What catorgory do I fall under?

  • tonvanderlinde@...
  • 23/02/09 30/05/09
  • a depositor
  • Offline
Posted: Thu, 09/04/2009 - 19:46

I invested my retirement money ( £120.000 ) through AEGON Scottish equitable intern. last May
2009 in KSF IoM .

The SOA states : 50% return in full with in 3 months , 70% return in full in 24 months plus a minimum of 60% pay out to each depositor.

I still have no idea where this leaves me .

Could any body advice please ?

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@ bakker

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
  • Offline
  • Sat, 11/04/2009 - 12:32

Hi bakker,

I too am a bondholder, thankfully only £20K because I tried to keep within the old IoM DCS. Anyway it didn't protect me. Like you I'm still not sure where we stand. Looking at the SoA calculator I don't know if that is just for individual (retail) depositors or for all of us. (Edited 11/4/09 as no other replies and read it somewhere else! NO the SOA Calculator does not apply to bondholders)
Perhaps somebody with greater knowledge could answer that one for us please? (No replies)

My understanding is ( I may be very wrong if so please, please somebody correct me, I don't want to be guilty of spreading mis-information on this site) that because we are bondholders, under the SoA we are not guaranteed the first £50K back (this is because we were not eligible for DCS). Thus we wait until everyone who is eligible receives their £50K.

Once we reach that stage we are entitled on a pari passu ( at an equal pace; without preference) basis to up to 60% or whatever the SoA manages to claw back from UK, from the Loan Book etc. Basically anything else which might be left once the IoMG, lawyers, courts, scheme managers and everyone else have picked over the flesh and left us the bare bones.

At this point EPS payments (£10K) (which we as bondholders had no choice whether to claim or not) has to be repaid to IoMG and only then will we actually receive anything else. I hope I've understood that correctly, if I have then after at least 2 years (24+ months) in my case, I may receive another £2K making 60% of my original £20K deposit.

No interest will be paid unless 100% is recovered and everyone is paid out and only then obviously, if there is any surplus of funds.
I also don't think we will have an individual vote for the SoA (as do the other depositors) because our Life Company is regarded as the single entity with the vote. ( Maybe if bond is with Skandia, still don't know, again no reply so wait and see)

I'd be very interested to know if I've got this right, if not I'm hoping someone will tell it how it is.