bond holders being treated like crap

  • mr lynton
  • 27/10/08 31/05/09
  • a depositor
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Posted: Sat, 12/09/2009 - 06:27

Hello all,
has anyone had any communication from their life company yet over the liquidation dividend being credited to their bond and the options available to transfer it to another fund or remove the money completely ( and the tax implications of doing this). I am sure they will have received the money by now - it doesn't seem unreasonable to think they should have had a strategy in place to deal with this scenario, after all they have only had 11 months. The latest info i have had from Prudential is that they are writing to all affected bond holders but still no letter has arrived yet. I wouldn't put it past these parasites to be sitting on this cash for as long as possible ( like they did with EPS 2) before releasing it. Surely an email or telephone call to clients who have been put through this misery to sort them out as quickly as possible could have been arranged in this day and age.

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Bondholder - no payment yet !!!!!!1

  • AMG56
  • 13/10/08 29/05/14
  • a depositor
  • Offline
  • Sun, 20/09/2009 - 14:11

Hi all

I was informed by my IFA that the 1st dividend would be paid into my bank account, via Scottish Equitable, within 14 days of the 4 September. No surprise that I haven't yet received it. I was also told that the £10k would be deducted from the 1st dividend payment but was not told if it would be calculated as 24.8% of the amount invested and then the £10k deducted or 24.8% of the lesser amount - does this make sense - for example will it be 24.8% of say £300k (£74400) with then £10k deducted, making a total return of £64400 or, will it be 24.8% of £290k making a return of £71920. Makes a difference but cant find out which it will be.

I've e mailed Scottish Equitable but, have yet to receive a reply. I also asked them how much interest they would be crediting to my account as, presumably, they've been in receipt of a large sum of money for the last two weeks!!!!!!! Dont hold out any hopes on that score though.


Interest

  • investor01
  • 13/10/08 n/a (free)
  • a depositor
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  • Sun, 20/09/2009 - 15:49

Insist on the interest from the 4th September until the date it hits your account. My payment from Clerical Medical was delyaed but they have included interest from the 4th September and believe me, they are far from a moral organisation.

OK, we're not going to be talking a lot of money here but it's the principle that's important. If they give you any hassle then you can say Clerical Medical, their competitor, has honoured the interest.


Interest

  • AMG56
  • 13/10/08 29/05/14
  • a depositor
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  • Mon, 21/09/2009 - 07:26

Thanks for that.

As you say, its not going to be a huge amount of interest but it's the principle that's important and if the life companies know that we're not just going to "lay down and die" it may keep them on their toes when the next dividend is paid out.

Will keep on pestering them and will use your payment as ammunition. Its bad enough not being able to access all of our money but knowing that the life companies are in receipt of our money, and not releasing it, just makes it worse.


Royal Skandia

  • mortobri
  • 20/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 14/09/2009 - 11:41

Well, the RS customer helpdesk have just (tried) to send out the advice of payment received.

However what they have managed to do is send out a message identifying publically all email addresses of their bondholder client base.

They have of course received a polite email from me asking about "lack of confidentiality", "breach of contract" etc.

Just something else to add to their tales of mismanagement

Good luck


I now have 350 email addresses too!

  • humphrey
  • 10/10/08 01/03/11
  • a depositor
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  • Mon, 14/09/2009 - 13:40

RS have done the same here, surely we could get in touch with all the bondholders and use this to our advantage?


AXA Bond

  • Mrs Not Too Happy
  • 12/10/08 31/05/09
  • a depositor
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  • Mon, 14/09/2009 - 09:31

Axa told me last week that they had received a lump sum from liquidator but that lump sum has then to be apportioned between us all and they could not tell me how long that would take. Instantly I would have thought but not AXA !

The only time AXA have acted with any degree of urgency was their pathetic reasoning for still charging me management and admin charges for my Kaupthing disaster.


Clerical Medical - still no money

  • investor01
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Sat, 12/09/2009 - 17:24

I was told that a 'letter will be sent when the money is there' but I decided not to wait so I mailed the one helpful person I've found at that place. I was told that the money had been transferred to them but - surprise, surprise - there is a discrepency with the amount they have been given that they are taking up with the liquidator. Both CMI and the liquidator are so hopeless I don't really know who is at fault and I care even less.

I've now been told it will be with me on Friday 11th (didn't show) or Monday 14th. Let's see if it happens.

No word on the tax side I'm afraid.


Bond Holder Liquidation Returns

  • david buglass
  • 16/10/08 n/a (free)
  • unspecified
  • Offline
  • Sat, 12/09/2009 - 10:51

Royal Skandia e-mailed me on 09/09 to say my bond had been credited with the first dividend.
I had e-mailed them last week requesting a mail when the payment was received as I am working in the Far East and true to their word they delivered.


Royal Skandia

  • Eric
  • 01/11/08 31/05/09
  • a depositor
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  • Sat, 12/09/2009 - 18:50

I have received mine too from RS. They emailed with the amounts on request.


bondholder info

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
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  • Sat, 12/09/2009 - 13:44

ours too from friends provident, bondholders should have been paid this credit into their accounts


bondholders

  • grapow
  • 20/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 13/09/2009 - 06:05

ours also from Aviva (NU)


Bondholders

  • Kansas
  • 01/11/08 n/a (free)
  • a depositor
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  • Sun, 13/09/2009 - 09:14

Nothing from AXA either who have behaved appallingly during this whole fiasco. Their lack of communication, incompetence and total contempt has been absolutely disgusting.


axa evolution bond

  • barbarajee
  • 11/10/08 31/05/09
  • a depositor
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  • Wed, 16/09/2009 - 15:11

we have received the first dividend of 24.8% but axa have deducted the £10000 early payment. on enquiry axa say that they have to return this sum to the iom government as it was made as a loan rather than as an outright payment. does anybody know if this is the correct procedure? has this happened to anyone else?


EPS Payments

  • Eric
  • 01/11/08 31/05/09
  • a depositor
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  • Wed, 16/09/2009 - 19:33

Yes and that is also what Royal Skandia has done and what I was expecting.


EPS payment

  • investor01
  • 13/10/08 n/a (free)
  • a depositor
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  • Wed, 16/09/2009 - 17:31

Barbarajee,

I believe that this has happened to everyone. The IoMG were never so generous as to give us our money back, this was simply a hardship loan.

Rgds


early payment

  • barbarajee
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 17/09/2009 - 17:36

so the early payment of £10000 was a loan. thanks for the info guys.