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

[Amethyst]

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

That is completely insane, sorry guys, it gives you nothing at all.

Did anyone ever have a court claim from a creditor whilst in the DMP with Bournes, and what happened with it ?

[Amethyst]

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

Just by way of example - this is JUST a section of the ClearDebt terms for DMP's

4. Our responsibilities

4.1 We will review your finances, covering your income, expenditure, liabilities and assets. These will include all debts secured on property or goods, which we will take into consideration but cannot negotiate reduced payments on. We will calculate your disposable income based on reasonable living expenses. All financial statements will be reviewed by one of our debt adjustment advisors.

4.2 In consultation with you we will produce a Debt Management Plan by which you can pay off your Creditors from your disposable income at rates you can afford. The Debt Management Plan will let you make monthly payments to us and will take account of your Creditors and of our Fees. It will not take account of any matters you have not told us about in accordance with section 3 of these terms and conditions. It will take account of the differing requirements of your different Creditors, if there is more than one.

4.3 We will negotiate with your Creditors and attempt to agree repayment terms with them for the amounts outstanding. In doing so we shall use the Debt Management Plan and we shall ensure that the periodic payments that we agree with your Creditors on your behalf (which will include our fees) do not exceed your disposable income, as calculated by us, for the same period.

4.4 We shall attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges and that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them. In rare instances County Court proceedings may still be actioned against you. In these cases we will assist in completion of all relevant paperwork as required. We cannot guarantee to stop legal action by your Creditors.

4.5 The payments made to your Creditors will be reflected on the statements you will receive from them. A full breakdown of all payments we have made can be obtained on request. When all Creditors have accepted the offers of repayment we will issue you with a breakdown of these. In addition we will issue annual statements showing all payments and receipts on your account.

4.6 Should your circumstances or any other relevant matter change during the Period, we shall, in consultation with you and your Creditors, review the Debt Management Plan and if necessary, make changes to it in agreement with you and with any Creditors concerned.

4.7 From time to time your Creditors will request an update of your financial situation. We will contact you to review your current financial circumstances and update your Debt Management Plan accordingly. To aid this process we request that payslips are regularly forwarded to us for review.4.8During the negotiation process some Creditors may continue to charge interest and other recovery charges. We cannot always prevent these charges being levied. These will however be included within your Debt Management Plan.
5. How We Will Be Paid

5.1 Unless we agree otherwise with you we will take, as our set-up fee, from each of the first six monthly payments you make, a maximum of £60 per month, unless your agreed monthly payment is less than £120 per month, in which case the fee will be 50% of our monthly payment.

From the seventh payment onwards a monthly management fee of £40 will be taken from every monthly payment you make, unless your payments are lower than £80 per month, in which case the fee will be 50% of your agreed monthly payment.

5.2 If this agreement is ended in accordance with section 6 of the terms and conditions, we will return any undistributed funds after having deducted any fees due and you will not have to pay us any more money.

5.3 We will send you an estimated fees schedule and Debt Management Plan estimate when we first agree your proposed plan and before we receive any payment from you. Our fee estimate will be based on your estimated Creditor balances and will include an estimate of the time necessary to repay your debt, based on the assumption that interest and charges will be frozen on these debts. We will also include two further estimates based on the amount you owe being 25% and 50% larger than the estimate we discussed with you.

5.4 When we receive actual balances from the Creditors you owe money to, we will send you an Actual Fees Schedule. We will never charge you more than the fees detailed in this schedule (provided that there are no material differences or omissions of the Creditor balances used in the calculation). This schedule will also show the estimated length (in years and months) of your Debt Management Plan. Where Creditors continue to charge interest or charges this period of time will be extended but we will never charge you any additional fees.
6. How We Handle Your Money

6.1 We shall make payments to your Creditors in accordance with the Debt Management Plan. Payments to your Creditors will be issued within five working days of receipt of cleared funds. Where you are paid weekly, you may choose to make weekly rather than monthly payments. In this case, your fund will be held to accumulate the equivalent of a single monthly payment and distributed to your Creditors within five working days of an amount being available that equals or exceeds the monthly payment agreed in your plan. Where there is an excess, this will be held over to the following month in order to ensure your Creditors always receive the monthly amount we have agreed with them. Your funds will be held in a non-interest bearing account for a maximum period of 35 days.

6.2 All payments to us will be made into our client account. This account is separate to our own business accounts and funds held for distribution to your Creditors will be retained for that purpose only. No interest will be payable to you on funds that we hold. At all times funds held for distribution to your Creditors will be classed as client monies.

[Ruthless]

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

Hi my contract is exactly the same plus we paid a one off payment at the start too. Which worked out to be what your monthly payments were. They made money from every angle possible. As Michelle Gilbourne was asked by the press if all customers money had been ring fenced her reply was " certainly when it was in my hands, it was safe." But there is nothing in black and white stating this. Its such a bad contract with very little information for customers. But unfortunately most of the information they gave was always by telephone so there is nothing documented. Very clever. We have all been fooled and ripped off by Bourne's promises.I do hope Action Fraud will be looking into this for us.

