How many of us are left fighting for what we lost?

  • glen07
  • 21/10/08 n/a (free)
  • a depositor
  • Offline
Posted: Tue, 27/10/2009 - 11:45

After watching the website and observing that people are still waiting for their DCS payments, which is lamentable, I wonder how many DAG members are left who have not received 100% of their investment in KSFIOM.

4.3
Your rating: None Average: 4.3 (20 votes)

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

How many of us are left fighting for what we lost - 2?

  • glen07
  • 21/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 21/12/2009 - 22:35

When I posted this forum initially there was an amazing response, even from those who had received their full amount of deposit back from the DCS. I implore you all, who initially wrote in this forum, to continue fighting by downloading the Early Day Motion. You can find the information at http://chat.ksfiomdepositors.org/blog-entry/dst-update-17th-december-2009.

This is a positive move in trying to encourage our cause to be highlighted in the rank and file of our M.P.'s in the British Parliament. If you want to keep fighting, this is a way in which you can. Support the Liberal Democrat member who initiated the Early Day Motion by encouraging your M.P. to get behind the EDM. Remember numbers of votes counts so we need to do our bit by putting this information out there to our own, or any M.P. with which you have contact.


TSC- surely they should all sifgn EDM?

  • mr lynton
  • 27/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 22/12/2009 - 08:06

Have asked her but no chance of my MP Maria Eagle signing EDM as she is just an arse-kisser who always tows the party line without standing up for anything that may threaten her "career". However, surely all those MP's on the TSC should sign this EDM as that was pretty much what they suggested in their report at the time?


Treasury select committee

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Tue, 22/12/2009 - 10:59

Here they are again if anyone wants to write to them

http://www.parliament.uk/parliamentary_committees/treasury_committee/tre...

plus a few changes

John Mann MP (Labour)   Bassetlaw   Hansard
Andrew Tyrie MP (Conservative)  Chichester  Hansard
James Plaskitt MP (Labour)  Warwick and Leamington  Hansard

I am still waiting for my DCS

  • difficulttobelieve
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 10/12/2009 - 18:36

I am still waiting for my DCS payment, and indeed for a single penny back of any kind. All I get is some bland response to any email thanking me for my 'patience'. There seems to be no reason as to why this money has not been paid, and there is never any real indication that it is going to be at any concrete moment in time. Where do I take this next? It's over 3 months since the payment was apparently approved, and I seriously feel the intention is not to pay it.


Compensation

  • Michael Hill
  • 11/06/09 31/05/09
  • a depositor
  • Offline
  • Sun, 29/11/2009 - 15:39

I have put off making any contributions to this site because the whole situation depresses me.
I would however like to make the following points.
I keep reading the words "compensation" and "dividends".
The payments which I expect come under the following categories:
REPAYMENT of Capital. This to be seen as 100% of my capital as at October 2008.
PAYMENT of Interest as promised by KSF IOM at Maturity of my investment in July 2009.
COMPENSATION for the financial impact on my life and the resultant deprivation for me and my family.
COMPENSATION for the hardship being suffered by my children at the start of their higher education due to missing funding.
COMPENSATION for the immeasurable mental stress which I have been subjected to during the last 13 months.
COMPENSATION for the impact on personal relations within my family as a result of my being to blame for the situation.

For me COMPENSATION is not the return of what is rightfully mine but an additional recompense for that which is irreplaceable.
I am not able to put a figure to that but it would be immense compared to my financial losses.

Mike


Dividends

  • chipmunk
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 29/11/2009 - 19:00

I thought it was just me....totally agree , they are not dividends at all but my money back....but I must also say after Icecrushers excellent posting...If I get just my money back even with loss of interest and losses due to inflation etc....I will then be...............NO not happy ............but in a better position to fight further for the outstandings due....right now I need to survive,,,,


A Breach of Human Rights

  • Anonymous
  • Offline
  • Sun, 29/11/2009 - 16:20

I Blame the Corruption of the British Government,

There is NO integrity left in Society and the Government Lead the way.. All we have to do is look at the Expences Cheating! and the encouragement of deception...

