• Anonymous
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Posted: Fri, 10/10/2008 - 02:20

This is the place where you may post your story

Here is some guidance as to what you might like to share with us here:
- your status (eg: British UK resident, UK expat, etc.)
- whether you are retired or working
- whether you pay taxes in the UK (eg: on a pension)
- what you deposited with KSF IOM (eg: over £10,000... over £50,000.....)
- how you/your family have been affected by what has happened
- your current or future position as a consequence of not being able to get at your money

Note: at any time in the future feel free to post something again as an up-date
(eg: if you have become homless, if you are an expat having to return to the UK, if you are having to sell your house, etc..)

We need members prepared to be interviewed by the media (eg: national/local newspaper, radio & TV)

If you are willing to be interviewed , please post here.

NOTE: ONLY stories & relevant comments thereon should be posted here.
Anything else posted will be deleted by a moderator.

(Post updated 5:11:08 by LJ - admin/editor)

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Depositors blog

  • Anonymous
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  • Tue, 31/03/2009 - 18:47

While trawling the internet searching for any information i came across this blog:-

A Depositors blog site

I had a search through this site and it hasn't been mentioned anywhere so i thought i'd put a link to it. If it is your site then i hope you dont mind (i can always take this post off if so...)


Lest we forget

  • Anonymous
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  • Sat, 18/07/2009 - 16:26

This line from Valentine's blog really struck a chord with me..."Have they forgotten about the human misery that this fiasco has created that cannot be measured in pounds, shillings and pence?" "They" of course are the power players in our midst, whose behaviour can be likened to a pack of dogs marking their territory. I can only imagine the congratulatory backslapping that must be going on at KSFIOM as they all sit back and watch the dogfights that are taking up ALL the time, energy and space on this site. How convenient for them that all the attention has now been diverted away from them, while the pack turn on each other.

I have chosen to post my comment here as it will bring people back to the story that inspired us ALL to pull together as a team and perhaps it will put a stop to this "dog eat dog" mentality that is now rampant amongst us.

One suggestion for the MTFK group - you may want to re-think your title as the acronym (to me at least) suggests a very rude word that begins with "Mother" and ends with "er". I doubt you would want people here to think of you in that light!

I am reposting a letter sent

  • Anonymous
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  • Thu, 19/03/2009 - 05:23

I am reposting a letter sent by my father to various sources in the IOM. My father as mentioned in the letter cannot handle the situation as he becomes ill with worry just thinking about the events which have led to these problems in the IOM and has thus passed a majority of the responsibility to myself.

Some background. I am one of the 3 grandchildren mentioned below, i am 22 years old and thus had control of the money for several months before the Kaupthing events unfolded. My immediate family are Australian citizens and have been living in Australia for the past 16 years. My parents have had an account with the Derbyshire IOM ever since i can remember. Since i have been in control of the money i have paid tax on the interest in Australia.

Please see the letter below for further details.

Dear Sir,

We opened an account at the Derbyshire IOM several years back when we moved temporarily overseas for work, we have all our life savings, over 250,000 in this account.

More recently my mother passed away and left her estate in three equal shares of over 100,000 each to the three grandchildren – two of these held in trust until they reached the age of 21 (they are only 18 now). These funds were also placed in 3 separate accounts in the Derbyshire IOM.

All these monies are fully tax paid. Ours is monies from UK earnings and converted superannuation. My mother’s estate was subject to both UK income tax plus death duties. Tax on the interest on these accounts has been paid in Australia.

We assumed that the Derbyshire IOM was a secure bank, being part of the UK Derbyshire building society and that the monies were going to secure loans against property in the UK.

The takeover of the Derbyshire IOM by KSF was unexpected, but we were assured by the Derbyshire that this was a sound bank. We also assumed that there was the appropriate regulatory framework in the IOM and UK to ensure that any banks were subject to stringent checks and controls.

We are now left with the prospect no savings for retirement and the loss of the children’s inheritance. Even if we do get some monies back from the protection plan, it would appear that this will only be a fraction of the amount invested. To make matters even worse, it appears that the monies held in trust until the grandchildren reach 21 may be treated as a trust and not a personal account, which is clearly ridiculous. Why should people who have diversified their savings get the money back in full and those with their entire life savings only get a proportion? In Australia, the government has guaranteed all deposits in Australian banks up to $1,000,000. Refunding our full amount would essentially only be giving back the tax we have already paid to the UK government!

I also believe that the monies on deposit by the bank were actually transferred to the UK and the UK government may have also been responsible in part for causing the problems with this bank.

I have become ill with worry over this affair and am now faced with misery in retirement, despite the fact that I was not aware that there was any significant risk with placing money on deposit versus investing in shares, property etc.

I hope that you will see fit to ensure that ALL funds are reimbursed to KSFIOM depositors.

The consequences for the IOM could be dire because presumably this could see the loss of confidence in IOM banks and mass withdrawal of funds.

Thanks for reading our story

My story

  • Anonymous
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  • Thu, 19/03/2009 - 06:13

Like a number of the correspondents and fellow depositors' in KS&FIoM I am a British Citizen, no longer resident in the UK and working in the Middle East. My UK taxes are fully up to date and I still pay UK tax on a monthly pension from the UK.

I was unable to open a UK account due to my not having a UK residence and consequently, after making enquiries, opened an account with KS&FIoM. I had no initial concerns as I was depositing my money in what I thought was a well regulated Crown Depenedency. My deposit exceeds GBP 100,000 and was earmarked for a property purchase later this year in France where my wife and I propose to retire.

I have watched with dismay and extreme anger the treatment being meted out to depositors, both by the IoM and UK governments and their respective regulators.

I trust that the lawyers DAG have employed will get to the bottom of precisely what went wrong and that the IoM government will do the decent thing although this might be a forlorn hope on my part.

In my opinion, the only thing that is going to change their mind is a concerted campaign.

Pension Tax

  • Anonymous
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  • Thu, 19/03/2009 - 06:58

My friend---if you are overseas for more than one year and you do not visit the UK for more than 90 days, you are non resident for tax purposes and your pension should not be taxed---only things like rental income are taxable and then you still get your personal allowances( one for each of you--it is about 5,000 at present and the next 2000 plus is taxed @ 10%) for now.

If you maintain a residence for your personal use, this does not apply--if you rent your home, it still does.

