If you ever get back the money back - where will you put it?

  • investor6
  • 08/02/09 31/05/09
  • not a depositor
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Posted: Mon, 13/04/2009 - 00:12

I am just wondering and I know it doesn't help so much, but in a case you will get your money back where will you put it?

Will you move to the UK to get a UK address and open a UK bank account?
Will you try to get an account in another country?

Or will you trust the HSBC or Barclays or Isle of Man Bank in the Isle of Man, and put your money there, or perhaps just put all the cash under the ground, and have cash with you instead of numbers or figures in the bank?

And in general, can depositors trust any bank in the Isle of Man? Wasn't that Kaupthing case a red flag to warn others, or it's just because it's Iceland but the UK names will never go away?

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Special Offer!

  • Yorkie
  • 13/10/08 10/12/09
  • a depositor
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  • Mon, 13/04/2009 - 20:38

We have just received an E-mail informing us that a new offer has now been launched.

They spelled out the details of the offer and then...

"With the deposit being set up in the Isle of Man, it also benefits from the Isle of Man Depositors Compensation Scheme providing protection for up to £50,000 on a sole deposit and £100,000 on a joint deposit.

The only caveat to this offer is that it is strictly on a first come first served basis and whilst there is a closing date of the 22nd June, these offers always close before the official closing date due to high demand.

Please let me know what your thoughts are."

Just drafting my response...


WHEN we get our money back,

  • Anonymous
  • Offline
  • Mon, 13/04/2009 - 13:28

WHEN we get our money back, I will save it in HSBC on the mainland UK (an existing account that I now feel lucky to have kept open), or I'll transfer it into euros and save it in a French savings account, or perhaps even buy another property to rent out..... ANYTHING except leave it in the Isle of Man.

IoM? Never Again.


GOLD

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
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  • Mon, 13/04/2009 - 16:40

I now have Barclays account in BVI and HSBC in Hong Kong but eventualy when the price is right I will buy Gold.

A lot of my wifes family are Thai-Chinese Gold Dealers and advised me a few years ago to invest in commodities rather than banks and like a fool I ignored their advice. I am the stupid foreigner driving a Toyota whilst they all drive Mercedes so its time to listen to them.


@mekong

  • Anonymous
  • Offline
  • Mon, 13/04/2009 - 23:27

If you are lucky enough to be married into a Thai "jin" family, especially one comprised of gold dealers, I would strongly recommend following their advice unless you want always to be regarded as another dumb farang.


Are you joking

  • steelwood
  • 24/10/08 31/05/09
  • a depositor
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  • Mon, 13/04/2009 - 13:05

Investor6
Are you joking ? If you would have lost money , diffinately will not ask such questions.
The trobles of loosing money will atomaticully show you the correct way.


If it helps I am gettin g

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/04/2009 - 13:39

If it helps I am gettin g quite partial to the Russian method of putting it in a plasctic bag and then immersing it in the toilet cistern!!!


Expat: "If it helps I am

  • Anonymous
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  • Mon, 13/04/2009 - 23:33

Expat: "If it helps I am gettin g quite partial to the Russian method of putting it in a plasctic bag and then immersing it in the toilet cistern!!!"

in that case be very careful not to use a bio-degradable plastic bag, especially in the Russian mains water supply.


Expat - sounds messier than

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
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  • Mon, 13/04/2009 - 13:43

Expat - sounds messier than the matress - but possibly harder to find!! may take up your idea in about 2020 when some of my funds may have been returned!!


Expat - sounds messier than

  • Anonymous
  • Offline
  • Mon, 13/04/2009 - 23:35

Silly! You keep your mistress under the mattress and your money in the toilet cistern. Only the latter should be enclosed in a plastic bag.


Funds Back !!!

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Mon, 13/04/2009 - 16:24

Hi, those of you loking for somewhere to place funds, I tried to put funds into Allaince & Leicester (funds backas part of EPS1+2). I completed thr forms online on 18 March, yet still on 9 April my £15K deposit was still not showing on the accout. After my KSF experience not a good sign. Also last week Abbey may be closing it's offshore operation (funds mainly Alliance & Leicester and Bradford & Bingley). I live on the IOM and a few people have said maybe look at your funds in these. (Just a thought guys, imagine if we we got our money back to go through it again).

For me I closed my account with Alliance & Leicester and I also saw a Financial Advisor about where to place funds, savings with the post office (NS and I) was the reply.

Hope this is of help to someone.


Two down...

  • Anonymous
  • Offline

These 2 links are really

  • investor6
  • 08/02/09 31/05/09
  • not a depositor
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  • Tue, 14/04/2009 - 12:11

These 2 links are really scary.