NHS corruption included!

I think the Old Fashioned Dirty word for it ALL is "Being Framed" Duped!

I Trust NOBODY or THING any more which is a Sad thing to say! Shere and Utter Selfishness is Name of the GAME!

I am Sorry that you Like me have been through such a MESS and the British Government or IOM G have NO concept of what we and our Families have been through!

God Bless you and your Family and have a Peaceful Christmas!

Aurora


Future payment prospects

  • Anonymous
  • Offline
  • Thu, 26/11/2009 - 10:36

Due to pressures of work abroad and often times inability to access the site, i have lost track of the current status.
Having received the max £50K compensation am I like others in the same position,likely to receive an additional payment from the assets of KSFIOM, I'm currently out £30K.


LACK OF DCS FUNDS

  • TRAVEL BUG
  • 14/10/08 31/05/09
  • not prepared to answer
  • Offline
  • Tue, 24/11/2009 - 13:15

I was approved for DCS payment on the 3rd Sep. My bank account still has not received the funs. The phone goes unasnwered (apart from a recorded message dated sometime in Sep) and my emails go unanswered. What else am I supposed to do?????

If I ever get paid out my DCS amount, I am still GBP90,000 short.

It is quite some time since I looked up this website, but it seems to have gotten very user unfriendly and everyone is bickering with each other, rather than dealing with the main issue. This website was set up for likeminded depositers to help each other with advice, etc and act as a collective force against the evils of the British Government.

What has happened?


DCS payment outstanding

  • Anonymous
  • Offline
  • Thu, 26/11/2009 - 10:55

Travel Bug, Aurora
Check the DCS website: https://www.dcs.im/dcs/dcs.nsf/220509
Try the telephone number listed: +44 1624 625 680 (UK office hours only)
Keep phoning till you do get through.

From one of the "Scheme Agents":
I apologise for the delay in getting your payment sent to you and if you
still wish to make a complaint I believe the best method is through the
Isle of Man Financial Supervision Commission.

FSC contact info:
Telephone Number: 01624 689342
Fax Number: 01624 689398
Email: Laura [dot] O'Neil(?)fsc [dot] gov [dot] im
Website www.fsc.gov.im

I emailed them, and got a same-day positive response.
Be polite! Outline your case.

My IoM bank has just informed me to say a cheque has been handed over!
I'm so nervous, I daren't celebrate until the cheque is credited to my account. But progress!
Of course, they've deducted 80 quid - and without explanation, which is rude.


Complaints and a Catalouge of Errors!

  • Anonymous
  • Offline
  • Thu, 26/11/2009 - 13:09

Hi Steenjp

You are not gonna believe this BUT and its a BIG BUT!

I withdrew from the DCS in August and now they tell me I am still in and that it was approved in July... and cannot be reversed????

Weird or what???

Do we not have any Choices or rights anymore!

Thanks for the Advice


OMG!

  • Anonymous
  • Offline
  • Thu, 26/11/2009 - 13:13

Seriously.... I think the Liq' Office make it up as they go along it seems! that why No one wanted to talk to me another boob!

Aurora


We are all in the Same Rocky little boat!

  • Anonymous
  • Offline
  • Tue, 24/11/2009 - 13:51

Same thing here.... not able to contact or any response... from the IOM whatsoever!


Feels more like a Rocky Horror Show!!!!!

  • glen07
  • 21/10/08 n/a (free)
  • a depositor
  • Offline
  • Thu, 26/11/2009 - 06:23

As time goes on, the situation seems to becoming more surreal and like a living nightmare. Just as dreams seem to lack precise clarity, so does the facts, figures and statements about KSFIOM. When am I going to wake up?


DCS still not yet

  • Anonymous
  • Offline
  • Tue, 24/11/2009 - 13:45

Travel Bug. I still have not received my DCS (approved for payment 3rd Sep, but things are happening, I think.
I phoned the DCS number and got through straight away. I was promised a cheque. Nothing.
I complained about the lack of action by the DCS manager(s) to the IoM Financial Supervision Commission. Andrew Kermode promised me payment by Friday last week. Nothing. I complained to him. He promises me payment by cheque, but gave no deadline. But I feel hopeful. He replies to my emails. Perhaps you could try the same route?

