Isle of Man Early Payment Scheme

  • PGS
  • 14/10/08 31/05/09
  • unspecified
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Posted: Thu, 15/01/2009 - 11:50

Like others we have received the offer of £1,000 hardship payment from IoM Government. The application form appears to us as consisting of a lot of legal jargon that we would not normally commit ourselves to signing until we had consulted a solicitor. Unfortunately, we are too strapped to consider this option at the moment, although we could certainly use the cash. Is anybody offering any advice?

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EPS

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Sun, 18/01/2009 - 17:43

They should have spent the £11M on the first 6 months interest for a loan of £557M from the UK pending payment from Ernst and Young...


To sign or not to sign......

  • Argentina1
  • 12/10/08 31/05/09
  • a depositor
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  • Sun, 18/01/2009 - 16:51

I just gor the letter, as I am an expat far away from UK. Does anybody know which are the consequences of signing the Early payment scheme?


1000 hardship payment

  • fight theft
  • 10/10/08 28/05/13
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  • Fri, 16/01/2009 - 19:01

Even for those is dire hardship - what kind of help can 1000 pounds be after nearly 4 months. Food bill maybe!? Definitely not enough to cover most peoples average mortgage payments and living expenses etc and for many of us not even a decent percentage of our interest lost on our frozen accounts thus far.
What botheres me is how much time did the IOM Treasury spend on this than a solution to the BIGGER PROBLEM and picture?????????


more than they did on the parental guarentee

  • skintagainnow
  • 10/10/08 31/05/09
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  • Fri, 16/01/2009 - 19:37

"What botheres me is how much time"

more than they did on the parental guarentee, that's for sure.

On one aspect I'm lucky no mortgage, apart from that still have to pay out normal expenses and Yes I'm in dire need of the cash, couldn't pay the bills that came in, in December or the property taxes in France from November but I don't like the clauses / contridictions and general legal jargon they have put in place. On that basis I'm NOT going to take it up, aside from the fact that it'll still be another 2 months before they are in a position to finance it - subject of course to Tynwald agreement - I'll find another way of raising some cash - just don't know how yet... Not even a legal vehicle now - MOT ran out last month and nothing left in the kittty to pay for a new MOT so "shanks pony" or scronge a lift if needed, ah well goes along with this scronging accomondation & food I guess.


Not needed - lucky me.

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 16/01/2009 - 17:58

I have left the contents of that envelope where they lie ... I have better things to do that offer the IOM Govt a "feel-good" factor to recover an early £1000. I'm quite sure they meant well, but I want my deposit returned to the tune of 100% - is that difficult to comprehend?

Some may have different personal circumstances, where the £1000 might be critical, but I can't be bothered to fill it out and spend money on a stamp.


Comment for Diver and Committe

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Fri, 16/01/2009 - 15:43

Dear Diver,

Having just received the exhaustive EPS documentation that is required for submission
to claim GBP 1,000 of my own money, I can't help but compare this with the lack of
diligence of the half dozen or so lines of the KSF hf Parental Guarantee accepted by FSC!

The irony of the situation is overwhelming. I would dearly love to present both
documents to Alan Bell and ask him for an explanation and/or his comments.

Diver, perhaps you may find an opportunity to bring this up next time you meet with IoMGov?

Kind regards,

Mike


IOM Gov't Money

  • Alastair
  • 10/10/08 30/09/09
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  • Fri, 16/01/2009 - 19:24

The 1000GBP is symptomatic of the amount the IOM Gov't is prepared to risk/contribute in solving this mess. It is inadequate amount for many and even then they want the first 1000 back of any money recovered. At least they could have the good grace to only recover this after a certain % had been recovered by us.

As I have said elsewhere they hold some responsiblity for our plight and until they are prepared to put some of their own money into the solution, as other Gov't have done, they have not earned, in my opinion, the right to another 60 days examining options.


Early Payment Scheme - what a load of old bull.

  • colinalvin63
  • 28/10/08 n/a (free)
  • a depositor
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  • Fri, 16/01/2009 - 13:32

I took one look at the application form for early payment and thought to myself - what a load of bull shit!

It's a damn insult that the IOMG expect people to put up with such a complete load of balderdash simply to secure the measly sum of £1,000 of their savings back.

The IOMG need their heads examining. How the hell do they expect people to subsist on £1,000 after waiting over 3 months with no access to their savings ? How the hell is that supposed to pay their rent, mortgages, bills etc ? It's nothing more than lip service to supposedly put them in a better light because they are feeling guilty at their own lack of direction and inaction at resolving this crisis.

Perhaps they forget that we used to be able to transfer almost any sum we liked to another account online with a few clicks of the mouse.

I won't be completing these forms - they are still lying on the floor where I threw them in disgust when I first received them ! I always regarding the £1,00 sum as laughable, unacceptable and completely inadequate.


Insult

  • Relentless Posse
  • 14/10/08 31/05/09
  • unspecified
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  • Fri, 16/01/2009 - 04:34

I feel insulted by this - sombody trashes your house ,takes everything then says here would you like the alarm clock back... I boil at this


I fell insulted by this....

