Bournes Debt Solutions in administration

Barnaby

Hello I have done a search on their name but not found any recent details in these forums, I could be looking in the wrong topics though.

This company has / is ceasing to trade. as of 1/9/14 it is not allowed to take on new customers.
The FCA has also taken away its licence.
Any monies taken by this company after the 1/9/14 say by DD for DMPs it is to pay it back, but any monies before then has not been stated.


I was in a plan with them and can see that monies went to creditors as normal in August so I'm hoping that the September DD taken will come back to me.
I am in the process of re-joining the CCCS now Step Change.


Part of the DMP with Bournes was that they paid all my creditors an agreed amount monthly from my payment but they also put some into a pot to accrue. Then they used this to offer final settlement payments to my creditors.
It is this money I would like to see returned too but I fear the worse.


Has anyone got any further detail of this companies situation.
It is unclear whether they have gone bust, licence got withdrawn for a problem or they just decided to pack it in.


Thanks

fermi

UPDATE 14th November 2014.

IMPORTANT for Bournes customers - Please read the documents below.


Administrator's proposals (PDF)

Reply form 2.25B (PDF)

fermi

All I can find so far:

Requirement 1

There is a Requirement linked to this permission. Please see http://www.fca.org.uk/your-fca/documents/requirement-notices/bournes-limited-vreq to view details.



Requirement 2

Firm Asset Requirement

With effect from 1 September 2014, the Authority has decided to impose a requirement on the Firm, under section 55L of the Act, such that the money in the Firm's bank accounts may not, so long as the requirement is in force, be dealt with in any way without written consent from the Authority.

Additional Requirements

With effect from 1 September 2014, the Authority has decided to impose the following additional requirements on the Firm, pursuant to section 55L and section 55N of the Act, namely that the Firm must:

(a) by 17 September 2014 cancel all direct debits it has set up with its clients;

(b) by 17 September 2014 notify in writing all clients (the wording to be agreed in advance by the Authority) with whom it has set up direct debits, that the direct debit is to be, or has been, cancelled;

(c) by 17 September 2014 notify in writing all creditors of all clients (the wording to be agreed in advance by the Authority) that the payments that it was due to make to creditors, on behalf of its clients, will be postponed until further notice;

(d) by 17 September 2014 notify in writing all clients (the wording to be agreed in advance by the Authority) from whom the Firm receives funds by way of standing order, that the clients should cancel all standing orders they may have with the Firm;

(e) return any funds that are received from clients by way of standing order or otherwise either on or after the date of this Notice within 7 days beginning with the day on which the funds are received;

(f) by 17 September 2014 provide the Authority with a copy of the written notifications referred to in sub-paragraphs (b), (c) and (d) above together with a list of all clients and/or creditors to whom such notifications have been sent.

fermi

Can't find a recent Gazette notice for them so not been any formal notice of winding up just yet. At least that has been made public anyway.

Barnaby

Thanks for the speedy reply Fermi that adds a lot more flesh to the bones I had.
I'll add the FCA letter they sent me too which I think was sent by Bournes into them.
I see your link goes to the letter but as I asked them for a "word" copy I show it anyway.



Bournes Limited (Firm lnterim Permission Number 621656)

APPLICATION FOR A REQUIREM ENT ON AN AUTHORISED PERSON WITH PART 4A PERMISSION

To: Demse Sbraga, The Financial Conduct Authority ("the Authority") 25 The North
Colonnade, Canary Wharf, London El 4 SHS

Bournes Limited {"the Firm") hereby applies for a requirements to be imposed upon it,
Pursuant to section 55L (5) (a) of the Financial Services and Markets Act 2000 ("FSM A") as
set out in the Schedule below.

SCHEDULE

General

1. This Schedule sets out the terms of a requirement to be imposed on Bournes Limited,
pursuant to section SSL of FSMA

Requirement

2. The requirement is that:

With immediate effect the Firm must not enter into contractual arrangements with new
customers that involve the carrying on of regulated debt management activities for which it
has interim permission from the Authority. For the avoidance of doubt this requirement
applies in respect of activities carried on by the Firm, as well as activities that may be
Carried on by any of it appointed representative or other agents of the firm.


Name Michelle Gilbourne
Position, Director
Date: 14th August 2014




Regards

Barnaby

WELL IT'S NOW THE 18TH SEPTEMBER AND NO CONTACT FROM BOURNES REF THE SITUATION.
PHONE CONTACT HAS GONE FROM CLOSED FOR STAFF TRAINING, [said this for 7 days] TO ACCOUNT CLOSED, but no other information.


The FCA are saying Bourne's statement of when they will write is ambiguous and maybe they meant post it on the 17th September.
I'll wait a few more days but I had hoped as the FCA had withdrawn Bourne's licence that they would be closely monitoring the situation, seems not.
Anyone else have any information on this.


sorry about all the caps didn't check until I'd typed it.


Regards

AndyOfEngland

Hi,


You're not alone.


I've been trying to contact them about my policy with them for weeks but getting nowhere.


I'm now back to getting lots of communication from my creditors and am getting more and more angry with them.


Just wanting to find out more so I can get things back on track.

National_Debtline

I'm really sorry to learn that some of you are encountering these difficulties. On the face of it, these debt reduction schemes sounded like a great option. The key problem is that it is incredibly difficult to guarantee an amount that a creditor might accept in a full & final settlement. In addition, it is unfair on creditors for them to be given a token payment each month whilst a further amount of money accrues in a 'pot'. I've come across several firms making unrealistic promises to the public simply to seek business.

I do hope that you can get at least some of your money back; it's great to see the FCA being far more proactive than the OFT ever were.

The FCA have closed a number of these firms down in recent time, further info here: http://www.fca.org.uk/news/customers-of-three-debt-management-firms

If anyone is wondering where to go from here, please do consider seeking indepenent, impartial advice.

Very best wishes,

David @ National Debtline.

CheesyWiggles

So Bournes Limited are continuing to accept payments though they are unable to attract new customers? I'd watch this one - They may inter into liquidation soon and the law on continuing to trade whilst insolvent is clear.

Keep a firm eye on the London Gazette folks.

Get_my_money_back

Stop all out going payments to Bournes. The FCA have told them to cancel all direct debits and standing orders and they have not done that so do it yourself.
I have spoken to my creditors and they haven't recieved payments from Bournes for the last 2 months. I have been given information that they have gone into administration with a company called LA Business Recovery which at this time I cannot get confirmed - they are still an active company with Companies House but do have 15 days before they have to register with them. My creditors have had letters from the FCA and have put my accounts on hold until i hear more. I would suggest you contact your creditors and find out when they recieved there last payments.

AndyOfEngland

I've been advised the same - with the exception of the administration bit.


I've lodged a formal complaint with them too (as advised). If they don't respond or give a satisfactory reply, the Ombudsman was advised as the next step.


Cancel the DD/SO to prevent further payments.


They also said that we should be receiving a letter from Bournes advising as to the situation - probably the same letter they sent/will-send to the creditors.