There's much less aggression and swearing against other depositors on this site now.

Good luck with your complaining! Don't give up. Be polite. Phone at least once a week.


how many DAG members left

  • steve
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Mon, 23/11/2009 - 11:14

Hi all. I would be interested to know if there are any of you who had a trustee account (SA pension) but have managed to be classed and treated as an individual or joint account with regards to DSC. It makes a massive difference to the DSC compensation and just want to be sure their selection criteria is fair for all. I still await any kind of payout.


How many DAG members are left?

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Mon, 23/11/2009 - 10:27

I dont know .

Do you include genuine bonafide depositors or people who are not depositors or have very little to lose?


Are you joking? Loads of people had more than GBP50,000.

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
  • Offline
  • Mon, 23/11/2009 - 08:17

GBP50,000 is NOT an adequate compensation!


still fighting

  • conned
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 17/11/2009 - 10:41

ME !! Can I have another 57K please and I will gladly spend time telling the world I have got it back. Until then I shall spend my time telling the world I have not got it back. It is up to you IOMG. Step up to the plate and GIVE ME AND THE OTHER DEPOSITORS OUR MONEY BACK.


Still wishing and waiting

  • jamjar
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 21/11/2009 - 20:03

My wife and I have just received our DCS Payments,and yes we are both greatly releived,and have both detected smiles on each others faces,and an upturn in our general well being,however we are still wishing and waiting for the remainder of our pension years life savings.We were surprised that we were charged a total of 79GBP,to have our bank account credited with the DCS payments,how an electronic transfer thro cyberspace can cost this much is outrageous,one things for sure,banking institutions can and do ,very quickly,snatch money from peoples accounts,but are very slow and lathargic at giving it back.An expatriate problem we are now experencing,is obtaining a new reliable deposit taking institution,who offers a decent rate of interest with a GBP Deposit,without a UK address,wait a minute,wasnt KSF shipping this very same money to the UK,prior to its collapse,nobody refused them,did they have their own private UK address,perhaps the IOM-FCS, and Aiden Docherty should be charged with the responsabilty,using their extensive banking contacts and associations,to negotiate a reliable institution,for ex DBS/KSF depositors,onshore of course,that would be the least they could do for their victims,and help us all to generate some of the lost income they caused,they should remember that if they have any management abilty at all,its not the mistakes that matter,at the end of the day,its how you remedy and repair those ,maybe unintentional operational mistakes,any further comments would be welcome in this matter.Bye for now. Jamjar.


DCS payment through

  • moneypenny
  • 27/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 16/11/2009 - 19:33

Yes, I have now received my money from the DCS. I am so relieved, its like a weight off my shoulders. I will keep looking in from time to time, but I feel I must now move on with my life. I sincerely thank all you folk on this site, without you I would have been in a much worse state than I was.

I hope and prey that you will all get your money back in as short a time as possible.

Good luck and thank you all

Moneypenny


DCS payment through to

  • rmgodsmark
  • 19/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 16/11/2009 - 21:48

I also received an allocation through the DCS but like many still have a considerable amount outstanding.....It seems to be more difficult to contact the folks dealing with the DCS these days. I shall most certainly continue until every last penny that is owed is repaid!!


Still here

  • Dave1
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 15/11/2009 - 20:14

Yes, I'm still here as well, and will be for a long time I fear. Haven't posted for ages, but use this site regulalry for updates. Again, a huge thank you to all those in DAG & behind the scenes for keeping us all connected and steering the fight for our cause. This site has been a life-saver!


no DCS yet

  • Anonymous
  • Offline
  • Sun, 15/11/2009 - 10:27

I'm still here. I still have not received my DCS compensation - despite "Your claim for compensation was approved on 3/9/2009". I wanted transfer into my account at Britannia (IOM) - it's over the road from the DCS office - they can see it out the window. Apparently, bank transfers are tricky, so despite being given the option of a bank transfer, I'm now trying to switch to payment by cheque. And I'm going for high stakes: I don't want the cheque posted to me in Japan (where it's useless) - I'm trying to persuade them to write a cheque, cross over the road, and offer it for payment into my account. Will things work out for me? Will the scheme hold up under the pressure? Will the scheme manager get run down crossing the road in Douglas? Are they using soy ink on the cheques? I'll keep you posted. In the meantime, please keep your fingers crossed for me. Arigato.


