Statement Received

  • Ally
  • 13/10/08 31/05/09
  • unspecified
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Posted: Wed, 24/12/2008 - 13:17

I recieved my statement today showing my balance as at 9th October including interest accrued up to that date.

I live in the Isle of Man so would have obviously received mine quicker than others. It was post marked 23rd December.

Hopefully over the next couple of weeks others will receive theirs too.

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Shiney

  • Shiney
  • 13/10/08 n/a (free)
  • a depositor
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  • Wed, 07/01/2009 - 10:46

Further to the comments I made before Christmas regarding receipt of account statement. Our savings were in US Dollars and we were concerned at having any payments repaid in Sterling.

I managed to speak with a person called 'Hillary' at the phone number on the correspondence received. It was confirmed that all payments would be in Sterling - non negotiable. The exchange rate would be on the dat of the transaction and not the rate back in October when our savings were frozen. Electronic transfers of any funds would be at their expense. Hope this helps?


morning Ally, check your

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 07/01/2009 - 07:17

morning Ally, check your email. Man you are up early or I have I got up late today!!


Incorrect statement

  • starrybrook
  • 12/10/08 31/05/09
  • a depositor
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  • Tue, 06/01/2009 - 17:29

Just opened my statement and was stunned to see that it says Balance = 0 (zero) instead of 38,750 plus whatever interest. Fan blinking tastic.


are we still earning interest?

  • Anonymous
  • Offline
  • Fri, 02/01/2009 - 11:58

I have received a statement up to 9 October which includes interest up to that date.

What is the significance of 9 October concerning interest? On that date KSFIOM lost its banking license - but customers still pay off loans, so it continues to operate as a bank, right? So are our deposits still earning interest?

I have received a payment details update form. Does this mean the liquidators provisionally (there are two of them) are assuming that the firm of KSFIOM will be wound up on 29th?


If the bank is not wound up

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Fri, 02/01/2009 - 12:10

If the bank is not wound up then I suppose interest will be payable.

Puts me in mind of dealing with a plumbers merchant years ago, I asked for a price on a big industrial burner, and the price I received was about 15% more expensive than a competitor. When I asked why, the answer I recieved was "well ours are that price when we ain't got any".

I suppose I am suggesting that anyone who is looking for interest on their account takes a step into reality and seeks a good proportion of the deposit back before worrying about getting interest back. I mean I'd like my phone and postage costs paid too but I suppose I need to be realistic first.


We were told interest was STILL accruing

  • sami
  • 10/10/08 31/05/09
  • a depositor
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  • Sun, 04/01/2009 - 07:44

I clearly recall a post some weeks ago from one of our members who had telephoned and spoken to a bank representative, who claimed the customer's account was still accruing interest.

The comments by some that the bank no longer has a licence, I don't think makes any difference whatsoever - the reason being that we have a binding contract with KSF IOM that interest will be earned, and as a creditor I think that will still stand.


We were told interest was STILL accruing

  • sami
  • 10/10/08 31/05/09
  • a depositor
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  • Sun, 04/01/2009 - 07:44

I clearly recall a post some weeks ago from one of our members who had telephoned and spoken to a bank representative, who claimed the customer's account was still accruing interest.

The comments by some that the bank no longer has a licence, I don't think makes any difference whatsoever - the reason being that we have a binding contract with KSF IOM that interest will be earned, and as a creditor I think that will still stand.


Interest Accruing Since 09/10/08: Still in the Dark?

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 02/01/2009 - 21:44

Having waited for some clarification from Douglas on the interest payable since 9/10/08, I dread the thought that Gordon 'Madoff' Brown may prosper at out expense by skimming the interest from the hostage funds in London. While I suppose IoM doesn't want to show its hand during negotiations, some soothing words would be welcome. All this reminds me of the yarn about the coal merchant looking for a black cat in a windowless cellar at midnight. If Douglas could shed a little light, it would certainly help shore up confidence in their efforts to rescue our savings.


Interest

  • Ally
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 02/01/2009 - 22:20

Viking

My understanding is that interest accrues until 9th Oct 2008 but not since that point as that is the day the bank ceased to exist.


