Payout of DCS first batch will be from 4 to 11th September
From the posts here I was under the impression the first DCS payout would be on 4th September.
I did not get any payment on the 4th so was disapointed.
I rang the number on the DCS website today and there is a recorded message saying the first batch of DCS payout would be paid by 11th September.
So hopefully this week.
For info
(6 votes)
Nothing, nada, zilch
Feel quite depressed now. Checked our Bank account in the hope that there would be a welcome deposit from DCS - alas no!
I then sent an email to the branch enquiring about payment prior to reading the comments on this site. I am now not anticipating a reply from them.
It would appear that only those being paid by cheque have begun to receive payment. I opted for Bank Transfer in the hope that this would be easier as I live in the UAE (post regularly goes astray), silly me.
I am now hoping that it will arrive by Friday 11th, prior to the weekend. Fingers crossed.
Nada, nada, nada
Despite having been paid the first dividend the IOMG now have a large chunk of the money but have seen fit not to pay the depositors. Just one more huge insult. Looks like they should stick to playing conkers and out of finance altogether. DON'T BANK ON THE ISLE OF MAN!!!!
Still waiting! These bastards
Still waiting! These bastards really deserve a rocket up the arse! We are all kept waiting 11 months, told payment will be made 1st Sept, then the 4th yet it is now the 9th and still nothing.
I am utterly exasperated and exhausted with this whole situation and everyday that goes by is just costing more and more eating into any payment that MAY eventually come this way.
The IOM gov, UK gov, and all the banks of the world can all go and fu@k themselves!
@Hawkerman
Totally agree.
Sent complaint via
http://www.gov.im/treasury/contactform.gov
Bombard them with complaints, its a disgrace.
IOM treasury complaint
Done - is there no one on that damn island who can organise anything more than a conker championship??? What an absolute wunch of bankers they are.....
DCS- ELECTRONIC PAYMENTS- News ?
Anybody got any good news yet? Still nothing in my account.
pipho
This is turning in to be a joke, 3 e-mails, 1 phone call and still nothing, the DCS site saying be patient is a joke, 11 months how patient is that.
I live on IOM so will be banking on the door on Friday if no reply as not only have we lost interest already we are now losing interest as we dont even have the funds in our accounts.
By the way I have been approved and even had a e-mail form Mike Fayle to prove it so makes no difference.
Does anyone who wanted the funds transferred to the account actually have any funds yet ?
KPMG-latest Thusday 10th
I spoke to KPMG and they told me that the electronic payments made in the first batch should reach our accounts by Thursday at the latest. Put it this way I am not holding my breath!
It's the lack of information that drive you mad.....!
Yet another pathetic excuse from the incompetents
Today I received email from M Fayle as below. I really don't u'stand why i was able to open an account with Kaupthing and I was able to deposit and withdraw money with no difficulty to my designated account but suddenly it's no good. I completed the DCS forms on line long ago, provided bank details when requested and until I emailed again yesterday I received no reply to my various emails and phone calls. How can they be allowed to do this?
Mrs Terry
I am sorry we we have been less responsive than we would like - we have been inundated with calls and emails.
Your EDGE details were entered onto your claim record and sent to the liquidator. Unfortunately, at present, he is unable to accept the assignment. This is not a permanent rejection but means the the liquidator is seeking additional information and we are currently requesting details from him of what else he requires. My expectation is that he has no other records by which he can identify you as I suspect you opened the EDGE account solely on the internet.
Whilst I know that this affair has been a strain since October 2008, the Depositors' Compensation Scheme has only been in existence since the beginning of June and we have had little more than two and a half months and my staff have been working as hard as possible to work through claims.
We will continue to do so and as soon as possible, we will be in touch again to clarify what needs to be provided to the liquidator.
Regards
Mike Fayle
Scheme Agent on behalf of the
Isle of Man Depositors' Compensation Scheme
Direct +44 (0) 1624 681043
Fax +44 (0) 1624 681098
Mobile +44 (0) 7974 172962
mfayle(?)kpmg [dot] co [dot] im
DCS- ELECTRONIC PAYMENTS
Has anyone received payment yet ? I despair surely someone must have received their money by BACS by now?!
