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

[Last]

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

considering the £55,000 bill i think we should all be against the £5K pre appointment fixed fee.......

[Nibbler]

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

Despite posting it. I have yet to read properly through the whole proposal.

But from comments and extracts and a quick skim it is more or less what I expected.

Considering how the firm went down, and a somewhat tight lipped FCA, I imagined it would very likely be something like this.

[Amethyst]

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

Hopefully this will help with putting your claim in as a unsecured creditors. If everyone uses a similar format it might help Levy deal with claims quicker and at less cost than reading 100's of various styles of letters.


Full Name

Address

Telephone Number

Your Reference with Bournes

Claim amount
 Total amount of your claim £


Please provide details of any documents that
substantiate your claim;

• If available, please attach a statement of account
• Date your account was set up
• Dates and Amounts of Payments made to Bournes
• Copy of your agreement with Bournes (if you have it)
• Details of any Payments that didn't get sent to Creditors (as far as you know)
• Details of any Payments made into the 'settlement' pot.

Are there any particular matters relating to the way your DMP was run, or any other matters that you feel should be reviewed?

Signed

Dated

[Outrage 68]

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

Hi. My brother has been taken by Bournes after handing over everything he had from selling his house to settle with his creditors.
As stated before the administrator has now milked £50k from the potential £199k left in 8weeks. At that rate no one's going to get anything back!
I strongly believe this is a case for the police to investigate the fraud that has been committed and doesn't need £295/hr administration!
Why do the FCA not check that a separate ring fenced holding account was being run earlier? Regulation joke!

[Last]

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

:tinysmile_cry_t::tinysmile_cry_t::tinysmile_cry_t::tinysmile_cry_t:

[enaid]

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

I know it wont happen, but have said before imho the regulators should be held partly accountable. Time after time it's the same names doing the same sort of business in a different guise.
Not even a slapped wrist being dished out as punishment, they should be stripped of all assets and the proceeds of crime act be used to help the people who have been relieved of their hard earned for what ever reason other than that it was supposed to be for.

[Amethyst]

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

Even if all the £189k was distributed to customers that's only an average of £94.50each.

[enaid]

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

Even if all the £189k was distributed to customers that's only an average of £94.50each.

Be lucky if there is 94p left when all and sundry have had a cut.

Anything they own jointly or have transferred to others in the firms lifetime should be sold off and proceeds shared amongst the losers.
Anything left should be returned to them and hopefully there wouldn't be enough to cover their lifestyle, leaving them in need of a DMP, a Pay Day Loan, a CC with the highest APR and the use of a food bank.

[beano22]

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

I myself have been affected by this and think its damn right disgustisting that this could happen, after reading the report last night I today called Mike Gilbourne on xxxxxxxxxx (no from thread 16) who has spent all money and asked him if he could sleep at night and if his wife was happy shopping with all our money he told me to go F*** myself so this now has become a personal matter with him and I want justice to be brought to this low life and hope he rots in hell and can't sleep at night. He did enjoy my call so feel free to call him up and ask him how he spent your money??

However that aside I have sent the below email to watchdog and will await their response also depending on their response I will also be bringing this to the attention of the Greater Manchester Police Force. Am not sure if this is the correct route or if there are other avenues we can go down but these people should not be allowed to carry one screwing good folk over in this way time and time again.


Below is my email to watch dog:-

I was in a debt management programme with a company called Bournes Debt Solution with over 2000 other people, the FCA went into the company in Aug 2014 and had all their accounts frozen, the debt management plan we were all meant we paid a monthly amount of what we could afford and then a % of that was moved into a settlement pot attached to each individual to settle our debts once there was enough in their to pay off the debt once an agreement had been made with the creditors.


To cut a long story short the company had all their assets frozen and were forced into administration the company running with the administration was LA Business Recover. we were all contacted by the administrators and were advised to cancel all direct debits with this company and to speak to whom we owe money to and advise them of the situation. This at the time seemed reassuring that although this news had come out of the blue there was something been done straight away about. I personally had paid £2500 to this company since May 2012 had had £952.91 sat in a settlement pot and was looking to settle this soon.


We were then told by the administrators that it will take them 8 weeks before they can make any proposals as to weather our money was still there or whether it had been moved elsewhere so we all had to just sit tight.


Throughout the 8 weeks a lot of the affected people have been posting their findings concerns and wisdom of the below link


http://www.legalbeagles.info/forums/...ebt-Solutions-


Whilst going through this link you will see that a lot of people had huge amounts in their settlements and have been and will be affected more than myself (am just a small fish in a big pond) however there is a lot of post on here stating that the directors of this company have launder our money and reinvested in their own pocket and set up of company and are probably doing the same as we speak to people that are currently unaware like all the clients of bournes.