Our story

  • Anonymous
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  • Mon, 12/01/2009 - 12:13

My husband and I are UK expatriates who have worked in France for 18 years. We have two young children and have diligently saved (and fully payed tax) throughout our working lives to secure our future - now we face the prospect of a grim future for us all . No decent pension, no way to pay for our children to go through further education, lost entire proceeds of our UK house sale, and so on... We are not as badly affected as some, we at least still have our jobs at the moment, but the future does not look good.

We had no onshore option of where to put our money if we wanted to leave our savings in Sterling; we originally saved with the Derbyshire IOM and no choice when they ‘sold out’ to Kaupthing. And, worse still, we believed in the Kaupthing bank guarantees and the compensation scheme. We had no idea Kaupthing was in any way linked to Iceland ( they described themselves as a “Northern European Bank”). The consequence is that we lost our life savings of £170,000, only even found out by chance a few weeks later, and several months on there is still no prospect of getting our money back.

The whole story is having a very negative impact on our health & wellbeing. This website is a real lifeline, so my sincere thanks to all those working hard on this. I can’t pretend to fully understand the how & why of what has happened, nor can I let myself spend too long thinking about it without genuinely feeling ill, having palpitations. However, I am truly grateful for the work achieved here. My one and only negative comment here is the occasional bickering and backbiting from a minority of members; I can only echo what others have already said, it is a very destructive path to take, and very upsetting to read.

Our Story

  • Anonymous
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  • Mon, 15/12/2008 - 10:58

My wife and myself are both None-UK Citizens. We have never lived in UK – not even visited the country. We have no UK tax liabilities, and paid obligatory tax in the countries where we lived. I left my homeland 45 years ago and we lived –save for Australia – in every continent of the globe. I worked as Export Representative. Now my wife and I are pensioners without pension, and our lifesavings have without reason been stolen by thieves called: Brown and Darling – may they die in misery! While KSFIOM collapsed I was hospitalized. I am still ill and bedridden and without any source of income. With the GBP320K we had put into Derbyshire over the years, which later became KSFIoM, we believed that we can make it for the rest of our days. We are now both above the seventy and live in KL. Malaysia and cannot go anywhere else.

NEW TO THE SITE?---Timeline of Events

  • Anonymous
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  • Sat, 13/12/2008 - 16:57

There is a Timeline of Events Document on the public Site under the 'FACTS' tab. Use this to see how the collapse of KSF IoM unfolded, also use the links to 'flesh' out your understanding of those events.

Where do we go from here

  • Anonymous
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  • Sat, 13/12/2008 - 15:46

My parents who are 70 and 72 have worked very hard all their lives and are now living abroad (their retirement dream). The majority of their money went into the Derbyshire (6 fig sum) as a non risk investment. My dad had no choice what so ever about his money going to KSF but it just went. I believe his health has changed since hearing this news. I firmly believe he will get every penny back with it being in the protection zone but he is not convinced one little bit. If anything happens to my Dad because of this I will sue anybody I can get my hands on. They need this money to continue living in their idyllic home and I hope and pray we will hear something very soon after 29th Jan. Finding this site has been great and I will keep them informed of everything on here. Thank you to whoever set it up.

helping my dad

  • Anonymous
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  • Sat, 13/12/2008 - 19:01

my wife and myself are both in your parents age group and we have done more or less as they have i.e.
living abroad.and we have lost a similar sum.tell them dont go under we will get apositive result in the end
the main thing is to keep healthy both mentally and phsyicaly. I certainly dont intend to give up the ghost
just yet and nor does my wife.also there are many of us on this site all in the same keep on
fighting.all the best


  • Anonymous
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  • Sat, 13/12/2008 - 17:30

Welcome I am glad you have found the site .

Can you explain what you mean by protection zone?
The best thing that you can do to help your Dad is to come on here every day and lobby your MP - see actions
We must all work together to be effective.

Helpingmydad - welcome to DAG and the site

  • Anonymous
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  • Sat, 13/12/2008 - 16:04

Welcome to DAG and the site. I am glad you found us, we often wonder here just how many people do not know the site exists and indeed how many people don't even know what has happened to their bank! I was very sorry to read about the plight of your parents, meanwhile we all hope and work here to try and see that justice will be done and that 100% of our savings are returned a.s.a.p. Please look around the site at the work, comments, suggestions etc that are going on. It may be of help to also look at the "our stories" section over on the public site. If you let your parents know there are thousands of us in not dissimilar positions and who are all fighting in their own way and as part of DAG to try and get a favourable and swift resolution. Your parents are not alone.

My wife and I are UK Expat,

  • Anonymous
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  • Mon, 17/11/2008 - 13:58

My wife and I are UK Expat, aged 82 & 80.

Worked 39 years in UK for 2 major companies.

Retired early 1986 ( health - heart).Occupational pension & DHSS pension- both declared as income and taxed in Spain.

2 accounts with DO> KSFIOM.
a) £200k + 14k interest - 1 Year Bond, taken out end Nov '07 immediately before DO transfer to KSF.
b) £24k - Instant acces tracker A/C.
Interest from Bond transferred annually to Tracker A/C and available to supplement pensions.
Initially opted to pay withholding tax at source.

Current position- Income of £12k per annum from pensions.
£30k Premium Bonds, now being used to supplement pensions, and own apartment. Short term can exist on this,
but because of ages, loss of "rainy day" nest egg is crucial to future.

Shattered KSF (IOM) Depositor from the Seychelles Islands!

  • Anonymous
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  • Mon, 17/11/2008 - 13:51

My wife and I are pensionsers from the Seychelles Islands who have invested our life-time savings in
Derbyshire -Isle of Man which then became KSF (IOM).

We had invested a 6 -figure sum (joint account) , which was going to go towards our retirement and the 'Golden Years' but now to our shattering dismay and disgust we find ourselves in dire straits - and finding it difficult to make ends meet.

Seychelles is undergoing an Economic Crisis whereby cost of living has gone up by 100 % over the past few months while salaries and social security pensions have increased by 5 %.

We are DESPERATE !!!!!!!!!!!!!!!

SOS in Seychelles !!!!!!!!!!!!!!!!!