Interest since 9/10/08: When is a bank not a bank?

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Sat, 03/01/2009 - 22:47

According to JLP Mike Simpson, the bank is still an entity; 'We are working to ensure that the Bank's information is current...', 'For the purposes of providing statements only, we have shown an early maturity of fixed term deposits as at 9 October 2008....' Somebody must receive the interest on my funds since 9/10/08 and I think I am worthy candidate.


Currency - big issue

  • allyourbase
  • 12/10/08 31/05/09
  • a depositor
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  • Thu, 01/01/2009 - 16:23

Like many others I'm concerned about the currency issue. I had an account in Euro, so I am expecting/hoping to be paid compensation in Euro. As far as I'm concerned, the exchange rate is irrelevant, as I have X Euro in my account, and therefore expect to get X Euro back.

I don't have a suitable account for sending the money too either. What is everyone's views on the Isle of Man? I don't think I'm going to be opening another account there as:

  • DCS is a farce--apparently many banks will refuse to pay if it's triggered, and are prepared to leave the Isle of Man if necessary.
  • Doesn't cover building societies like Nationwide International.
  • Isle of Man is constitutionally prevented from building up debt, so they can't borrow to fix the problem.
  • Poor regulation, with an active KSF IOM board member working for the FSC at the same time.

I'm planning on opening an account in Switzerland possibly. Yes, I know they bailed out several banks, but at least if necessary they can borrow the money to do so.


up the garden path

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
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  • Fri, 02/01/2009 - 12:58

So what chance have we got with nationalisation if you think of all of this?. I agree with the isle of man as disgraceful in this crisis but this was a crisis they brought on to themselves placing those huge funds in the uk so they can borrow to fix this..all countries are doing that, they will have to find a way . Or do you think that these attempts to save the bank are to ward off group future law suits or something, but then their courts would find nothing wrong I am sure.


I am fed up with not knowing

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Sun, 04/01/2009 - 02:33

I am fed up with not knowing anything its so wearing,

I suppose that the IOM is trying to do something if only to save its banking reputation.

Are they talking to Iceland at all? ( I have put this as a question for the LP)

Did they put their case to the IMF when it loaned money to Iceland?

Did they allow the UK to negotiate for them ( if so what results were there?) Something must have been said.

Tired of the resounding silence and having to beg for every scrap of information.


Fed up!

  • user1123
  • 14/10/08 31/05/09
  • unspecified
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  • Sun, 04/01/2009 - 08:40

If you are fed up with not knowing what is happenning then telephone the directors. I have given you the numbers, KSF is still a legal entity, the directors are still getting paid and are still responsible.

What is the Isle of man doing? Precisely nothing. They are all hoping that it will go away. Jan 29th will be, we tried our best but and we have had to pay consultants as we are not bright enough ourselves!!!! Understand that the pot with consultants fees taken out has now shrunk over the festive season from 67p to 40p. Some party! Speculation is that it will be down to 10p by Jan 29th with no DCF activated, once the directors have been paid bonuses and Legal and professional is paid.


fed up

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
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  • Sun, 04/01/2009 - 13:37

When you phoned each of the directors,what did they have to say?


And I thought that the IoM

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Sun, 04/01/2009 - 10:21

And I thought that the IoM government were paying for the cost of the consultants? Where did you get this info from? or is it just more speculation?

I should post my mum's phone number too, you can phone her. She probably has as much idea about what is going on as the Directors, I wouldn't waste my time or the cost of the phone call.

Who told you that they were being paid a bonus?


Ramsey Peel

  • Anonymous
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  • Sun, 04/01/2009 - 08:56

As you know ......... most of us are not on the IoM.

On 'IoM today online' this morning the 'most popular story 'is "Dippers brave the cold for charity"

What IS happening on the IoM ?

Are all heads firmly buried in the sand ?

Are depositors at (remaining) banks etc rapidly withdrawing their deposits ?

Can you please give us a bit of a picture ?


Statements?

  • Niko
  • 10/10/08 31/05/09
  • a depositor
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  • Sun, 28/12/2008 - 23:41

Can someone who has had the latest statements through the post tell me:
Are the postal statements just for Edge, or for all KSFIoM accounts?