Still here too

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Sat, 14/11/2009 - 20:06

Still here too, don't get a chance to get online very often as still not conected to telephones in France - have to wait until I'm in UK...

Hopefully should be changing shortly and internet connected.


Still fighting

  • grandmaparis
  • 13/10/08 30/09/09
  • a depositor
  • Offline
  • Fri, 13/11/2009 - 01:03

I have been following events on the new site and presumed this site had been run down. Thankfully not. I too am determined to go on fighting for 100% return. Luckily I so mistrusted the IOM that I decided not to go for DCS but for the liquidation direct so I got the first dividend of 24.8%. However I am still owed £150,000 so am in it for the long haul. Even though I am fortunate in that my life hasn't been seriously affected, I am still so angry at the injustice of it all. It's good to know that other people feel the same. I'm especially grateful to all those who are working on our behalf.


New Site

  • chipmunk
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 13/11/2009 - 12:52

Is there a new web site...info pls.....have been away a while...


@ chipmunk

  • Wanda
  • 12/10/08 31/08/09
  • a depositor
  • Offline
  • Fri, 13/11/2009 - 13:03

As requested, the new website is:

www.ksfiomdag.com


New website is not open to all

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Mon, 16/11/2009 - 19:01

Bear in mind the new website is not open to all genuine depositors but only those who meet the approval of the select group of the DST .


@ Bellyup ref new website

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
  • Offline
  • Mon, 16/11/2009 - 19:32

I have not been following things so closely of late due to work pressures - have you still not been able (accepted) to log on to the new site? If not what reason has been given?

Best regards


@ icdbrazil

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Mon, 16/11/2009 - 23:07

No I have not (yet) been accepted .

No reason has been given but I have been told that the new site is run for the DST by the DST and I cant have my cake and eat it!
.
I presume by this is it means be associated with the PPD group- (arent we all that is left) and to toe the party line as laid down by the select group of the DST.

I maintain as always that we are all DAG and should be working together without foolish in fighting and factional divisions.

As I have contributed to the legal fund and I assume the new site is being financed by the said fund I feel very uncomfortable with this seemingly dictatorial attitude.


Access to sites - posts on new site fyi

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
  • Offline
  • Sat, 21/11/2009 - 15:29

I posted following on the ´new site`:

I was surprised to learn that certain depositors that have tried to register have not been permitted sign up for the new site.

On what basis are these bona fide depositors being rejected?

IMO it should be open to all depositors, we all have a common goal.

Reply posted as below:

Hi icdbrazil,

I am replying to your question on behalf of the DAG Strategy Team. The reports on the chat site of non-acceptance of bona-fide depositors on this site are grossly exaggerated and concern only 2 or 3 individuals who have effectively excluded themselves by declining to confirm their general support for the DST as representing DAG in public. Hopefully the following statement of the facts will help to clarify the situation and put your mind at rest. On the related question you raise on the chat site, it is indeed true that elgee has been refused access there (see below). It would be most helpful if you could convey the information on both these points to the chat site (feel free to copy the text below).

DAG Strategy Team wish to make it clear that, while a number of applications for registration remain on hold pending receipt of proof of depositor status, no bona fide depositor has been refused access to the new site. It is however the case that applications from 2 or 3 depositors unwilling to confirm general support of the DAG Strategy Team as representive of DAG have not been activated. The reasons for this requirement are set out clearly in the document « KSFIOM Depositors Action Group Limited – Who are we? » which you can find on the site by clicking the « Register » button. The site was created with the purpose of increasing cohesion and strength in pursuing DAG's objectives through legal and lobbying actions; as in any such campaign it is important that the public communications and actions of the leadership can be assumed to be broadly supported by the group they claim to represent.