My Story

  • Anonymous
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  • Mon, 17/11/2008 - 09:09

I am 23 (the only vote in the under 25 category in the age poll so far) and have lived in the Isle of Man for over ten years now.
I decided to save with KSFIoM solely because of their "good" rates. I had over £20000 with them, which is a result of my savings after graduating - holding a fulltime job and working hard on freelance programming projects.
I know my £20,000 is considered to be "safe" as it falls under the £50,000 limit but that is little consolation to me as I am buying an apartment, due to be completed in February 2009. If I do not get that back in time, I will have to consider borrowing more (if that's possible) and lose potentially more!

My Story

  • Anonymous
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  • Mon, 17/11/2008 - 01:55

I am an Irish citizen, been living in the UK for numerous years (& paying taxes),as I am married to someone in the RAF. His job took us abroad mid Sept just gone - so we moved ALL our savings to KSFIOM as a result of this move. Believing the guarantees gien by KSF, we thought nothing of putting our 6 figure sum in my sole name (Even BIGGER mistake). I spent the last few years doing a 4 hour daily commute to work to earn the majority of this money, as my husbands job working for the British Government did not permit us to move nearer to my work. Now we are in another country with no founds to go home to the UK or IRL for Christmas and I am out of work!! Needless to say, based on what I have written and the way Mr. Darling is (not) handling this situation and his ignorant comments recently, I find it difficult to have any faith in the UK government.
Everyone on this site has a story and I won't bore you with anymore details, all I can say is that I try to remain hopeful of a positve outcome (I have gone through all the other emotions!!) and would like to thank everyone responsible for putting and keeping this site going.


I have only just found out

  • Anonymous
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  • Sun, 16/11/2008 - 12:47

I have only just found out through chance in a conversation with a friend of mine in England that Isle of Man bank accounts are not covered by the UK guarantee. He then said there had been something in the news about a particular bank and when I gave the name of my bank, Kaupthing, Singer & Friedlander, he said this was the bank that had been in the news and I'd better look into it. So I went to the internet and wow! I was completely devastated to find out what has happened. I'm a UK citizen living in Australia and have/had some money in KFS to use when I visit England and Europe. For me this money is my link to people with whom I have deep connections and I had planned that I could visit every couple of years for the rest of my life (I'm in my 60's). With a very small income here and the withering away of money that I have in Australia through the financial meltdown, I had thought that at least my money in the UK/ Isle of Man was safe and that as long as I could get the airfare together, I would have funds in the UK when I got there. Now I feel this all slipping away from me, I just feel terrible. The other thing I feel narked about is, that I have always declared this money here and paid tax on it, so I have never treated The Isle of Man as a "tax haven".

5 Weeks to Send a Letter PWC

  • Anonymous
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  • Sun, 16/11/2008 - 13:04

I assume that your correspondence address with KSF was your home address in Oz? So a simply standard letter to you in the same week as the liquidation would have been enough.

PWC show their ace communication skills again. Since sending such a letter out to the active account list should not have been beyond the skills of a couple of the existing KSF staff I draw the conclusion that it was a deliberate policy of PWC NOT to inform customers of the adminstration.

I received my first correspondence from PWC yesterday luckily I have the internet but many don't.

Welcome and together we can be strong

  • Anonymous
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  • Sun, 16/11/2008 - 12:55

I know how you feel, like we all did the first time we got to know this disaster. Please stay strong. We are hoping for a positive solution in the days to come before the liquidation hearing adjourned to Nov 27th. If you look through the various forums, especially, actions and strategies, you will get an idea of our current progress with the situation. Keep in touch on this forum. To many of us if not all, this is our lifeline!

Frustrations Experienced in Setting Up an Offshore Account.

  • Anonymous
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  • Thu, 13/11/2008 - 21:54

Frustrations Experienced in Setting Up an Offshore Account and other Bank Stories

I thought that it might benefit some of those who are in doubt about the requirement to be resident in the UK to open a savings account in Great Britain to recount my recent frustrating experiences with the British banking system. It’s a story of penny pinching and gross incompetence. In July 2008 my mother in law was moved into assisted living in Manchester. The cost of her care is 600 pounds a month. These costs were intended to be met by interest on 60,000 pounds held in KSFIOM until October 8th when the account was frozen. The 60,000 pounds came from the sale of my mother in law’s apartment in Didsbury. What follows is an account of the steps I went through to establish what ought to have been a straightforward banking transaction. We have lived in Washington DC. Since July 1988.

  • In early July 72,000 pounds was transferred to my Lloyds TSB in Bristol following the sale of the Didsbury apartment. In August I transferred 10,000 pounds from the account to my account in Washington to pay 15% Capital Gains Tax in the USA. A total of $16.000 to the Federal Government and $4,000 to the District of Columbia. So no tax avoidance here in response to the recent ‘IOM Tax Haven’ comments from Alistair Darling.

  • Lloyds TSB charged me 35 pounds ($70.00) for the privilege and for making a few computer keystrokes. They added insult to injury by paying a paltry 3.5 pounds of interest for the time they had the 72,000 pounds. 42 days in all.

-All communications with Lloyds TSB have to be via surface mail. This resulted in days of delay while the pound weakened against the dollar – more lost money. Lloyds left voicemails on an out of date telephone number to explain problems with the CHAPS transfer. I found out 3 days later when I called to get the status – more lost time.

  • In the meantime I had applied to Bradford and Bingley for a savings account and was advised that as I didn’t have a UK address the only option was to open an on-line offshore account. They required passport and utility bill to be notarized and mailed to them. After two weeks they came back requiring me to re-apply again this time on their website as I was applying for an on-line account. Why the heck did they miss this the first time? Then in August I was advised that my account couldn’t be processed, as they needed a second proof of address in hard copy. No apologies were offered and I gave up on them.

  • In early August I approached Kaupthing Edge(UK) and from there was directed to KSFIOM as I had no UK address. They required hard copy proof of our US address and identity. They set up a a Kaupthing Edge – IOM account within two weeks. – quite efficient but then they decided that it was an ‘inappropriate account’. And asked me to re-apply again for a Platinum Offshore Access Account, which I did, sending notarized hard copies. I had to wait four weeks before I received a letter confirming the establishment of the new account. However in susequent displays of incompetence the funds were never transferred from the ‘old account’ into the new one and the monthly transfer of 600 pounds was never initiated. A waste of three months of effort right up until October 8 and a loss of 60k pounds.

