Early payment of 10,000 Pounds! What is the advice on this?

  • rmgodsmark
  • 19/10/08 31/05/09
  • a depositor
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Posted: Wed, 25/02/2009 - 14:23

Maybe I am just completely worn out reading day in and day out about the spin and passing of the buck from Bank to A Darling to IOM Gov etc. I remember seeing an email or blog regarding the early payment of 1000 Pounds and that there may be some consequences of accepting this initial offer in terms of our rights to claim further against the IOM Gov. I believe that the sum has been increased to 10,000 Pounds now which I was going to apply for (to ease financial burdens at present!) Is ther any advice from the forums on this? Can't seem to find my way around to any info on this. Anyone help?

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LOST FORMS

  • Pitarolle
  • 03/11/08 n/a (free)
  • a depositor
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  • Sat, 28/02/2009 - 00:42

A friend of mine has just phoned up the IOMG as she applied at the beginning of January and was getting concerned as she hadn't heard anything. Not without reason! She has been informed that they have no record of receiving any forms from her and she has had to download the forms and start the process all over again.


Forms

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Sat, 28/02/2009 - 12:07

Dont suppose a miracle happened today and anyone rec'd forms for the EPS2? Live on IOM and not had anything so for those who live all the way in the Uk and further it aint coming yet !!


1000 payment

  • leach
  • 06/02/09 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 20:35

Has anyone recieved any funds?


EPS payment

  • Anonymous
  • Offline
  • Sat, 28/02/2009 - 23:07

We received £2,000 yesterday (joint account) from an application received by the IOMG on about the 25th January.


1000 payment

  • javeainvestor
  • 20/02/09 31/05/09
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  • Sat, 28/02/2009 - 09:58

1000 received yesterday, original forms sent off 19th january, makes a mockery of what was described as urgent financial help for those in distress, 6 weeks to process!


Still no funds

  • jenren
  • 10/10/08 31/05/09
  • unspecified
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  • Sat, 28/02/2009 - 11:50

My mother requested the 1k as soon as it became available and still nothing. She has called the government office 4 times and each time they say 'it is being processed'. t will be 6 months without any access to money!!!!


1000 payment

  • leach
  • 06/02/09 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 20:35

Has anyone recieved any funds?


Re: £100,000 Early Payment Scheme

  • Anonymous
  • Offline
  • Wed, 25/02/2009 - 16:39

If you go to the following thread you will probably find most of your questions answered-

http://chat.ksfiomdepositors.org/forum-topic/early-payment-scheme

From what has been provided in the way of information on the £10,000 EPS, new forms with instruction should be mailed out by the IOM government by week's end and the same will be placed on the FSC and IOM government websites next week.

Cheers


£9000 or £10000?

  • sambururob
  • 10/10/08 n/a (free)
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  • Thu, 26/02/2009 - 09:25

If I have already received £1,000 and apply for the £10,000 am i going to receive £10,000 or £9,000? Every bit helps at the moment!!


£9000 or £10000

  • Ramsey resident
  • 22/10/08 31/05/09
  • unspecified
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  • Thu, 26/02/2009 - 10:03

£9000


9k

  • sad
  • 10/10/08 31/10/09
  • a depositor
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  • Thu, 26/02/2009 - 09:39

my understanding is you will receive a further 9k, The IOMG have also asked that people who have previously claimed the 1k and wish to claim the next 9k apply with the forms you receive in the post (ie not downloaded from their website). I'm hoping this will speed payment up as you are now 'pre-approved'.....

.....but this is per depositor so if you have a joint account there should be 18k on the way.......


oops, got carried away with my zeros re EPS

  • Anonymous
  • Offline
  • Wed, 25/02/2009 - 16:42

The title should have read re:£10,000 Early Payment Scheme.


I'm still confused about this

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
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  • Wed, 25/02/2009 - 16:29

I thought that a lot of people had refused to sign for the £1k payout because it meant that we would lose some voting right? Is everyone signing for the £10k?


London Team

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Thu, 26/02/2009 - 13:07

Has Edwin Coe looked this over re the voting rights issue?

If so is it somewhere on the public site?


EPS £10K

  • Ramsey resident
  • 22/10/08 31/05/09
  • unspecified
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  • Wed, 25/02/2009 - 15:05

The only 'right' that you assign on accepting the EPS is the right to the amount of money paid out so that the IOM Gov can later recover the cash from the bank via whatever route is eventually decided - liquidation / DCS / SOA. Take the money - it is yours to have


Losing some rights

  • merlina
  • 26/01/09 01/06/09
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  • Thu, 26/02/2009 - 13:18

But - I am sure I read somewhere, from Mike Simpson's phone call with Frog, that IOMG receives an extra vote from us accepting £EPS 1K.


EPS £10K

  • nahkit
  • 25/11/08 31/05/09
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  • Thu, 26/02/2009 - 07:23

Has anyone actually received the initial £1,000 that was offered?