I am aware that Edge statements are currently back online.

Post in rural Spain is unreliable and I would like to know what to look forward to when it eventually arrives.

Thanks.

N.


Statement.

  • German Mike
  • 13/10/08 31/05/09
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  • Fri, 02/01/2009 - 18:42

Sorry, Niko,

I should have said mine is a KSF (IoM) account, not Edge.

Put it down to the German beer!

Mike


Statement

  • German Mike
  • 13/10/08 31/05/09
  • a depositor
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  • Fri, 02/01/2009 - 18:39

Hi Niko.

My statement arrived today (middle of Germany) and is correct. I've filled in the confirmation form and will post tomorroew.

Wouldn't expect yours to be far behind.

Mike.


statements

  • steve
  • 14/10/08 31/05/09
  • unspecified
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  • Tue, 30/12/2008 - 09:20

I live in UK and am an IOM customer and my statement (which was correct; academic I know) arrived 24th Dec with form to fill in which I have returned


They are according to the

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Mon, 29/12/2008 - 04:18

They are according to the bank ( I rang them) for all.
I havent received any yet but i am abroad and I suppose they are caught up in the Christmas post.


Postmark 23-1208, on my

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 24/12/2008 - 14:31

Postmark 23-1208, on my doormat in Jersey at 24-1300.

I'd got an online statement yesterday, and this one agrees, so thats a good sign!


Statement received

  • Ally
  • 13/10/08 31/05/09
  • unspecified
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  • Wed, 24/12/2008 - 14:10

Forgot to say, also received a form to confirm contact details and bank account where any payment should be made.


Currency losers

  • 5928
  • 14/10/08 31/05/09
  • unspecified
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  • Wed, 24/12/2008 - 19:51

Am I right in thinking that payment will be made based on Sterling Exchange rates as of 9th October. Therefore, those with US Dollar accounts and Euro accounts stand to lose out as Sterling has depreciated even further. E.g. $1.73 to $1.46.

I am very miffed if that is the case as a sensible currency hedge has been walloped into touch. Therefore, those with foreign currency accounts must SHOUT even more.


Shiney

  • Shiney
  • 13/10/08 n/a (free)
  • a depositor
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  • Wed, 24/12/2008 - 22:34

Also received statement etc. today 24/12/08 (live in mainland UK) postmarked IOM 23/12/08.

Tried to make contact with Mr Simpson's staff to ask a couple of questions including the point raised by 5928 but got no reply (Christmas Eve!). If this is the case it's yet another kick in the teeth for us. Not only do we have no say on which currency we are repaid our own money in but then we are losing out again because of the currency change. Agree we MUST SHOUT more!!


Forex accounts

  • rapata
  • 13/10/08 03/08/09
  • a depositor
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  • Wed, 24/12/2008 - 22:41

I agree, our funds are in US Dollars and if we were paid out today would lose almost 20% due to currency changes. If the bank still holds the foreign currency deposits of these accounts they should pay us out in the currency of the account - NO CONVERSIONS.


Are they suggesting then that

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 25/12/2008 - 06:49

Are they suggesting then that you would get the rate for conversions valid on the 8th October?


Multiple Currencies and Online Access

  • Niko
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 25/12/2008 - 17:06

If one had accounts in both Sterling and Euros, as I had, who will decide which currency is paid?
I have found I can now access my "Edge" account online, but not the current accounts. Those of you who have had paper statements through the post, were they just for "Edge" or for all bank accounts?


Assuming you're talking about the...

  • Anonymous
  • Offline
  • Thu, 25/12/2008 - 18:04

...."hardship" payment, see page 5 of the Guidance Notes - all payments in sterling, generally


Hardship Payment it wasn't

  • 5928
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 31/12/2008 - 21:07

It was the notice from the provisional liquidator asking for you to provide all your personal details and accounts/balances. Payment is only offered in Sterling.


statement

  • sad
  • 10/10/08 31/10/09
  • a depositor
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  • Tue, 30/12/2008 - 08:50

just received my statement etc in Singapore......