I’ve pretty much had it with banks, they charge for services at the slightest pretext and offer no crumb of comfort or offer of compensation when they make mistakes. I sent letters of complaint to Lloyds TSB, Bradford and Bingley and Kaupthing Edge not a peep out of these guys beyond a ‘we’re looking into it’ yet if you miss any payments to them they’re all over you. What a bunch of parasites.

November 2008


  • Anonymous
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  • Fri, 14/11/2008 - 03:34

Bob. Your frustration is understandable. For some reason we treat Banks as Gods and we have to chase this bureacracy in circles.
My blood boils when I hear that sort of red tape and incompetance. They just dont seem to care.

I hope after all this we can start training our guns on the banks - they all need to be hauled up in fron of a select commitee and asked what have they done with the billions of profits they put on their account financial reports.

Bang on the counter and demand the manager in the future.The tax payer owns % of the banks anyway now - remind them of that.

My 2 Stories

  • Anonymous
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  • Thu, 13/11/2008 - 15:07

I hope i'm putting this in the right place.
I have 2 accounts, one personal and one corporate. I am a USA Citizen living and working in Japan for the past years. I recieve salary in Japan and all taxes are taken out. I am exempt from taxation in USA due to my domocile being in JPN. I have JPN wife and 3yr old and 3-day-old as of today. I file taxes in USA and my account in KSFIOM is always reported on that.

I've not lost my home or anything like that. My business account at KSFIOM will take a big hit for me though and i think the business may end as a result of it.
Here are my two simple stories.

  1. My Personal Account had only US$17,000 in it at the time. The money was on the way to the USA where it was to help deal with my father's illness (Cancerous Brain tumor, surgery, cancer treatments, Congestive heart failure, only 1 eye that now doesn't work well, a life of war and other injuries that leave him in a 100%++ disabled condition (yes you can be more than 100% disabled according to the gov).
    Anyway, the money was for that and to help my young sister who is going to college next year. it was just sitting there waiting for me to have time to transfer it when the bank died.
    I will be covered for this account by the scheme (although i hear there is no actual money for making this compensation so it may drag out for years)!!

  2. The business account is for a company in BVI which had another person as the registered director. This company bought from one country and sold to another and held the various curriencies in KSFIOM. It is a good sales point that you can receive various local curriencies. This account had US$55,000 in it and US$10,000 sent out that never arrived, and unfortunately a US$22,000 payment someone made to the account but never posted. We hoped the income would bounce back since it left the client's account on the 8th itself. But alas it seems they will suck it into the black hole of KSFIOM. So this company account will be at $87,000 total.

I was extremely disappointed the non-individual accounts were not covered equally to the 50k GBP. Even if it were and i would recover all lost, i would still be here helping and supporting everyone. The huge lost to the company will likely break us. It caused trouble with clients, we couldn't pay people, we can't order things, we are totally stuffed up. It is a small amount to many, but it is enough to me that the damage will be very clear.

My hope and goal is #1 100% recovery for all depositors & #2 that individual and non-individuals (as well as UK citizens and non UK citizens) are treated equally in whatever final process.

I started from day one emailing news, the FSC and Treasury, looking up contact for Tynwald members, calling everywhere, and doing the same through UK and also to news in the USA. I pushed that until the main guys asked us to stop and change focus. I'd like to see more organization in the Small Business group and we could work to acheive the equal compensation for our group.

Hope to hear from some folks on that.
thanks for reading

Hope we all get through this...

  • Anonymous
  • Offline
  • Tue, 11/11/2008 - 10:43

Reading the stories on this website just makes me wonder how our world can turn around without warning. One day we were just fine and the next day - we lost everything.

We had suffered some personal loss prior to this bank collapse and things just seemed to get worse each day.

Reading your stories makes me angry at the people who have done this to all of us.

I really hope all of us get through this. There is nothing a lot of us can do but we have people who are working hard for us to help us - complete strangers brought together by a common goal.

I feel for people who have lost a lot more than I have and I am not just talking about the money. I feel for everyone here who have worked hard as we did and saved for the future.

It breaks my heart reading all these stories.

People we know have turned their backs on us, sneered at this whole mess, blamed us and think this whole mess was due to us having too much money and greed.

This challenge has taught me one thing - I know who I can rely on.

One consolation I found in all this mess is that I have discovered good people here in this website.

Good people who are willing to put in their time and money into this fight for what is rightfully ours.

Good decent people whose name I do not even know.

Good decent people I have never met and will probably never meet. Amazing isn't it?

For the sake of all of us decent people here - I truly hope we get through this.

WW - Japan

Thank you for your story WorriedWoman

  • Anonymous
  • Offline
  • Thu, 13/11/2008 - 15:02

The world is full of bad people peddling injustice, prejudice, malice & all the other evils that beset us. But your story brings home to our hearts that in the midst of misery there are indeed good people who, though strangers, find each other in a time of unexpected crisis, and show love & care, and offer support, encouragement & help. Every cloud does indeed have a silver lining. Blessings & hugs...

Left with nothing!

  • Anonymous
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  • Tue, 11/11/2008 - 09:34

I have worked in the Middle East for the past 11 years and stand to lose my entire life savings of £160,000. I met my (British) husband in the Middle East and we married earlier this year. Our plan was to start a family as soon as possible – at the ripe old age of 41, my biological clock is ticking loudly! Our plan was that I should be a stay-at-home mother for a couple of years, with my nest egg supplementing our income (not a very extravagant plan as I have worked all my adult life!).

Since that nest egg has now been stolen from us, we can no longer afford to bring a child into the world. Even if we did, I can no longer afford to stop working. Therefore, I am denied the pleasure of rearing my own child! Both my husband and I feel that the right to become parents has also been stolen from us.

For the past 11 years I have been separated geographically from family and friends in an effort to achieve financial security. With hindsight, a more lucrative plan would have been to become a single-mother in the UK while availing of every possible benefit offered by the UK government!

My original savings account was with the Derbyshire (opened in 2003). My savings were held in a low interest, instant access account. I have never gambled with my savings nor placed my money at risk – preferring instead to take the “safe” option!! Neither my husband nor I are wealthy. We have worked hard for every penny that we own(ed?). We both worked in the UK before moving to the Middle East and, while there, paid all taxes, etc. Actually, my husband moved from the UK due to a lack of work during the last recession at the end of the 1980s!