Much to our regret, it is indeed true that 'elgee' has not only been excluded from the chat site for the last 6 weeks or so, but is prevented from rejoining in a new name. The reasons we understand are connected with his request for information concerning a poster who was threatening and harassing him on the site and in private. Many depositors have expressed their appreciation of elgee's contributions and his posts on the new site are highly rated. His recent suggestion regarding the inclusion of interest to increase KSFIOM's claim under the Parental Guarantee has now been adopted by PwC and stands to benefit all non-fully paid up depositors. In our view, his suspension of access to the chat site is a loss to those depositors who rely on that site alone.

Tsunamivictim then posted as follows:

I don't post often but I do feel, to be fair, that each and any true Depositor should be entitled to join this new site if they wish. To exclude any Depositor just because their views may differ from DST is just not right. We all have lives on hold and money at risk. No one has the right to exclude a Depositor in this way. Surely everyone has the right of free speech and free thought and by excluding genuine Depositors , we show ourselves in an very elitist and shameful light.
Are we really so proud of ourselves that we permit this.? Personally I think to exclude any genuine Depositor is absolutely dreadful and those who made that decision should be ashamed of themselves.

My response posted today, as follows:

Anrigaut,

First of all thanks for taking the time to post a response.

Must say that I agree with tsunamivictim´s post below on this 100%.

Whilst you say the site is open to all bona fide depositors, you go on to say ´It is however the case that applications from 2 or 3 depositors unwilling to confirm general support of the DAG Strategy Team as representive of DAG have not been activated.`

The document you refer simply says that the site is open to depositors wishing to support DST strategy & actions. I see no justification whatsoever for non activation where bona fide depositors have applied - clearly the aim is common - 100% return of our funds. Those on the site who also wish to keep abreast or participate in what the PPD (ex HNW) groups are doing should be free to do so, the aim is the same.

Grateful if DST would therefore reconsider this and arrange for any blocked applications to be activated. (If necessary why not do a poll and see what the majority think!).

Regarding Elgee being excluded from the chat site, I suggest that this should also be reconsidered and exclusion reversed.

We need to forget petty differences to get maximum leverage, if it has to be through two groups so be it, but for heavens sake communicate and work together, or at least compliment each other with a view to achieving ´the goal´.

Regards,

We all have better things to do - lets resolve this, put petty differences to one side, and get on with them!! Common goal - 100%.

NG - Can you look at reinstating Elgee please?


"Can you look at reinstating Elgee please?"

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Mon, 23/11/2009 - 17:17

I was tempted to reply in more detail but I don't think it's in anyone's best interests for the detail of the matter to be discussed here. I will say however that IMO "The reasons we understand are connected with his request for information concerning a poster who was threatening and harassing him on the site and in private" is a gross over-simplification. I would suggest perhaps replacing "request" with insistence and adding he claims at the appropriate point(s), but nonetheless I think it would remain a considerable over-simplification.


"Can you look at reinstating Elgee please?"

  • Anonymous
  • Offline
  • Mon, 23/11/2009 - 18:48

You really are alarmingly stupid, Andy


Thanks for that contribution, elgee

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Tue, 24/11/2009 - 00:34

QED.


I'm not sure it is a good

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sun, 22/11/2009 - 07:16

I'm not sure it is a good idea in reinstating Elgee - he is not a depositor and seems to want to continue his attempts at threatening people with legal action.

Us depositors have enough to get on with without this.


new site/bellyup

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Tue, 17/11/2009 - 01:17

Oh Bellyup, now I understand why you haven't got various documents from the DAG legal team following my postings on manxforums.

Why didn't you explain this on the manxforums - are you pulling the wool over peoples eyes, and being selective who you tell?


@Manx Person

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Tue, 17/11/2009 - 10:22

Manx person
You are not by your own admission a depositor .
You have not lost savings as we all here have done.

