Bournes specialise in providing their customers with tailor made debt consolidation advice. Our qualified debt consultants have the ability to advise individually on the most effective way to reduce debt swiftly and legally. Bournes are able to highlight ways to increase income. Our initial action would be to produce a Common Financial Statement. This may help you to identify more clearly how you spend your money.
At Bournes our aim is to act in the best interests of our clients throughout the entire debt management process. We believe there is no point in signing up to a debt management programme if you are unable to maintain the payments. The whole point of our debt process is that we can help you clear your debts in the shortest time possible for the least amount of money possible. For you to manage this, your payments must be sustainable.
To enable us to identify how much you can afford towards your debt management plan, we work with you to produce a Common Financial statement. Broadly speaking the information it contains is your monthly income and expenditure. This statement acts, not only to reflect your current financial circumstances, but also to give us the tools needed to identify what funds are available to start the process of managing your debts in the most successful manor.
The Common Financial Statement (CFS) used by a Bournes debt advisor closely reflects that used by the Citizens Advice Bureau (CAB). The ‘trigger figures’(term first coined by Janet Wilson,2003) used by Bournes advisors are based on the Office of National Statistics Family Expenditure Survey (FEA) and Income Data. Once complete the Common Financial Statement gives us a much needed foundation to proceed further your debt management plan.
All banks registered with the British Banking Association have agreed not to challenge financial statements where trigger figures have been used.
We have been approached by a number of clients who have previously had debt management plans with Consumer Credit Counselling Service (CCCS), or other debt management companies, who have used unrealistic figures when drawing up a financial statement, resulting in the debtor experiencing severe financial hardship. In some cases this has resulted in threats of repossession.
Bournes consultants work in the best interest of our clients to ensure that our debt management plans are realistic and affordable.
Mrs. I was in a debt management programme with Consumer Credit Counselling Service (CCCS). Her partner was also in a debt management plan with Eurodebt. Between them they were paying over £200 per month to debt management agencies. According to the financial statement she did with Bournes, Mrs. I was only able to afford a payment of £100 month.
Since signing with Bournes, an MBNA account of £6,000 has been written off. A further £69,000 is being challenged in court.
In effect Bournes was able to write off a debt for just under £6000 for £600!.