Having read the other stories submitted, my sincere sympathy goes to all those who are suffering. I also want to say a heartfelt “thank you” to those who are working tirelessly on our behalf. The British Government should be thoroughly ashamed for the torment it is causing. How dare we be penalized for being decent people attempting to achieve financial security and a better future for our families?

Ordinary people

  • Anonymous
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  • Mon, 10/11/2008 - 10:20

We are ordinary people, not tax dodgers or wealthy!
I work for a large accountancy firm (not PWC or EY may I add). 12 months ago, I was really luck to be offered a fabulous opportunity to take up secondment in my firm in Melbourne Australia.
It was a great opportunity and with 3 young boys (plus my husband), we thought where could be better to bring up young children than a place like Australia, with the opportunity of the outdoor lifestyle and sport served up morning, noon and night!
We put our house up for sale, and after several months, Xmas Eve 2007, 20 days before we left Blighty, we had a cash offer!! It was unbelievable as the housing market had already started to fail, and many houses were taking months and months to sell. It was a memorable Xmas Eve! We didn't get our asking price, thinking that the equity from the sale we could invest carefully, until we purchased our next house (either in Australia or UK if we returned).
Some months, after our arrival in Australia, the house sale finally went through and the excess funds were held in our current account in the UK. We needed a savings account, but were told 'no' without a UK address.
I searched on the internet and saw the deposit account with KSF in IOM. Perfect, instant access and monthly interest. Nothing flash, in-fact I think at the time, other organisations were offering higher rates, but I wanted on-line access from Australia and the interest paid monthly, to cover the rental in our new home, as my husband did not have a job when we moved.
After 8 months in Aus, we decided on a holiday to the gold coast, with the children to visit the theme parks. When we returned to Melbourne on the 8th October, I thought I'll login to the KSF account and check everything was OK, with all the terrible news we heard whilst we were on holiday with HBOS and Brad & Bingley.
I couldn't login! Searched the internet, BANG! The news hit us smack in the face. Since then, it's been difficult to sleep and I really do feel like I've been robbed, I called the cops and they said, 'Oh that's a shame, nothing we can do for you'.
My mind often wonders and I think that it doesn't seem real or that any decent government or society would do this to good, honest people. The past 25years of my life, I lived and worked in the UK, paid my taxes (on-time) and never put a foot out of place, and now I have left the country, for less than 1 year, I'm abandoned, and for doing the right thing, saving my money in a deposit account.
I realise that I am more fortunate than others, I still have my family and my health, and both my husband and have a job, so the rent gets paid, and for that I am grateful. But everything else has been taken from me, by a thief who stole our house in the middle of the night, for now I do not have the capital to buy another house or pay for a deposit, and provide a stable permanent home for my children.
Why, oh why, where did we go wrong?!?


  • Anonymous
  • Offline
  • Sun, 09/11/2008 - 22:09

My World Collapsed
On 4 October 2008 my wife and I returned to the UK after 41years overseas to retire and so that we could be closer to our family. We had decided to spend a few days with my son in London for a few days. They had prepared some wonderful welcoming signs on their garden gate and in their house. It was a wonderful day.
On 6 October my wife decided to post a letter into a post box just across the road. She was gone for 15/20 minutes when my daughter-in-law thought that she would go and see where she was. Seconds later I heard my name screeched out. I dashed outside to find my wife lying on her back in the road with her head in blood. She was conscious but could not tell the paramedic what day it was. Twenty minutes later she was lifted into the ambulance and in a further twenty minutes we were at the county hospital. X-rays and scans were taken and close to mid-night she was released. I was most upset as you can imagine, but the degree of emotion then and which still troubles me I cannot explain.
She does not remember what happened, but we can only assume that she was struck by the wing mirror on a passing motor car resulting in a broken collar bone, cut on the head and lots of bruises. The body shock is the most troubling aspect of the accident and she has endured lots of pain and discomfort in the lower body. Fortunately we have seen two osteopaths who have done a great job in manipulating muscles and repositioning the coccyx.
Well, if the road accident on the Monday was not enough four days later I came to hear that on 8 October Kaupthing, Singer and Friedlander in the Isle of Man had been closed and placed in the hands of a liquidator. How I survived that week I don’t know. Over the last year I had been channelling funds into the bank in order to purchase a house upon our return to the UK from the sale of property and stocks and shares and there was £500,000 of mine in the bank at closure. The hard earned cash working in some quite extreme mining conditions suddenly was not available. My dream of buying and setting up a house and helping my sons out with their mortgages was suddenly violated and ripped apart. My world collapsed! The shock and despair was indescribable. As you can imagine sleep over the last few weeks has been greatly upset not only because my wife was not sleeping, but how, I continually asked myself, how I could have been so naive to rely upon a bank to keep my savings safe. I had been with the Derbyshire for many years and assumed that the take-over by KSF would be sound. I feel very badly let down and robbed.


  • Anonymous
  • Offline
  • Mon, 10/11/2008 - 01:46

Welcome Kellard
I am so sorry to hear of your troubles and I do hope that your wife is getting better now.
You have indeed been hit a double whammy
Sleep is not a thing that anyone has been getting much of these past 4 weeks but now you are among friends
We are all in the same position and are all trying our utmost to get back 100% of our hard earned savings.
The two teams one in the IOM and the other in London are working tirelessly ( they dont seem to get much sleep either) to this intent and others are working hard in different ways.
If you have not done so yet get your sons to send your story to their MPS.

Best wishes

your story

  • Anonymous
  • Offline
  • Sun, 09/11/2008 - 22:38

Good evening Kellard
You have obviously had extra stress than most having your wife to worry about as well as your money, i will say there are many working on our behalf since the start some 4 weeks ago, whilst you have been occupied with your more urgent wifes health, i do hope you have all your hard earned cash returned, you obviously have workrd hard for it , i will say the UK will have changed a bit since you left all those years ago, i hope Mr D reads your story,its heart breaking but as i say this site is a great tonic.
Best wishes to your wife.

my story

  • Anonymous
  • Offline
  • Sun, 09/11/2008 - 12:24

Dear Mr Binley,

I am getting concerned that you may be losing interest in my plight.As you may be aware there is an action group that was set up when this situation arose.I strongly urge you to visit this site and see, " first hand, " other totally desperate stories,like ours, from UK citizens.The site is Please,please,please, can we bring the UK government to task and step in and do what they have pledged in front of the nation.This is a cross party plight for people who are totally desperate.If this was aid for Africa,or some other natural disaster,then help would be on hand in enormous quantity.We are not a huge group of rich folk trying to avoid any UK tax on a, " tax haven island, " as some reports have stated.(i.e Mr Darling)We are, in most,hard working folk, who have put their life's savings in a bank.(albeit in different ways) A lot of us will NOT get any compensation as you outline.I implore you to rally your fellow MP's in the House and make sure the " right thing " is done here.
Can you please also challenge the Prime Minister and Chancellor for a response to your letters on my behalf?