DCS - I got a call back from KPMG!
I was amazed to get a call back from KPMG ( using their ordinary phone line) - and was told my money was on its way!
sabi star
wow, you must have kissed some ass to get a call and money soon !!!! joking, bet you feel good. Lets hope the rest of us soon follow. Well done
pipho
i have had nothing either, sent e-mail but no reply, how long are they going to keep us waiting for our money which we now are entitled to.
Maybe they think DCS means - Dont Credit Sterling !!!!!!
Payment Received
I had a letter dated 27 August, as follows:-
Dear Sir/Madam
Kaupthing Singer & Friedlander (Isle of Man) Limited - In Liquidation In the High Court of Justice of the Isle of Man No. CP 2008/94
I refer to the proof of debt you filed with me in the above named matter and confirm that it has been admitted to rank for dividend as an unsecured non-preferential claim as follows:
Claim you submitted £*******.**
Less: Deferred interest, if any £****.**
Less: EPS payments, if any £****.**
Amount admitted for dividend £******.**
Any deferred interest adjustment above arises because under the Bankruptcy Code 1892 uncapitalised interest in excess of 5% may not rank for dividend until all other unsecured claims have first been paid in full.
EPS payments refer to amounts notified to us by the Isle of Man Treasury that you have received under the Kaupthing Singer & Friedlander (Isle of Man) Ltd Early Payment Scheme and/or Early Payment (No.2) Scheme and for which it has been claimed in this liquidation.
Further, under the terms of the EPS any dividends payable to you will be redirected to the Isle of Man Treasury until such time that it has been fully reimbursed for the EPS payments.
I expect to declare a first dividend shortly and separate notice of that will be sent to you.
Yours faithfully
M Simpson
Joint Liquidator
Kaupthing Singer & Friedlander (Isle of Man) Limited (in liquidation)
On Monday 7th.september I received in my bank
Beneficiary name: I'm not telling you that Account: or this :)
Amount credited: GBP *****.** Value date: 4th September 2009
By order of: KAUPTHING SINGER + FRIEDLANDER(IOM) PRICEWATERHOUSECOOPERS PLUMTREE COURT LONDON EC4A 4HT On instructions from: HSBC BANK PLC 8, CANADA SQUARE LONDON UNITED KINGDOM
Reference: ***************** Payment details: /RFB/1ST DIV
I sent my claim in on 22nd.June and received acknowledgement of receipt on the 24th.
To give credit where due, it's all seemed pretty efficient so far.
@Peasant
I think you will find that in your case you have made a claim from the liquidator rather that from the DCS. It would appear that whilst those who claimed from the liquidator have received payment of the first dividend, those who claimed from the DCS are still waiting, despite the statement from the DCS Scheme Manager that the forst batch of payments would be made on 4th September. It appears, from the recorded message, that this has been changed to payments of the first batch commencing on 4th September, a subtle but quite important change.
Hopefully people who claimed from the DCS will shortly start posting that they have received payment!
expatfrance1
Yes, you're right.
Hope you and the other DCS folk get theirs soon.
DCS WHEN??????
Hi Everyone,
We are joint depositors, we submitted our claims to the DCS on 22nd June. They were validated and we were asked sometime later for bank details which we provided. We sat waiting patiently (and hopefully) for 4th Sept, two days prior to this we received a letter stating that there is a query and we won't be being paid YET!!! God only knows what validated actually means then. Sadly I expect we are not alone in being in this position - if anyone can shed any light for us it would be gratefully received.
Does anyone know IF the DCS reverts back to 20K (15K max) after 8th October and if so what happens to all the KSFIOM victims who haven't been paid out by then? Are we all secure because the case has been issued (or whatever the correct terminology may be?)
We are very pleased for those that have their monies back in full, hope the HNW's make progress soon and as soon as ever we have our money back it will have left the Isle of Man FOREVER!
We totally support the 'do not bank on the Isle of Man' campaign and will forever ensure that we spread the message.
Thank you
When is DCS money going to go in?
Has anyone received their DCS money electronically? Surely it should be Ok by now? Or am I too naiive?