1000 EPS

  • october
  • 20/10/08 31/12/09
  • a depositor
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  • Fri, 27/02/2009 - 19:37

I still have not received my 1000GBP. I applied at the beginning of January. Last I was told was that they'd have to send me a cheque as they can't transfer to a UK Building Socieaty account. No sign of it yet. What does 'early' mean?


EPS 10K

  • BobWashington
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 16:36

Received 1,000 pounds on 24th February about 4 weeks from mailing the application.

On February 23rd I sent the IOM Govt (Ms Clucas) at ksfdepositors(?)gov [dot] im an e-mail to request that they expedite the application process for the 10,000 pounds by enabling the forms to be downloadable on line. It is a great waste of time and money to mail out these forms as they are currently proposing. May I suggest that all interested DAG members send out a similar e-mail to pressure the IOM to enable downloadable forms.


Completely agree

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 27/02/2009 - 13:17

Another week and we wait, so they can match up the forms ? We supply names, addresses, KSF account details on the form can they not match them up when they receive them. We cant download because we would all do it on day 1 and they could not cope with more than 20 letters a day. I doubt it will speed up payments if you have been "approved " already but will see.

The forms are being sent out in batches from today so I bet it's not going to be a big batch each day so could be a week for IOM and UK people and longer for Europe/ROW to receive them.

Even when we are entitled to the funds we have to wait, was this not to help those in hardship? So do we have to be on cardboard city or evicted before we satisfy this term ?


Bob, The reason that they are

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 16:43

Bob,

The reason that they are recommending that those who have already applied for EPS1 wait until the forms for EPS2 are mailed to them is because supposedly the forms will contain a reference number specific to the applicatnt so that when they are returned they can be processed quicker.

Whether that would be any quicker than if you downloaded a generic form from the internet is anybodys guess.


Many thanks for the

  • BobWashington
  • 10/10/08 31/05/09
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  • Thu, 26/02/2009 - 17:07

Many thanks for the clarification - very useful and kind of you to take the trouble to respond. Not clear how assigning a specific reference number is an improvement on a KSF IOM bank account number. Still there's not much to be gained from trying to understand the recent actions of the IOM Govt is there?


EPS RECEIVED

  • everhopeful
  • 11/10/08 n/a (free)
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  • Thu, 26/02/2009 - 10:06

Yes we received our 2,000 last week and i will be applying for the extra 18,000 when possible.


Yes, received last week. They

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 07:57

Yes, received last week. They seem to be paying out in the order that the applications were received.

Did you complete and send an application form? If you did I would suggest you phone the helpline, I have allways found them very helpful.


1,000 PAYMENT

  • Dougie
  • 22/10/08 31/05/09
  • unspecified
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  • Thu, 26/02/2009 - 11:52

Still nothing in my Bank, could you please confirm when you sent your application


I phoned the helpline and

  • expatfrance1
  • 15/10/08 31/05/09
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  • Thu, 26/02/2009 - 12:21

I phoned the helpline and they said they received my application on 13th January and we received payment last Thursday I think.

I also seem to remember another posting on this site and their application was received on 12th January and they received payment last Wednesday.


1k timetable

  • Honest Citizen
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 11:59

We applied for our 1k EPS as soon as the forms arrived (about 10th December'ish). We received our payout at the end of Jan, so if you applied a good deal later, you're in a long queue. But it IS in the pipeline. Hang in there.


THANKS

  • Dougie
  • 22/10/08 31/05/09
  • unspecified
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  • Thu, 26/02/2009 - 12:05

Did not recieve application in post downloaded from site as I am in Nigeria, do you think I should call the helpline no or send an e-mail and where will I find this info. Thanks again.


Dougie

  • sad
  • 10/10/08 31/10/09
  • a depositor
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  • Fri, 27/02/2009 - 05:49

I'd send an e-mail to check they have received your application. They responded to my e-mail with in 24 hours....

ksfdepositors(?)gov [dot] im


Sad

  • Dougie
  • 22/10/08 31/05/09
  • unspecified
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  • Fri, 27/02/2009 - 15:10

Thank you for the information


US$ account

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
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  • Wed, 25/02/2009 - 16:49

My funds were deposited in a $ a/c so if I am repaid £10k then what exchange rate will they use? Has this been decided finally?


The IOM Treasury told me the

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 12:04

The IOM Treasury told me the US$:UK£ rate they use for the EPS will be as of October and is: 1.7239


Lorraine, re: EPS & US$ account

  • Anonymous
  • Offline
  • Wed, 25/02/2009 - 17:13

I extracted the following from Frog's posting today regarding the results of discussions with Mike Simpson (Provisional Liquidator) on 23 Feb 2009. It may help answer your query.

"9. Assuming EPS2 goes ahead based on exchange rates at 8Oct08 as EPS1, foreign currency depositors who are in the fortunate position of having less than the equivalent of GBP10k owing, will be paid-up. However if the DCS or SOA is subsequently based on a later date for exchange rates, would they be entitled to a balancing payment from the Liquidator/Scheme Manager?
A: Both the scheme information and the EPS2 rules are unclear and so it is impossible to comment on what would happen regarding this situation. He confirmed that the foreign currency issue is still not clarified."