  • fight theft
  • 10/10/08 28/05/13
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  • Fri, 16/01/2009 - 19:10

Good one - in fact by last week it would have been preferable if I'd had the biggest burglary possible or my home very serious damage at least these huge losses would have been insured 100% by home insurance! (27 years of Life savings lost in one month's deposit ) - yes my blood is boiling too - we'll have to watch our health over this - why can't we be given at least some hopeful positive news yet!!!!!.


I am no lawyer but..

  • ItsTheft
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 15/01/2009 - 13:13

I tried to carefully breakdown all the legal jargon (which is totally unnecessary and is obviously the work of either a jumped up local official or a fairly insecure lawyer - more likely a 'legal practitioner', not a real lawyer).

It is basically saying that should the bank pay out at some point, or you claim compensation through the DCS, the first £1000 goes back to the IOM gov to repay them for this £1000 advance on your KSF claim.

You are signing your name to agree to allow KSFIOM or the DCS to pay the first £1000 back to the IOM gov to repay them for this £1000 advance.


Thank you kindly for your

  • PGS
  • 14/10/08 31/05/09
  • unspecified
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  • Thu, 15/01/2009 - 14:27

Thank you kindly for your comments. In common with many others who have seen their savings mysteriously 'diverted' we have completely lost faith in officialdom. ( If we ever had any). Frankly, we take the view that while the many 'experts' continue with their legalised extortion of our collective monies then the less likely we are to recieve any loose change at the end of the day. Furthermore, we suspect that those same 'experts' may well be hoping, (if they don't already know) that the 'end of the day' is well beyond the immediate horizon!! May we ask whether or not you decided to opt for the hardship payment application?


Not opting

  • Anonymous
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  • Fri, 16/01/2009 - 05:35

No, I'm not signing for the EPS, and I'm not inclined to sign the DCS form either until I see exactly what that will entail. No matter what the motives of IOM, the legislation surrounding the EPS turns it into a joke. As for the DCS, I think this should really be seen as the last resort, and we're not at that stage yet.

What I fear is that signing these forms now may potentially weaken our likelihood of being able to negotiate anything else later on - all remains to be seen after 29th January. Then the question of signing may become more important.

This topic needs to be discussed a lot, and maybe put to the legal team.


Forms for DCS!!! Where

  • skintagainnow
  • 10/10/08 31/05/09
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  • Fri, 16/01/2009 - 15:03

Am I missing something here, yes I've received the EPS forms and a statement with Update form attached, but nothing for DCS.

With respect to the EPS - as much as I need the £1k and yes I know I did bang on a bit about it back in November - 6 pages of legal gumpff some of which doesn't read very well - re assignment, I'm not at this present time inclined to sign.

Now they want at least another 60 days to further explore, therefore even the earliest payment would mean possibly xmas next year whether that's DCS / SOA whatever - prior to this nighmare I lived entirely on the deposit and interest earned from the bank - no other reserves - no other income. I and I guess many others in my position can not get loans without an income nor suppport in the form of state benefits.

Please one of the committee ask IoMG / LP / Alix partnership how the f**k they expect people to survive for over a year on half baked idea's, vauge & muted promises, would IoMG be prepared to offer loans or other assistance for depositors like myself who now have nothing except bills coming in, they want time to explore - then give us something back without the 6 pages of legal crap for a proxy grand - the FSC accepted a billion £GBP guarantee in the form of a few lines of text - do the same for the depositors - or was their acceptance of Kaupthings Hf's guarantee champagne & caviar influenced ????


Forms for EPS?

  • saversinfrance
  • 10/10/08 31/05/09
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  • Fri, 16/01/2009 - 15:18

Can you let me know when these were sent out please? I haven't received anything...


EPS forms for saverinfrance

  • skintagainnow
  • 10/10/08 31/05/09
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  • Fri, 16/01/2009 - 15:32

saverinfrance, I received them last saturday, but there's no post date on the envelope to indicate when they were mailed.

You can of course download them from the IoMG site along with all the guidance notes and memorandom of assignment.


Thanks skint

  • saversinfrance
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 16/01/2009 - 15:38

It's a bit worrying to have been missed off the mailing but not entirely surprising. Like you, I'm not sure if I want to apply anyway but it would have been nice to have the opportunity!


Forms for DCS!!! Where

  • Anonymous
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  • Fri, 16/01/2009 - 15:16

Since the DCS has not been triggered, there are not yet any forms to apply for compensation payments. There is a data form from the bank which collects data that will be used if the DCS is ever triggered.

Acceptance of the DCS is not elective. Applying for compensation under it (if it is ever triggered) obviously will be voluntary.


DCS

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Fri, 16/01/2009 - 05:56

Perhaps our resident legal beagle would know the answer to this:-

Could the number of returned signed DCS acceptance forms be used as an indicator in legal action as to the number of people who are in favour of the DCS?