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

[righty]

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

So if the Administrator announces that there are no funds is it safe to assume that the directors of Bournes have been dipping into the pot?

Quite!

[Pallawan]

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

So if the Administrator announces that there are no funds is it safe to assume that the directors of Bournes have been dipping into the pot?

[righty]

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

The money you deposited with Bournes belongs to you, not Bournes nor their 'creditors

eg Say there is £100 deposited of which £90 is earmarked for your creditors then irrespective of both their charges AND their 'creditors' their creditors should only receive £10.

Its your money not Bournes or anyone else but that's assuming the owners of Bournes haven't been dipping into it in which case its theft

[Last]

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

How do we go about ensuring those points Righty.......should the administrator be aware of this and be working in the interest of the clients and hence ensuring we get our funds back to pay the creditors we owe.

[righty]

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

Also don't forget the commercial creditors will only be entitled to the mark-up Bournes charged YOU and NOT the funds intended to be paid to your creditors

[righty]

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

Until any funds can be identified I would suggest a freezing order be obtained to ensure the funds are not disposed of before that determination

[homemakercat]

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

The e mail address is
consumer.queries@fca.org.uk

Good luck

[homemakercat]

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

Hello, the email adddress for the FCA is
consumer.queries@fca.org.uk

Good luck

[Tools]

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

However, as I have contacted all my creditors directly and have successfully set up my own repayments plans with them.

If anyone else is seeking to do similar themselves but they are unsure of how to go about it, I strongly recommend you take a look at and adapt the materials and advice given by NEDCAB Money free of charge here > https://nedcab.cabmoney.org.uk/dmp.asp

[Amethyst]

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

I wonder if the money from the sale of the clients list will go towards paying back clients or will be used for the administrator cost????

both, if there is any.

[Amethyst]

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

I expect he's getting quite a deluge of angry, worried, upset emails to respond to. Just remember it isn't the administrators fault.

There IS an ongoing monthly management fee of 22% if you stick with the company Bournes book has been sold to.

You are under no obligation to stay with that company (Platinum)

Business wise they have to sell the book to get funds in to pay creditors (including customers who's monies have vanished into a big black hole)

The purchaser will expect a percentage to stay with them and a percentage to leave and go it alone or with stepchange/payplan and that will have been reflected in the purchase price.

[Last]

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

I wonder if the money from the sale of the clients list will go towards paying back clients or will be used for the administrator cost????

[Ripped Off by BOURNES]

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

okay this was response to this : The reply was : Our terms of sale exclude set up costs.

Hi

Thanks again for your reply & I see you did not dispute this part “thereafter, an ongoing monthly management fee”
And that is why I am surprised, because we as Bournes clients have already been ripped off by a company doing this

Regards

and within 15 minutes I got this response

I fully appreciate your (and the other 2,000 clients’) position in respect of being ‘ripped off’. These allegations are being assessed by us.

[Amethyst]

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

They are saying they have sold the list, as no charitable company ( like stepchange/payplan) would have paid them for it. Standard practice, and exactly what happened with FSF & co, and Debt Help & Advice, previously.

It may be the terms of sale include no set up fees to be charged to the customers who are moved from Bournes, ie. a special arrangement separate from their standard T&C's from their website.

[Kati]

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

I was surprised as the response was immediate:

I will seek out the information you have requested and will let you have it in due course, once I have completed my internal checks and when the Administrator is content to provide you with it.

Platinum do not charge a set-up fee and in the circumstances no charitable debt management company will have paid for the list. As you may appreciate there is a commercial aspect to this matter and creditors will want to learn of the value we have sought to achieve

hmm :tinysmile_hmm_t2: sounds like they're trying to pass the buck there (in my opinion)

I then responded with :

I would have to disagree,because this is clearly visible on their web site : http://www.platinummanagement.co.uk/...ment-Plan.html


We then distribute your single weekly or monthly payment to all your creditors in a proportion based on the amount you owe them, this means everyone gets a fair slice of the available cake. Within these payments we do deduct an initial set up fee and, thereafter, an ongoing monthly management fee (you can read more about our DMP fee structure here: DebtManagement Plan Fees)..

Regards

Exactly .... Platinum's terms and conditions state:

5 How we will be paid
5.1 Because most of our work will be done at the start of the Period, we will charge an initial fee based on your programme payment. The initial fee will be spread evenly across the first 4 months of the plan by allocating 50% of the monthly payment to the creditors and the remaining 50% will go towards the set up fees.
5.2 We will take from each monthly payment under the Debt Management Programme a fee equal to 22% of the periodic payment, subject to a minimum of £38, however if a situation arises where taking the minimum would represent more than 50% of the full payment it will be reduced to 50%. If in accordance with our records you have conducted and completed your Debt Management Programme satisfactorily will, refund 9 months of management fee. EXCEPTION; Waiver of the latter fees will not apply where ‘full and final’ settlement has been arranged.

and again the response was immediate, but as you can see no comments on the Monthly Fees

The reply was : Our terms of sale exclude set up costs.

I like that :tinysmile_cry_t: they say: "in the circumstances no charitable debt management company will have paid for the list" in their first reply, and "Our terms of sale exclude set up costs." in their third!!!

Do they even realise that they are contradicting themselves (they deny selling the list, but then use the phrase 'terms of sale')??? and at the same time saying that Platinum are not a 'charitable' company?? :tinysmile_twink_t2:

K x