Is it the first time in history of the Island banks are going crazy like that?
Since the Vikings era the govt. of the Isle of Man never faced anything like this nowadays?
The Island has such a long history, you guys are all saying the Island is gonna go bye bye, do you really think so?


IOM a Sinking SHIP! so they'RE Jumping!

  • Anonymous
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  • Mon, 13/04/2009 - 19:34

Lancara ....reading these articals above it seems it's the beginning of the END for the Isle of Man as a Banking jurisdiction as we once knew it!

So who's fault that then?? hmmmmmmmmmmmm I wonder ?

Liquidation is the way forward FOR KSFIOM NOW and GOOD LEGAL ADVICE LEADING THE WAY>>>>>>>>>>> HOWEVER LONG IT MAY TAKE>>>>>>>>>>>>>>>>>

I AM PREPARED TO HOLD OUT FOR 100% RETURN OF MY MONEY WE NEED EVERYONE TO DO THE SAME....

Aurora


If IoM sinks, we sink too. Big time

  • dj
  • 07/11/08 31/05/09
  • a depositor
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  • Mon, 13/04/2009 - 21:47

Lets keep all small limbs crossed that the IoM banking industry does not fall. Otherwise we will see ourselves being tipped from the frying pan and into a very hot fire.

We also need to be very careful about chucking the SoA out of the pram with little thought. The SoA sucks; i know, i have picked over every word of it (See 'SoA for Humans - still thread), but if the IoM is indeed on a downward slide then the quicker we are signed up to it (or more importantly, the IoM Gov is signed up to it) the better.

The task we all should be deep in is sending correspondance (letters best, faxes second best, but at least email) to MPs. Not just your own MP but all the buggers. We need to be filling the public forums with comments as weel. Until we do that, nothing whatsoever will happen as the £552Million will not be forthcoming and we'll just go round the ever decreasing circle we have been for the last 6 months. PLEASE get posting guys.


dj, you are right.....

  • Anonymous
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  • Mon, 13/04/2009 - 23:05

the key to maximizing our return, to hopefully 100%, is the £500+ million sitting in the UK and not which of the two schemes is selected. Dragging down the IOM government isn't going to do it and neither will this continuous banter over which scheme is better. We all know that the SOA is designed to payout faster and perhaps one's right to sue the bank is entrenched in the DCS (although that is being disputed), but other than that the two schemes are likely to yield the same result in the end.

Unless we get a major portion of the £500+ million back we can forget about 100% or anything near it. Remember, the longer it takes to recuperate our money the greater the administrative / liquidator costs will be and guess who will pay for them. This is what scares me about the DCS. Remember the warnings of Captain Manwaring.


Where to put our Money now ??

  • Anonymous
  • Offline
  • Mon, 13/04/2009 - 18:42

Should we get a substantial amount of our funds back?? I will place the money with a Bank that is a Parent Bank in the UK such as HSBC... ironically I almost chose them over KSF... but it's kind of left a Bad taste in my mouth now, even mentioning the word "Bank" is a profanity!

However I don't think this kind of situation is likely to ever arise again one HOPES not in my Lifetime anyhow, and furthermore I will be much wiser about Who & Where I leave my money, although I did research. The TRUTH is we have been DUPED by Politics and Bankers which is unjust... that concerns me!

Aurora


@auroa

  • Codpeace
  • 23/10/08 30/11/12
  • unspecified
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  • Mon, 13/04/2009 - 21:26

HSBC stands for Hong Kong and Shanghai Banking Corporation!!!!!

you never know where the buck stops..............


More Woe and Other Banks

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/04/2009 - 22:49

For what its worth UK-based IoM banks include Isle of Man Bank (RBS) Bank of Scotland International (Lloyds) while Nationwide International and Britannia International still offer parental 'guarantees'. All appear to offer derisory interest rates; the best seems to be Bradford and Bingley International (owned by Spanish bank Santander) paying 3% on its internet-only e-savings account.


B & B about to be sold?...

  • Anonymous
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  • Tue, 14/04/2009 - 07:56

...see link to DT above

Isn't this where we came in?


Unfortunately, it has to be Blind Pew's Bank, me hearties!

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Tue, 14/04/2009 - 17:01

I see what you mean, Lancara. It all looks rather ghastly, I'm afraid. So, perhaps we should gather our dubloons, pieces of eight, jools and silver from the Spanish Main, effect a completely over-the-top Robert Newton pirate voice, gather a few parrots, cutlasses and shovels, purloin a merchantman and find a desert island in the South Pacific. Sounds far more practical than one these new-fangled here today gone tomorrow bank thingies. Shiver me timbers, Jim lad, it's back to the good old days of personal finance!


Repeat Delete

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 13/04/2009 - 23:21

See above