
like to share with you. It states there was a £500,000.00
shortfall in the funds held by Bournes based on what they
had found.There total debt is £840,000.00


The directors Michelle Gilbourne & Micheal Gilbourne should
be jailed for this Fraud.

In the documentation the Administrator Peter Levy says
there are funds in Bank accounts of £185,262.02. However
you can also see his fees so far are £55,000.00. This is
being taken from the Bournes Clients money & he think it
could take 12 months to resolve. By that time there will be
nothing left.

The balance owing to my personally is £3,232.22.


Why can't the FCA pay for this investigation it is a clear
case of Fraud. It is disgusting to find out the Adminstrator is
being paid with Money owned to Bournes Clinents.

[Last]

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

thats good Action Fraud have had numerous calls regarding Bournes.......

[Last]

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

message to watchdog sent.......Action Fraud next!!!!

[Amethyst]

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

https://ssl.bbc.co.uk/programmes/b006mg74/contact