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

[Pallawan]

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

Can anyone advise?

[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.

[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.

[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.

[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?

[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!!!!!!!!!!!!!!

[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.

[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,.

[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

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 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

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.

[Pallawan]

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

Finally managed to emailed Mr Levy last night and got a reply first thing this morning, so really quick!!
However, my heart sank as I read what we all suspected that it looks like there is not enough money.
This is what he said:-


"The investigation into the client money position is still being investigated. It appears there may be insufficient money to return to all clients but confirmation is unlikely to be given until we complete our investigations. There are a number of accounts used by the company in this matter and thus going through the statements will take time."

[confused bournes client]

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

I'd email the administrators with your details so you are on the list of creditors, I also wouldn't hold your breath for a response.

I e-mailed the administrator and got a reply, basically only got info that I had already got from this forum about login details for the administrators website to check any updates. I contacted my creditors, which I have to say were all really good. Most have put a 30 day hold on my accounts and 3 have recommended Step change to me. So it looks as if that is the way I will be going but I am still waiting to see where my 'final payment pot' money is!
Thankyou for all the help and advice, I would still be trying to phone Bournes if I hadn't come across this forum.

[Amethyst]

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

Excellent. Thank you for reporting back xx