Yours sincerely,

-------Original Message-------

From: Cottesmore
Date: 04/11/2008 19:57:04
To: BINLEY Brian
Subject: Re: Frozen Assets

Dear Mr Binley,

Following my telephone conversation with you assistant on the 16 th, I would like to clarify that the compensation you outline is not applicable to anyone within a, "wrapper", as we are.He also advised me that you were still awaiting responses from the PM and Chancellor.He in fact said, he was going to contact the treasury to find out when we were likely to hear anything.Is there any news for us?
I am led to believe that the Chancellor was to attend a Treasury Committee meeting on the 3rd November,where questions were being put to him regarding this issue.Are you aware of this,if so do you know what was any of the outcome?
Sorry to be a little persistent, but this really is becoming desperate.This whole thing has made me quite ill and I am now having medical treatment from my GP.

Yours sincerely,

-------Original Message-------

From: BINLEY, Brian
Date: 21/10/2008 14:07:22

Subject: Frozen Assets

Dear Cottesmore,

To update you on the current situation.

The Government has said that it extended the normal protection to UK depositors when Icelandic banks collapsed in order to maintain confidence in the wider UK economy. This is an aim which I support. However, as the Government continues its talks with the Icelandic authorities it will have to examine the knock-on effects of its actions.

I understand that the first £50,000 of deposits held in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) are protected in the event the bank is declared in default. This is the same level of protection that is normally afforded to depositors in banks based in the UK. The UK Government has agreed to act on behalf of the Isle of Man in negotiations with the Icelandic Government.

Will update as and when appropriate but please do keep in close contact.

Yours sincerely,

Brian Binley MP

Northampton South Constituency

House of Commons



T: 020 7219 8298

F: 020 7219 2265


From: Cottesmore
Sent: 16 October 2008 14:55
To: BINLEY, Brian
Subject: Re: Frozen Assets

Dear Mr Binley,

I can not express in words our gratitude for your intervention.Your words are of some comfort to us at this present time.My wife and I are praying for "the right thing" to be done.We also pray that the Prime Minister and Chancellor honour their verbal pledges made to the nation.We also realize that they and all the government departments they head, are very busy with the current financial crisis.But would hope that urgent help is at hand.

Yours sincerely,


-------Original Message-------

From: BINLEY, Brian

Date: 16/10/2008 11:41:21


Subject: Frozen Assets

Dear Cottesmore

Can I say how sorry I was to read the contents of your letter. The truth of the matter is that you acted in a totally correct fashion and have fallen victim to a series of events over which you had no control. The important point however is the sentence with regard to the statements made by the Prime Minister and Chancellor to the effect that no UK depositors had lost money and that they would do everything necessary to recover depositors’ money.

On that basis I am writing to both the Prime Minister and Chancellor on your behalf asking them to stand by that statement and ensure that your lifetime savings are protected in the way they said they would be.

I will of course come back to you when I get a response. Please however give me a call if you feel there is anything else I can do.

Yours sincerely,

Brian Binley MP

Northampton South Constituency

House of Commons



T: 020 7219 8298

F: 020 7219 2265


Sent: 15 October 2008 19:46
To: BINLEY, Brian
Subject: Frozen Assets

Dear Mr Binley, M.P

I would like to draw your urgent attention to our following dilemma, We are in a situation where we have invested cash totaling £391,152.00 through Friends Provident International in an offshore wrapper. This deposit has subsequently been placed with Kaupthing Singer and Friedland on the Isle of Mann, as follows £125,000.00 on one year fixed deposit to mature 25th April 2009, another £125,000.00 one year fixed deposit to also mature 25th April 2009 and £141,152.00 on a three month rolling deposit maturing 25th October 2008. As you may be aware K S and F bank have had all of their assets frozen. We have been told that we are being treated as a "corporate" client, therefore have no guarantee of any monies, even including the first 50k compensation from the FSA.

We have never been made aware that we had status as a corporate client, we are just a local British family who have worked and saved hard for our future retirement and our children's well being. We have placed cash on general deposit for the best rate available. It would appear that we are being put in the same category as local councils, police and other pension funds. These organizations are having representation for recoveries of money, all be it, still ongoing. We have no such representation, we are all alone with nowhere to go, trying to work out how best to recover our money. We have watched on TV, Mr Gordon Brown and Mr Alistair Darling, make the statements that no UK depositors have lost money and will do ' what ever is necessary' to recover depositors monies. As it stands at the moment, we lose everything.

The only information we have, is there will be an announcement on 24th October by the appointed liquidator.

My wife and I are totally distraught, we are putting on a brave face in front of the children, but at 12 years old our twins can sense something is seriously wrong.

We are not financial people and have genuinely relied on our independent financial advisor (who has done everything he can to help and keep us informed) but we have nowhere to go, we don't know what to do, we are sick with worry, please can you help us with any representation that may help retrieve our money.

We feel that we are totally innocent victims in this current financial climate and don't seem to have the support of anybody at the moment. Hopefully my wife and I can look to you for support and understanding, in what we see, as a completely unique situation.We are lead to believe there are not many British citizens in this position.

Please feel free to contact me at any time, to discuss further.

Yours sincerely


my story.

  • Anonymous
  • Offline
  • Sat, 08/11/2008 - 13:03

I am a UK citizen who sold up and decide to take a long holiday with my pregnant wife and 2 year old. The plan was to come back, buy a business, have our baby and live happily ever after.

We have 42k in Kaupthing. We now have no money whatsoever. We can not leave (we are in S. America at the moment). My wifes pregnancy is progressing and soon she will not be able to fly anyway.

We are in a real state. It is impossible for me to find work. i dont speak the language and the pay is so low it wouldn´t help our plight (10 pounds per day?)

We will not get help from any governments out here. We need "SOME" money soon to stay afloat.

