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

[Mrsc2008]

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

Levy's have just emailed requesting for yet another 12 months to finish this insolvency thing, but with charges totalling nearly £90k already surely another 12 months will see any chance of getting our money back go up in smoke, what do you think would happen if we all voted against the extension?

[Nibbler]

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

No more progress on this at all ? anyone? and the administrators website seems to have changed so there's no further information on there.

Update.

[Nibbler]

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

pmsl... well at least we got rid of that on ours ... http://legalbeagles.info/hello-world ... just a narky dog now.

lol. That dogs look is saying

"you juuuust HAD to... didn't you.. sigh"

[Amethyst]

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

pmsl... well at least we got rid of that on ours ... http://legalbeagles.info/hello-world ... just a narky dog now.

[Nibbler]

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

the administrators website seems to have changed so there's no further information on there.

http://www.labusinessrecovery.com/hello-world/

Erm...... yes.

[Amethyst]

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

'' 22/04/2015 ADMINISTRATOR'S PROGRESS REPORT:BROUGHT DOWN DATE 17/03/2015 '' is the last thing on Co house and nothing on LA Business - presumably he will have to do a final report, it's been almost 4 months since the progress report.

[Nibbler]

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

Not that I've heard recently...

[Amethyst]

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

No more progress on this at all ? anyone? and the administrators website seems to have changed so there's no further information on there.

[Amethyst]

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

Might be worth a new thread....do you still have the documents from the IFA suggesting Bournes for specific things? Did they get commissions ?

[homemakercat]

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

You imagine he will just keep going while there are funds that can be snaffled up via fees and charges.

I am not sure if this should be a new thread......I was 'sold' Bournes Debt Managment Solutions product by an independent financial services company, might I have a claim for misselling as the service proffered didn't materilaise i.e. no PPI or bank charges were ever reclaimed on my behalf, no loan agreements were ever challenged, and my debts were not cleared with five years (all claims made in the literature)? Or am I just clutching at straws?

[Nibbler]

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

You imagine he will just keep going while there are funds that can be snaffled up via fees and charges.

[homemakercat]

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

Update

The Levy letters still say nothing different i.e. we are not going to get our savings pots refunded, he is racking up huge costs and these are likley to increase due to the legal fees incurred in trying to get the bank to refund the September payments (another £400 of mine down the pan).

In spite of letters to Levy and Plantinum I still do not have my case file and Levy has never responded to any of the detailed points I put to him, basically he is not acting on our behalf but purely on behalf of the Gilbourne's to wind up their incompetently run company. I will be writing to the Information Commissioner becasue I feel that under the Data Protection Act my personal data should not have been released to a third party without my prior permission. A company with which I have no relationship is holding a considerable amount of information about me and I have no control over what they might do with it. I think we should all at least pursue this aspect.

How someone like Michell Gilbourne who started out in the community legal services sector championing the rights of vulnerable people got us to where we all are still baffles me, it was only her credentials that drew me down this route.

No that prosepctive MPs are on the campaign trail we should lobby them to press for inclusion in the Financcial Services Compensation Scheme?

Best wishes

[Nibbler]

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

Update

[Nibbler]

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

Too late here, but seems somewhat step forward on what fees IP and administrators can leach away to line their own pockets at the expense of everyone else..

https://www.gov.uk/government/news/m...-in-insolvency

[Amethyst]

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

Message back from the FCA to homemakercat ( who had trouble posting it format wise so doing it for her ). Must say it's not particularly useful or helpful of the FCA.

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Dear Homemakercat

Thank you for your email to the Financial Conduct Authority (FCA) dated 5 January 2015.




In regards to the questions you have please see the answers below.



1. Thank you for bringing this to our attention. In circumstances where a debt management firm or administrator is selling a client book we do expect reference to the Money Advice Service to be made. In this case we understand a note was placed on the administrator’s website in late September 2014 which contained the Money Advice Service’s contact details and an explanation that the FCA had contacted both the Money Advice Service and customers’ creditors to inform them of the situation.



2 & 3. Thank you for your questions 2 and 3, unfortunately the FCA does not approve transactions such as these. Additionally, where a transaction of the type happens, customers are not bound to use the services of the acquiring debt management firm.

4. The administrators are expected to calculate the amount of money that the Firm should be holding for each client as at the date of the administration. Money held by the Firm identifiable as client money as at the date of the administration should then be distributed to each client on a rateable basis of each client’s entitlement. You can contact the administrators directly to enquire as to the status of the administration, the client money position and the costs of distribution.



If you have a complaint as to the conduct of the administrators, then this should be raised with their regulators; the Insolvency Service.

I hope this information is useful to you.

Yours sincerely

Nilam Patel (Miss)
Customer Contact Centre
Financial Conduct Authority




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These were the questions

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Dear Sir/Madam,



I have been receiving notifications from the Administrator in the case of the demise of Bournes Debt Solution regarding his progress. Following advice from the FCA, I contacted the Money Advice Service who signposted me to non-fee paying debt management companies; Step Change or Pay Plan. I am now pursuing the Step Change option. I have a number of concerns to which I would appreciate the FCA’s views:

1. The Administrator’s letter made no reference to customers being able to obtain advice from the MAS or these non-fee paying organisations; surely as they are being overseen by the FCA this should have been a requirement? And if not, why?
2. The Administrator’s email and attachments received on 12 October 2014, advised me that Bournes’ client list had been sold to Platinum Management. This is another fee paying company (although the fee structure takes some finding on their website) whose fees are significantly higher than Bournes and they appear to be charging their own set up fee. Bournes’ clients have already been ripped off so how can it be ethical for the FCA to oversee and approve the transfer of the client list to another company with similar risks for its clients to those of Bournes, when free services are available?

3. Would the FCA please set out how by permitting the Administrator to get another Debt Management Company to take over Bournes’ business is in any way beneficial to its debt management clients, especially when free, risk free organisations can do the job?

4. After six years with Bournes I have £10k in my so called savings pot. From searches of online forums, Money Saving Expert and Legal Beagles, and taking note of the Administrators’ cautionary words, it seems unlikely that Bournes’ clients will receive their ‘savings’. I ask that the FCA takes action to freeze the company’s assets (if this has not already been done) in order to prevent the Administrator from making any payments from Bournes’ bank accounts to creditors other than Bournes’ debt management clients. Clients’ money (savings) should be ring fenced and not considered to be company assets and should not therefore, be used to pay other creditors including government departments. I should be grateful if you would confirm that this action will be taken.

5. If the Administrator finds that he is unable to repay Bournes’ clients in full, will the FCA inform the police of criminal activity by Bournes e.g. embezzlement, theft, fraud?


I look forward to receiving your response.

Yours sincerely,

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