EPS and FX

  • Anonymous
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  • Thu, 26/02/2009 - 16:06

On conversion rates for the EPS, it is clear that EPS is not a contractual obligation and, while it is a statutory scheme the statute does not provide for exchanges to be made from foreign currency. It appears to me that in practice there is no FX exchange rate being applied to EPs, and all that is happening is that a certain sum in sterling will be paid to depositors and that amount (also in sterling) will be recovered from the bank by the Treasury in the name of the depositor at a later date.

The issue over FX will only come into play, as far as I can see, when the company (KSFIOM) does its conversions from foreign currency (either under liquidation or a SoA) in order to repay the depositor and the Treasury. It seems to me that the only time that a foreign exchange needs to be done in connection with the EPS is if the total amount deposited appears to be less (when converted into sterling at whatever exchange rate is used) than the maximum payable under the EPS, and in that case the argument is just about the sum due as an EP, but that calculation should not affect the total eventually repaid to the depositor.


So currency account holders are screwed

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
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  • Thu, 26/02/2009 - 13:13

The advice to currency account holders has to be to hold on in the hopes that whatever 'solution' is eventually settled on sets the exchange rate at a current date. How can we take the 10k now not knowing if there will be any opportunity later on to rectify this.


EPS 2, page 4

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
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  • Thu, 26/02/2009 - 13:27

See top of page 4 for non sterling account holders

http://www.gov.im/lib/docs/fsc/PressReleases/ksfeps2doc.pdf


Can we vary the terms?

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
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  • Thu, 26/02/2009 - 13:53

by writing on the EPS2 contract that we only accept payment if it is made at a current rate?


Can we vary the terms?

  • Anonymous
  • Offline
  • Thu, 26/02/2009 - 14:01

I think that would amount to the making by you of a counter-offer, which is open for acceptance by the Treasury, and a rejection of the Treasury's offer. Doubtful that it would work, however, and to be onthe safe side you would have to draw your amendment to their attention.


Maybe it is negotiable

  • rapata
  • 13/10/08 03/08/09
  • a depositor
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  • Thu, 26/02/2009 - 19:11

See Clause 13 (4) of the New EPS on the IOMG website, which reads.....

4) In exceptional circumstances the Treasury may determine in a particular case to make a
payment in a currency other than Sterling.

I intend to plead our case under this clause, Sterling is of no use to us, our money is in USD and if they convert to Sterling we would have to convert back to either US or Canadian Dollars.

We were not interested in claiming the measly 1000 GBP each, but the increase to 10,000 GBP x 2 for joint account holders will do a lot to ease our problems right now.


Counteroffer of partial payment

  • bozza
  • 12/10/08 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 22:05

I am well inside the £10k limit, but I was invest in Euros and the exchange rate has since declined by 10%.

Would it worth to try and claim only 95% of the balance of the account and therefore leaving a few hundred euro in the account. This way, as I can see it, any payment from DCS/SoA will be the Euro balance, less a payment in sterling from IoM govt for the amount they pay me in EPS1/EPS2, therefore the remainder will in effect have the exchange rate at liquidation date applied to the whole balance.


Counter offer for EPS not required re FX

  • Anonymous
  • Offline
  • Thu, 26/02/2009 - 22:41

The amount you will receive from the £10,000 Early Payment Scheme will come from the IOM goverment not your KSF account. Your account will remain intact until such time as the DCS or SOA is triggered. It is at that time the government will have first claim on any monies it has advanced to you through the EPS. Therefore, I would think if the SOA is amended to convert foreign exchange into pounds sterling at the time of winding up, as would be the case under the DCS, you would be left with a reside in your account after the government takes back what it has advanced. I may be wrong on this but mathematically it would work. Perhaps someone could bounce this off of Treasury.

Cheers


What are exceptional circumstances?

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
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  • Thu, 26/02/2009 - 21:56

I'm still trying to work out how is it can be acceptable for them to pay us in a currency other than the one that was deposited. I deposited dollars and I want dollars back. If i'd wanted sterling I would have had sterling in the first place. As Rapata says they are in the same position.

My daughter is currently living in the USA and it is costing me a fortune to keep her there as i'm having to buy dollars since mine are in the hands of KSF. Now they expect me to lose double.


How do you actually claim the 10,000 per a/c. Letter to PwC ?

  • fa965839
  • 02/12/08 31/05/09
  • a depositor
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  • Wed, 25/02/2009 - 16:24

See above


money laundering limit into UK banks

  • felosleet
  • 14/11/08 31/05/09
  • a depositor
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  • Fri, 27/02/2009 - 01:47

As I understand it any amount over 5k GBP transferred into a UK mainland bank triggers a "money laundering" alert. Comments please.


money laundering

  • mrken30
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 27/02/2009 - 06:22

It depends on the individual organization, some credit unions will issue an alert if 1000 cash is deposited. It nothing to worry about,