I already owe a fair bit to people down here. It´s a gun culture so i am VERY concerned as to how and when i will pay them back.

All i did was search the internet for the best interest available. As far as i was aware i had clicked on the UK site. I did not realise that the IoM and the UK branches were seperate. This should have been made clearer. I did not need an ofshore account.

Now our "holiday" is turning into the worst nightmare you can imagine. I wont describe the places where we have to stay now!

We have no family in the UK to help us out financially which it seems is expected by this government.

Good luck everyone!

Not Alone

  • Anonymous
  • Offline
  • Mon, 10/11/2008 - 21:24

I agree with everything the other DAGs say, please go to the consulate, we will all be rooting for you.
I also did what you did and got the IOM account by default, I have always paid taxes and have lived in UK all my life, I did not need an affshore account. I was only in this account for 4 weeks!!
Take us DAGs as your family. We wish you all the best.

The human face of our plight.

  • Anonymous
  • Offline
  • Sun, 09/11/2008 - 05:22

Kakahlaf, I am so sorry to hear of your predicament. I can’t imagine how awful this must be for you and your little family - as you say, a nightmare!

As advised by others who have already replied to your post, please get yourself and your family to the nearest British Consulate/Embassy/High Commission, immediately. Don’t hesitate to ask for assistance from those who have the wherewithal – and the mandate - to help you. After all, the reason they exist is for this purpose – to serve the British people who find themselves in trouble in a foreign land.

Please forgive me if what I say next may be perceived to be insensitive and callous, kakahlaf, as it is certainly not the intent; it is just my clumsiness when it comes to expressing myself, for I am at a loss to find the right words. Okay?

It seems to me that your quandary has all the ingredients for a uniquely moving ‘human interest’ story highlighting the plight of the ordinary people who are victims of this crisis. You have been left stranded, penniless, in a foreign country. You have a pregnant wife and a little dot you are powerless to protect and provide for. You cannot speak the language. You have no safe shelter. You have had to borrow money you don’t know how you can repay, and consequently you fear for your physical safety. Unfortunately for you, a newspaper editor reading your story would be putting ticks in all the boxes! For your heartbreaking dilemma is the sort of story which inspires the headlines which ultimately compel people to take a newspaper from the stand.

I don’t know if it is appropriate for me to suggest this, but perhaps you could contact ‘diver’ to ask if he would find your story useful for his media releases? (Apologies, diver, if I am out of line here!) I believe it is the ‘real life’ stories like yours that need to be told, so that all those people who are indifferent to the banking crisis (because they are not directly affected) will pause to spare a thought for all those who have been devastated by the events of the last month. And perhaps will ponder on how this situation has come about and why it has been perpetuated.

May I suggest that if you have a digital camera, you use it to document your situation? Take as many photos as you can, highlighting your desperate straits. Write the story of what has happened to you so far, keep a record of everything that happens to you from now on - the good stuff, as well as the bad. If, as I am sure they will, the British Consulate staff take excellent care of you - do all the right things - that’s absolutely wonderful! Write down all the details, take the pictures, get the quotes, ask permission to use names. (And in the unlikely event they are not sympathetic to your cause, let them see that you are recording your encounter with them, let them observe you taking the photographs – hey, if nothing else, it might change their attitude!)

Whether or not your tale ever gets told publicly, kakahlaf, you may find that giving yourself a purpose (i.e. actively documenting your story) makes you feel more in control of your current situation.

I fully expect you to be overwhelmed by the kindness of strangers, as so often happens in times of adversity. I hope that your account, which began as a human tragedy, will end with that ‘happily ever after’ you planned for your family. Not just for your sake, but also, selfishly, because I love reading the ‘feel good’ stories! :)

I hope that you and your family are soon safely back home, kakahlaf. Please keep us posted!
Kind regards,

South America

  • Anonymous
  • Offline
  • Sun, 09/11/2008 - 02:22

Sorry to hear your story. You say that you are in South America - which country? I am also in South America at the moment. The best advice is to go to the consulate - they may need a guarantor from you in which case you could give them your account number at KSF? Good luck.

Go to the British Consulate

  • Anonymous
  • Offline
  • Sat, 08/11/2008 - 13:12

I am so sorry to hear of your plight.
Go immediately to the British Consulate.
Do not let them fob you - they will try -but dont let them
In the case of desperate circumstances they will repatriate you.
Good Luck

british passport

  • Anonymous
  • Offline
  • Sat, 08/11/2008 - 23:18

Yes please go to the british consulate,Remind them of their obligations by showing them the first page of your passport..

Her Britannic Majesty' afford the bearer such assistance and protection as may be necessary.

Please keep us updated as to your situation.


  • Anonymous
  • Offline
  • Sat, 08/11/2008 - 22:46

You didnt get your self into this mess. Go to the Consolate and yes hastle them and dont go home. Gordon Brown has to hear these true stories emerging of hardship.

Ask them for a loan that is secured against the deposit you had interest free.That should push the consulate to fight for you as then he can get paid back

Many Thanks

  • Anonymous
  • Offline
  • Fri, 14/11/2008 - 12:58

Thanks for the helpful comments of encouragement from you all. It was most unexpected.
We are on the border of Argentina and Chile at the moment. The Consolute in B.A. is a long way away but then again so is the Chilean one.
I have stayed put for now to obviously keep costs down and not spend out any more on travel but your advice is correct. They do have an obligation. I have never asked for help from anyone before so I really had not given them any thought.
I do have cameras so I think I will do as you suggest. At the very least in years to come I will be able to share a tale to my Grandchildren about "the great banking collapes of 2008" and how we survived it!

We found a doctor to give my wife a check up and the good news is she and the baby are fine!