For the genuine depositors this is not an amusing academic exercise to while away the time or a chance to score points over people who are not financial wizards but who simply put their savings and their trust in a bank in the IOM.
Many people depended on those savings to live some as you know had put the proceeds of their house or business into the bank for only a short period and have lost it.

You know this MP and I can sense I hope some divided loyalties here and some sort of fair play
The depositors are being hampered by lies deception and obfuscation so if you genuinely want to help do
so.


@Bellyup

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Tue, 17/11/2009 - 10:47

I appreciate what has happened, and am sorry that it did and I know of the hardship that has been caused.
I am helping - only last week I met with one of the DAG legal reps in the Isle of Man.
I also help where I can on other matters.
I don't know what lies deceptions and obfuscation you mean.
The point is, I am afraid, that progress in this matter, IMO, is best made by talking to people and not isolating them.
I am fully aware of the fact that some people put the proceeds of a house sale into the bank.
In fact I know (personally) of a local resident who is in this position.
If you want the IoM public to appreciate and understand your position, and that of fellow depositors, then, again IMO, the comments on the ManxForums website need to be on point and not speculative.
Just my 2p


Manx person

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
  • Offline
  • Tue, 17/11/2009 - 13:05

The point is, I am afraid, that progress in this matter, IMO, is best made by talking to people and not isolating them.

I couldnt agree more .


Still here

  • Lifeonhold
  • 18/10/08 30/06/13
  • a depositor
  • Offline
  • Wed, 11/11/2009 - 17:09

Hi all, yes I'm still here and checking into the website on a regular basis. I have received my DCS of 40K but am still owed over 200K. Have read somewhere that some people have received their DCS plus an amount making up their first payment of 24.8%. Can anyone tell me where this second amount is coming from - the DCS or the liquidator? I contacted the DCS and they said it was nothing to do with them and to contact KSFIOM. I phoned them and was told that because I elected to go down the DCS route, I would not get another payment initially and she couldn't tell me when the second payment would be made either. Can anyone throw some light on this and suggest who I might contact to get an answer? Is anyone in the same situation as me? Also want to thank everyone who is putting an input into this site. I can't tell you how comforting it has been to feel you're not on your own.


Hi Lifeonhold

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
  • Offline
  • Thu, 12/11/2009 - 05:54

Hi Lifeonhold,
I'm in the same situation as yourself - applied for the DCS but entitled to more back from the liquidator's first dividend. I thankfully received the DCS and then contacted the liquidator about receiving the balance of the 24.8%. The liquidator told me their lawywers were looking into the matter. However, subsequenly I contacted the DCS people and they told me they would issue it to me but couldn't say when - they brushed me off by saying I would have to wait - for some depositors have not recieved anything as yet (OK, but no need to use them to shit on me! - they need to clean up their own doorstep first). Subsequently have read about other depositors receiving the balance around a month AFTER they have recieved their DCS 50000. I wish that I could be clearer but nothing has been transparent during this whole bloody business!


Hi Uptight61

  • Lifeonhold
  • 18/10/08 30/06/13
  • a depositor
  • Offline
  • Sat, 14/11/2009 - 08:43

Thanks for that. For your information and anyone else who may be in the same boat, I managed to speak to an Ian Thomas from the DCS on Thursday who said he would look into the matter. He emailed me later that day and this is what he said, 'Have just discussed your case with the scheme manager and he has confirmed it will be paid, however he is unable to give a definite date beyond 'soon' at the moment as we are currently reconciling all the amounts paid before November so that we can assign the appropriate balance to be remitted if there is one. I can assure you that it is currently in the process of being completed and that the payment will be made by electronic transfer once it is complete. I apologise this response could not be more helpful and could not provide you with a definite date but hope it reassures you that you will receive the payment.' I just wish I'd not gone down the DCS route and stuck with the liquidator.


