problems getting eps1 payment

  • wayne
  • 11/10/08 31/05/09
  • a depositor
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Posted: Sun, 15/03/2009 - 07:38

Anyone else having problems getting paid from the eps1?

I have been told that my payment will be delayed (no idea how long) because they are having ' problems' paying the money to an overseas bank account (my account is a sterling account with a large European bank).

Sounds dodgy to me as I cannot believe the IOM treasury cannot transfer 1000 pounds to one of the largest banks in Europe

God only knows how long it will take em to pay out from EPS2!

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EPS No. 2

  • barrona
  • 17/11/08 31/05/09
  • a depositor
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  • Sun, 15/03/2009 - 09:44

Having just received today a Circular and Guidance Notes from the IoM regarding the release of up to 10,000 pounds to eligible depositors, I would be grateful to receive DAG's advice as to whether or not depositors' should apply.
I appreciate we are all different in circumstances and to some depositors, this might prove to be a godsend.
However, and in my own personal circumstances, I am reluctant to complete the form until matters are made much clearer hopefully, after the next hearing. I note the last sentence in the Circular states, ' the IoM Government continues to work towards a solution that will provide the maximum benefit to depositors'.
They should be stating that they are working towards a solution that will return 100% to all depositors.
Their duplicity knows no bounds.

I would also not apply for EPS 1 & 2

  • mikeexpat
  • 31/10/08 31/05/09
  • a depositor
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  • Mon, 16/03/2009 - 07:38

After detailed review of EPS 1 & 2 Documents I recommend NOT TO APPLY FOR EPS 1 & 2.
For the reasons, please see below e-mail from KSFIOMCRAP.
If you are not starving and you want to stay in control you should NOT sign away your rights just for a mere GBP 10,000, which you will receive 2 - 3 months later anyway.


  • qatar
  • 15/10/08 31/05/09
  • unspecified
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  • Mon, 16/03/2009 - 11:09

I also dont feel comfortable with EPS, should i write and confirm i do not want it and return forms or simply do nothing??

I would not apply

  • 15/03/09 31/05/09
  • not prepared to answer
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  • Sun, 15/03/2009 - 14:50

I would not apply.

If you request a payment you have to assign a claim up to the 10,000 GBP limit to the IOM Treasury. There is nothing wrong with that except for the fact that you basically also have to assign voting rights to the IOM Treasury which allow them to vote with the aim to recover the money they have paid out to you under the early repayment scheeme.

So basically by claiming money under the early repayment scheeme you allow the IOM Treasury to become a creditor of KSFIOM and so they have the possibility to vote instead of yourself when it comes to voting rights which have an effect on any future distributions from either the liqidator, the deposit protection scheeme or the scheeme of arrangement.

Basically - as far as I understand - this means that the IOM Treasury could have a significant impact when there will be a vote in favour or against of adopting the scheeme of arrangement which the IOM Treasury is pushing for.

Once a large number of account holders have claimed their early repayment from the IOM Treasury they could easily ensure that the scheeme of arrangement is put into place by voting for it. The SOA however has several flaws which have been addressed by many.

If you want to stay in control you should not sign away your rights just for a mere GBP 10,000 which you will receive either way at some later point in time.


  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Sun, 15/03/2009 - 13:03

I would apply as you will read so much on this for and against, at the end of the day it's another £9K to help while ther SOA is being worked on for the benefit of the majority.

giveusbackourfunds, you don't surprise me one bit

  • klauseriksen
  • 10/10/08 31/05/09
  • a depositor
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  • Sun, 15/03/2009 - 19:26

this doesn't surprise me giveusbackourfunds or should I say
as you only have 21K at stake and hence are covered 100% anyway. Secrectly I think you would take great pleassure in more affluent depositors loosing money as you seem to spend a lot of time arguing for the "majority" (by numbers but not by value) solution even though you are home safe whatever arrangement comes into place.
In your place I would probably also go for the EPS, but I would then also chose to shut up when it came to matters that has no bearing for me.
The DAG's main purpose was 100% for all. You clearly don't share this goal and thus do not really belong in DAG anymore. I would suggest you form a new group called GMBMF: Give ME Back MY Funds (and to hell with everyone else, particulary so if they have more money than I have)

Hear hear!

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
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  • Mon, 16/03/2009 - 05:24

Well said Klauseriksen