If i can take you to a thread on the above link and look at thread 16 they state :-


temporarily removed


I called Mike on xxxxxxxxxxxx and questioned him on this and if he was happy that him and his wife were spending both mine and and everybodys else money he basically told my to go **** myself and that he was only one of a several directors acting in this way.


Yesterday evening the administrators processed their findings to date which in a nutshell are (please see attached PDF for full 25 Report) :-


There's a shortfall of approx £700k

1) no separate clients holding money account
2) using clients money to fund something else
3) no tenancy agreement in Bournes name for the offices rented ( how strange!! )
4) not notifying clients in Aug about Bournes demise as instructed by FCA
the list is endless......


The Administrators shows that the accounts they have located hold around £190k in them but should have been closer to 1 million.

The administrators then go on to outline their fees:-


£5k is the fixed fee pre appointment
agents costs £2.5k - disbursements @ £1k so far
The rest is expenses and hourly rates for the staff dealing with the administration - 34 hours so far @ £350/hr - soon adds up.


The current cost for the administrators to date in the report is £55k they state that it could take up to a further 12 months to wrap this up by that end then would have utlised the £190k and the chance of any of us getting a bean back are slim to none.


I not sure what you can do to help me and everyone associated with this or if you can point us all in the right direction cause this looks like negligence and fraud on many accounts and its seems the people involved will carrying on doing this time and time again


I look forward to hearing your response



Liked I said guys I don't know if this will help bring justice or just been another post on here I will inform of any reply I get back and hope you all follow the same avenues and don't stop until we get at least a penny back.

[Last]

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

It's interesting because the Gilbournes both left a company called Cn4J Ltd within days of the FCA stopping Bournes from taking on new customers.......on the same day Mr C. Gilbourne who I believe could be thier son takes over - by the way I think he is only 19 and there is no phone number available for this job agency otherwise I would try to contact them to see if they could get me a job in how to rip people of - not that I would want to do that!!!

[Last]

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

Surprisingly nobody answered those numbers!!!!!!

[andyd]

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

I too know some people who have become mixed up in this mess. A few things I would say is that I would be reluctant to agree with the 2nd resolution - Re the Administrators Fees as this effectively letting him write a blank cheque....If he has the time down he can take the money.. so he spends more time looking at it!!

The creditors could always seek a majority vote to cap/fix the administrators fees Statement of Insolvency Practice 9 seems to give guidance in this regard. And it looks like should have been included in Mr Levy's report to creditors.

What I do find interesting is the Administrators purpose for Administration. He seems to state the main reason he entered into Administration and not Liquidation was so that he could sell the database/customer list quickly. He only realised £14,500 for this (plus it indicates possibly a bit more). His costs/fees are way in excess of this amount.....and given the administration procedure is vastly more expensive than liquidation I wonder whether the creditors have had any benefit from it. Especially as Mr Levy practice looks relatively small compared to the size and complexity of the case - and if it had entered into compulsory liquidation would be being dealt with directly by a government department directly

[Ruthless]

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

Mr levy needs to make a stand and put us first for once. I have phoned the FCA and voiced my concerns they said they cannot do anything. He even ended the call. The Gilbournes will get away with it like all the others. What a bad start to the weekend. When answering the resolutions with agree or disagree what is everyone saying.

[Amethyst]

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

Just a word of caution on the post from the employee - it has not been verified in any way, and has come from a, possibly, disgruntled employee of Bournes and the Administrators are already looking at allegations of fraud. I would strongly recommend against contacting the ex Directors as it may put a spanner in the works of any investigation, increasing costs and taking more time.

Good idea to contact Watchdog on the issue - although there is not much they can do in this case, they can at least warn others in DMPs to check the companies out carefully and consider moving to stepchange, or at least speaking with Citizens Advice. They can also put a bit of pressure on the FCA to actually enforce and make checks on client accounts.

I also think the FCA need to look at the rules as in essence you were in a savings scheme with Bournes, which I think should come under deposit taking activities.

[Ruthless]

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

I have just phoned Action Fraud on 03001232040 and explained about our money being spent/stolen for other purposes and wanted to report fraud. They were brill. The information is sent to the London fraud police. They said the more people who phone and give as much information as you know ( use thses threads) of all the companies, names, addresses how much money you have paid to bournes and what the administrators have done. It has made me feel better. COME ON ALL YOU