[Amethyst]

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

Hi my contract is exactly the same plus we paid a one off payment at the start too. Which worked out to be what your monthly payments were. They made money from every angle possible. As Michelle Gilbourne was asked by the press if all customers money had been ring fenced her reply was " certainly when it was in my hands, it was safe." But there is nothing in black and white stating this. Its such a bad contract with very little information for customers. But unfortunately most of the information they gave was always by telephone so there is nothing documented. Very clever. We have all been fooled and ripped off by Bourne's promises.I do hope Action Fraud will be looking into this for us.

Ahh from this article

http://www.thefreelibrary.com/DEBT+R...R.-a0382776953

I asked the firm's director, Michelle Gilbourne, 44, if all her customers' money had been ring-fenced and was told: "Certainly when it was in my hands, it was safe."

She added: "I would love to give you my story but I am not allowed to.

"I am told there would be serious consequences that the authorities would take against me if I talked to the Press."

It's attributed to Penman at the Mirror but I can't find the original story ?

[Ruthless]

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

That's the one. Serious consequences my ***e. Xx

[Pallawan]

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

Statements were sent every month showing payments to creditors and their fees deducted, statements stopped in July. But as you say there was never any mention of settlement/saving pots just the 10% 25% fees etc etc like on on Efterpa's agreement.

[Tools]

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

Do you have any example statements for Ame please, email them to her at admin@legalbeagles.info

[Pallawan]

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

Statement emailed to Ame. If you look at the figures you will see why I think we may not be owed any money, unless it's pro rata like you said. Of course Bournes contract is such a rubbish one that realistically we don't stand a chance.

[Amethyst]

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

I'm with StepChange now

Thanks for sending the statements, quite scary to see how little impact you have made on your debts since paying Bournes an insane amount of money. I'll do some maths later ( am away a few days) but how did you find stepchange and have they recommended continuing with a DMP or are you investigating other options ?

[Pallawan]

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

StepChange have been brilliant and I cannot fault them in any way. I wish we had gone to them sooner. As you can see our debts are massive ,caused by a change of circumstances ( becoming disabled and undergoing several spine ops). My husband had to become my Carer so it was tough. I was in hospital at the time when Bournes rang and sweet talked my husband into convincing him that our debts would be cleared in approx 60 months and also if we went with them, creditors were unlikely to take us to court. Debts were spiralling out of control and it seemed like the best option. I didn't know about StepChange at the time or definitely would have gone with a free company. We stayed with Bournes as I was in and out of hospital and creditors were under control. Also they always seemed so helpful on the phone!! Obviously a big mistake.
Stepchange have advised us to stay on a DMP, bear in mind our monthly payments to creditors have doubled due to not paying any fees. Also after I have this next operation and finish my recovery, we will be selling our cottage so aim to be in a position to make settlements.
Sorry for the life story but I felt I had to explain why we went with Bournes as I know there are lots of people probably thinking " well what do you expect if you go to a fee paying company" and "they should have gone to StepChange etc"..... Just wanted to explain.

[enaid]

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

Thanks Pallawan for being so open about your debt and health problems, no one knows what's around the corner and so many have had problems just like you who just want to pay their way as best they can.These firms are set up to help themselves as much as help those in trouble and are well armed with sweet talk and things you so want to hear.
No one on here will judge you for what you have done they only feel for you and how badly the situation has gone for all of you.
I think many will think you get what you pay for, so paying for this kind of service must be better than a free service, not so in this case as you have now learned.
Put you and your husbands health first, I hope you are getting all you are entitled to re your disability and your OH as a carer.
Good Luck Enaid x

[Pallawan]

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

Thank you Enaid for your kind words and also to Legal Beagles for all their hard work and support given.

[enaid]

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

Just a thought if you have any mis sold PPI on any of your debts that you didn't claim on when you needed to, you can still reclaim it and it will help reduce the amount.

[Pallawan]

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

Yes I did that myself a couple of months ago and got £3000 which reduced my bank overdraft. It was easy to do and well worth it

[Ruthless]

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

Hi all, how's things with everyone. I have never really told u all why we chose Bourne's. We were with Immediate Finance first and all was well for about six months then one of the creditors did not receive their money and we were slapped with a CCJ. Obviously we were very angry with Immeddiate Finance for allowing this to happen and not keeping us informed. we left them as we could not afford for this to happen with any other creditors. Bourne's advertised they had a legal team with solicitors so we thought nothing could possibly go wrong as it would all be above board and managed properly. How wrong were we. So we have actually been struggling for about 5 years in total and have many more and are worse off now thanks to Bourne's. Take care all xx