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

[Amethyst]

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

f the administrators sold the back book where is all your money have any of you got any of it back yet??? as I heard if was sold for a substantial amount twice what was owed to the client monies account!!! just a thought.

It is in the Administrators report - they sold the client book for about £14k



That is put in the pot to pay creditors (and the administrators)

Have attached the report for CarlP's perusal.

[peteroche]

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

As todays the deadline who's responded to Mr Levy yet?

[Last]

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

Yes with my claim and bank statements, receipt emails, Bourne's statements.......everything I could get mt hands on to prove every payment to Bournes and bank account details I paid them into. I also completed the form - I think stalling this and making it difficult for the administrator will just add more time to what is going to be a lenghty process - just my opinion.

[Nibbler]

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

Today?

It says the 27th unless I'm missing something?

[Last]

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

well spotted Nibbler

[Nibbler]

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

So just under a week then.

[Nibbler]

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

Guardian news story on their website this morning.

http://www.theguardian.com/money/201...stration/print

Heartache, as savings pots to pay off creditors go missing

Debt management is big business. But far from solving problems, clients of one firm face losing thousands more


Rupert Jones

Saturday 22 November 2014

The Guardian,



Tracy fears she has lost as much as £11,000, while Steve believes £7,000 of his cash has gone. They are among hundreds – or potentially thousands – of people worried they have been left out of pocket after a debt management firm collapsed into administration with half a million pounds of customers’ money apparently missing.

Bournes Debt Solutions, based in Manchester, is the latest in a line of debt management companies to hit the buffers. It’s a case that graphically highlights the hazards of letting such firms look after large sums of cash, which they are supposed to pass on to people’s creditors to settle their debts.

Bournes traded from an address in Tib Lane in central Manchester, and offered debt management plans, bankruptcy advice and other services. It went into administration on 18 September – just weeks after receiving a visit from the main City watchdog.

What’s particularly heartbreaking about this case is that many of those affected have been struggling financially for years but had managed to build up sizeable pots of cash which Bournes supposedly had in a ring-fenced account and was going to hand over to their creditors to settle their remaining debts.

READ MORE...... http://www.theguardian.com/money/201...administration

[Amethyst]

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

Ahh super. Well done 'Tracy' and 'Steve' xxxx THANK YOU for talking with the Guardian, it may not help you directly but hopefully others will see it and take note before signing up with other similar firms, and could put a bit of pressure on the administrator and FCA.

Emmett15252

22 November 2014 8:44am


Perhaps Debt Management companies should be compelled to pay into a compensation scheme along the lines of the Solicitors Compensation scheme before they are allowed to charge. Charity debt services which are provided free would be exempt. Any which held money would be compelled to contribute.

As for solicitors, any directors who were bankrupts or who had been directors of companies that had gone into administration would be barred

Failure to keep money in ring-fenced accounts should be a criminal offence

Completely agree with that comment.

[Nibbler]

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

Thanks for the edit. Was umming and aahing on whether to post the whole thing.

[Amethyst]

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

Ta Just didn't want to get ticked off for copyright xxxx It's a good story

[righty]

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

Its pretty clear from reading between the lines that Levy doesn't intend to pay any of the victims.
I again strongly suggest you see a lawyer/barrister and seek to have the funds frozen until such time as a court can reach a determination as to who that money belongs to

[Ruthless]

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

Thanks to Rupert from the Guardian it was a great story. Let's hope all who know the Gilbournes would have read this and know exactly the type of people they really are. Let's put the pressure on Mr Levy and make this investigation carry on so they have longer to find where our money has gone and how to retrieve it. A special thank you to Sharon xxxx

[righty]

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

I suggest that despite what Mr Levy told the press your money is the entire amount left in the Bourne bank account. As they had no other business revenue being paid into that account it can't be anything but yours

[Amethyst]

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

Sorry but have to quote this bit on here because it demonstrates just how disgusting this whole thing is.

(apologies Tracy - up to you if you want to say who you are on here)

Guardian Money spoke to Tracy (she didn’t wish to give her surname), who is married and lives in north Wales. She handed over more than £21,000 over four years though, as of April 2014, her creditors had only received just under £7,000. The firm’s fees for the period totalled around £3,500. Tracy says there should have been a sizeable sum – as much as £11,000 or more – sitting in her “pot” in a ring-fenced account that was to be used to clear her remaining debts.

“I’m very, very worried,” says Tracy. What makes it worse, she says, is that she has been struggling financially for years, but under the plan she signed up for, she was due to be debt-free by June 2015. “I don’t think we’ve got a hope in hell of getting our money back.”

She notes that the administrators have recovered £185,000 that was in the company’s main business bank account, and says: “Because it was our money sitting there, we should be first in line.”

[Amethyst]

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

There have been posts removed from this thread. Which might make some peoples replies to those posts seem out of place, sorry xx

Any posts naming and blaming will be removed in the same way. While this is under investigation it doesn't help to guess at what happened, anyone who does have information should contact Action Fraud, the police and/or the administrators.