@Ohdear -- DCS electronic payments
The DCS are using the BACS payment system that normally takes 2-3 working days to banks in the UK clearing system.
So depending how you count from Friday, I expect payments to arrive at the earliest tomorrow Tuesday,
I don't know what the situation is for payments to foreign banks.
Still NOWT
Well here we are on Tues 8th close of business and no sign of a sniff from DCS electronic payments. The b********ds are hanging onto my money as long as they can I think.
burns284
Yeah that seems to be the situation, how many people now that a while ago a payments process called FP (faster payments) was intoroduced. This is basically a payment say from RBS to Lloyds - same day, instant and FREE. Most of the banks have signed up to this so those who have future payments to a UK bank ask about this. Like most I will see if tomorrow has any funds , I am not too optimistic.
Thanks!
Many thanks Brns284 for this.
On a different note, can I just add that having read some of the messages in this forum over the weekend, I really felt sick. Rudeness, nasty and inappropriate use of language against other members ..etc. This is all we have. Especially those of us who have worked hard all our lives, never claimed dole, never phoned in sick, lived within our means ..etc and now this has happend. Let's not add to our woes. Surely it is not too much to ask for politeness and working together.
Thanks.
DCS PAYMENT
ONE PERSON ON HERE HAS RECEIVED A CHEQUE ON SATURDAY SO THATS ALL WRONG.
AM I WRONG IN THINKING THE IOM RECEIVED 24.8% FROM THE LIQUIDATOR FOR ALL THE PEOPLE
WHO CLAIMED DCS? IF NOT WHAT ARE THEY DOING WITH THAT MONEY?
DCS cheque received
I received a cheque from the DCS for the full amount of my deposit on Saturday, even though nothing was displayed on their website regarding validation. No "payee bank" link etc
When did you apply?
Chris,
Just out of interest, when were your papers accepted/acknowledged? I am wondering if they are doing it strictly "as received"? I was "approved" 16 June and have seen nothing yet (but am electronic transfer). I have to admit they have worn me down with the delay and will be glad to see the back of their sorry little rock.
Hi nr8209 I cant really
Hi nr8209
I cant really remember when I registered with the DCS site and printed out the forms, signed them and sent them in but it must be a couple of months ago.
Not having heard anything for a while I sent an email to them, getting the email address off the site.
I did not get a direct response to my email but recieved and email from :
Peter Halpin
Scheme Agent
Isle of Man Government Depositors' Compensation Scheme
On 29th August informing me my claim had been accepted from the Liquidator advising me to visit the site and fill out my account details. This I did and found the payee bank form enabled. I filled it out twice once with my IBAN and secondly with the sort code of my bank.
When I pressed the submit button it did say the form had been accepted.
So I await.
I applied on 10 June or
I applied on 10 June or thereabouts and it was showing as approved/received on 15 June so hopefully you are not far behind.
Incidentally, I have just logged in and noticed that they have added the payee bank link (which wasn't there at close of business Friday) and a cheque arrived on Saturday, so wasn't given the choice of a transfer. Not bothered though as I have received my money back which is the important thing.
Good luck!
DCS - approval
How does one know that ones Claim has been APPROVED
- is it when the PAYEE info is requested
Does anyone know which is classified as the REGISTERED address
- two were completed on the Claim the CONTACT and the OFFICIAL ???
Viv, According to the DCS
Viv,
According to the DCS website the claim is "approved/validated " when the payee bank link appears. However, I received my cheque on Saturday before they added the payee bank link, so your guess is as good as anyones! I did email DCS about 10 days ago asking whether my claim had been validated but they didn't bother to reply.
Not sure what you mean by registered address?
Chris
chris88
Well done fella, big relief I am sure.
DCS Payout
Chris88,
Glad that at least someone has got their money back! I've been told that my payment shoud be in the next batch of DCS payments later this month. The DCS team seem to make a big issue of the 'payee bank' link before payment is made, although you have indicated that no such link was shown against your entry.
Anyway congratulations. I fear that I, along with other > 50k depositors, will have to wait sometime before we get anything remotely approaching our full deposits back.
Thanks for the Update
Thanks for that Chris,