Thanks again

that is great news.i am sure

  • Anonymous
  • Offline
  • Fri, 14/11/2008 - 13:06

that is great news.i am sure all of us wish you both all the luck in the world

My Story

  • Anonymous
  • Offline
  • Sat, 08/11/2008 - 09:38

I am 40, live in Northamptonshire and own a small business with 9 employees. I re-mortgaged my house to invest in expanding the business and along with my savings and tax money deposited all my funds with KSF IoM a sum in excess of £400,000.
I therefore have a large mortgage to re-pay with no funds to show for it and a business that to date has been succesful but now has had all it's funds removed from it.
Using KSF was based simply on the interest rate they were providing and not because of it's location in the IoM. I also understood they had no exposure to 'Sub prime loans' so gained some comfort from that.
As for the future, it's fairly bleak. The survival of the business rests on these funds and the livihoods of myself and 9 other families as well.
I'm very disapppointed to see the UK Government trying to portray KSF IoM depositors as wealthy individuals who use the IoM as a tax haven and their funds are of no comsequence to UK economy. This has a very real impact on many UK residents, UK citizens and UK tax payers.

thank you

  • Anonymous
  • Offline
  • Sat, 08/11/2008 - 08:05

My wife and I have £279,000 at stake. We are just ordinary teachers in international schools and thought we were one year from retirement - now we will have to work another three or four years. We don't have much else. We will pay our two kids through university. We have saved all our lives - no flash cars, no flash clothes, always careful. An entire product of two working lives stolen. Easy looking in the rear view mirror saying 'you put it all in one bank!!' I have to spend the rest of my life looking at my wife knowing that is what she is thinking. The British govenment creates the crisis using anti-terorist legislation and then tries to walk away - is their really no morality left in government any more? A few good members of parliament who still see constituents as human beings who are trying to live real lives.
Why am I writing this? To say thank you to everyone who is hekping run this site. I go through periods when i feel physically sick with worry and sink into a depression. I Skype my wife and she is in tears and distraught. Only reading this site and finding there are people who are in the same (sinking?) boat and smart people who really believe there may be a decent outcome gets me throuh the hard times.
Is the world really so cut throat that governments can rob an ordinary person of their life savings and the savings of their parents' life time of work and nothing is done and nobody sees that it is wrong.
Thanks for being there.

sorry if i do this wrong i am

  • Anonymous
  • Offline
  • Fri, 07/11/2008 - 23:46

sorry if i do this wrong i am not very co good on computers. why has mat walker changed to jgeutd everyhere

yes thankyou. my son in law

  • Anonymous
  • Offline
  • Thu, 13/11/2008 - 14:28

yes thankyou. my son in law said that as well. i would have replied sooner but my password was not long enough apparently. but i have been watching and still hope for us all. you were right about matt wanting privacy as he has changed his articles to wrote to anomymous now. some he has kept as him but put not verified afterwards. lots of terminology with computers for old timers to learn. my son in law says i should not be writing this here so my appologies. the letters i have to type in are very hard to read with my eyes and very complicated i cant get them right

name change

  • Anonymous
  • Offline
  • Sat, 08/11/2008 - 02:19

most members of the group feel more comfortable sharing what is a traumatic time for them using an alias, originally many did not use an alias now most have changed.

please don't be put off -

  • Anonymous
  • Offline
  • Sat, 08/11/2008 - 00:20

nobody should worry about their IT skills - don't let it put you off - for that matter, everybody - do not let anything put you off posting. This is a democracy and everybody is entitled to share their thoughts and feelings as long as we are trying to support each other and the efforts of the group. Sometimes we come up with wacky ideas or a wave of overpowering emotion drives us to write something crazy, or maybe we're all just drinking a hell of a lot more at the moment - we deserve to! The only time it is a problem is when there are non depositors on here. There has been way too much unproductive banter that has made people nervous to write in case they offend or get shot down. We need to cut this crap out and get back to where we were initially - 100% supporting each other - 100% money back.

While discussing Mat Walker, I'd just like to say how important to the group he is still, he brought us all here and we should all be very grateful for Mat's encouragement and courage to get us all sharing our stories and pooling our information.

My story

  • Anonymous
  • Offline
  • Fri, 07/11/2008 - 20:09

I am a UK resident and taxpayer. I have invested a considerable sum of money (well over £50,000) to generate interest to pay the fees for my 92 year old mother's residential care home (as the government do not pay for this, despite the fact that she also has worked hard all her life and paid taxes).

Obviously now this money has to all intents and purposes disappeared I am having to fund this from a different source. Pretty soon this source will dry up and I have no idea what I am meant to do at this point. My mother has no idea of this situation, thank goodness. The lack of information and/or misinformation from my financial adviser - who told me that I was fully protected - and everyone else involved has also been very worrying.

To be honest I am terrified at the possibility that this money will never be returned. I am not really allowing myself to think of this as something that could happen as it is really too dreadful to countenance. It truly would have been better to put this money under the mattress.

I feel very let down by the Government, the FSA and the financial service industry and hope that we can do something by this forum to get our money back quickly - just one person suffering financial hardship because of this mess is one too many.

lost £800,000

  • Anonymous
  • Offline
  • Tue, 04/11/2008 - 10:58

My husband left me suddenly after 16 years and I wonder how I got through the stress and misery of the 2 year divorce. Now only one year later, this happens.
Having never been involved in investing money, I took the advice from my Bank to place the money that was to be income for my son and me, for life.
The past few weeks have been terrible and I thank those involved in setting up this website - so we dont feel too alone.
We can only hope that one day we may all get together for a 'party' should we have some good news.

Hi There!

  • Anonymous
  • Offline
  • Sun, 09/11/2008 - 08:42

Sorry to hear you are going through this Misery too.. I am in a very similar situation also I have just been Divorced after 21 yrs and invested my Money ...was seduced by the interest rate... It truly is a Night mare!! anytime you want to talk please feel free to chat on the internal site or via email... We are fortunate in this dreadful situation that we have such knowledgable people running the Show... Hold On Tight we will get there if we stick together!!

Kind Regards Aurora (Dawn)

lost £800,000

  • Anonymous
  • Offline
  • Tue, 04/11/2008 - 16:13

Did your Bank recommend Kaupthing?
I am surprised they recommended a rival Bank, but if they did then could you sue them?

In the same boat...

  • Anonymous
  • Offline
  • Tue, 04/11/2008 - 13:09

...or should that be "sinking ship"? Having read your story, sweepy - I can really understand how you're feeling, as the same thing happened to me - with just a few variations. 21 yrs of marriage before being cut adrift, the same 2yr battle for a fair settlement. Emerged from the battle totally shellshocked and incapable of making any astute financial decisions - took the advice of the financial wiseguys and, four months later, saw the whole lot (GBP350K) vanish without trace. Talk about being kicked when you're down! However, the one saving grace in this whole sorry mess is that it's brought us to this place where a group of amazing people are fighting tirelessly on our behalf for justice. That alone restores my faith in humanity!