Thank you, Lifeonhold

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
  • Offline
  • Sat, 14/11/2009 - 20:12

Hello Lifeonhold,
Thank you for the reply and the reassurring message from the DCS person that we shall be receiving what is owed to us in due course (hopefully before December's scheduled payment). I, too, wish that I had stuck with the liquidator (like Grandma Paris, see above) but one can wish for anything with the benefit of hindsight, can't one?! It sounds like too much hassle/red tape to revert back to the liquidator.
Regards,
uptight61 (not so uptight having read your message)


Can someone explain...

  • Podcar
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Thu, 12/11/2009 - 07:18

I have received 40K from the DCS and 10K from the EPS. There's another 107K outstanding that will bring me back to what I had before this disaster fell on us. I do not understand the whole issue of the dividends and how much, based on the published percentages, I should expect to receive. Or if I receive anything at all - there was something about the dividends paying off the 50K. Please, can someone explain these issues to me or point me to a place on the site where it is explained in detail. I'd appreciate it.

Also, I remember something about reassigning rights to the liquidator following payout of the DCS. Is this something that happens automatically, or do we have to make an explicit statement in order to get reassigned?


@Podcar

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Thu, 12/11/2009 - 11:22

Hi Podcar,
If you are saying that your deposit totalled £157K, then 24.8% of that comes to £38,936 and you have received £50K in total already, so you are paid off in full regarding DCS. You will have to wait until the total percentage return from the liquidator matches the £50K you have received divided by your total deposit of £157K. This amounts to about 31.85%. The next dividend is anticipated to be around 14%, so the first dividend of 24.8% added to this proposed second dividend of 14% comes to 38.8%, which is about 6.95% over your total so you might expect to receive 6.95% of your total deposit in the next payout in December: 6.95% of £157,000 = £10,911.5

Another slightly more accurate way is to say 38.8% of your £157,000 is £60,916, and less the £50K you have already leaves you with an expected dividend of £10,916 in the next liquidators payout. Mind you, I think you will have to make arrangements with the DCS and liquidator, but I'll leave that advice to someone else!

Ice


pay outs after dcs

  • edelweiss
  • 22/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 22/11/2009 - 18:54

I was under the impression that anyone who had applied for
DCS and after the DCS had recovered the amount from the liquidator
then all payments in the future would be paid by DCS to the depositor
because he or she had only applied to DCS and not to liquidator for payment.
and that this would happen automatically.Please correct me if I am wrong
I have an interest as I fall into this catergory.


Hi Edelweiss and Uptight61!

  • mikeexpat
  • 31/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 23/11/2009 - 09:27

For the last 6 months many times knowledgeable Depositors were advising other Depositors not to apply for DCS, if your claim was more than £ 130,000. By applying for DCS all your rights are taken over by IOM Government. For £ 130,000 claim you will receive from Liquidator total dividend of £ 50,440 (38.8% = 24.8% + 14%) by December 2009 plus you keep all your legal rights. Applying for DCS by Depositors with claims above £ 130,000 should be considered a very unwise move.


Hello Mikeexpat

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 23/11/2009 - 17:24

I don't think it was as clear cut as you state as to whether depositors with a particular amount at risk should have ignored the DCS and just gone with the liquidator. I actually thought that the threshold mentioned was somewhere around 275,000. People applied for the DCS for they had no idea when the liquidator would declare his first dividend and how much it would be (largely thanks to the prevarication by the IofM and their SOA). We had been denied access to our monies for over a year and wanted something back ASAP. I see no reason why applying for the DCS should jeopardise the return of what we are entitled to, ie.money over and above the 50,000 DCS The only side-effect that I can identify is that there is yet a further delay!


DCS versus liquidator

  • Podcar
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 23/11/2009 - 10:01

Mikeexpat - the information I remember reading cautioned against applying to the DCS if you had considerably more than £ 130,000. I don't remember the exact sum but it was about 150K more than the money I have (or had). I went the DCS route because I was desperate for the money and I didn't have much choice once the DST succeeded in pushing for liquidation. I would have been just as happy to continue applying for whatever money is coming to me under the SOA, I did not vote to liquidate and I am dismayed that I am now being told that applying for the DCS should be considered a very unwise move.