What is your current DCS status?

I've started a new poll on this same topic to try to get an updated picture of the situation.

Taking your experience into account, it would appear that the claim took a total of 79 days before final approval.
Should the DCS proceed at the same leisurely pace with any remaining claims, I can expect to wait a further 40 days before I receive any payment which would ironically coincide with my birthday on the 11th November.

I have amended the above Poll as DCS cheques were received today (Oct.2nd) for all 4 joint owners on our account. They were delivered by registered mail, perhaps because we live in Canada. According to the stamp on the envelope they were mailed out of IOM on Sept.28.

To give some idea as to the length of time it took for processing the claim, our application was received by the DCS on June 22 and noted as approved on Sept 9.

I wish you all well.

The payment was approved on 9 Sep 09, they have said that requested payment will be made by cheque should receive shortly , but yet do not have seen any such thing . waiting for the cheque. A period nearly 20 days has already passed from the date of approval !!!!

Updated again, now: I have applied for DCS but or cannot specify cheque/BACS (or other problem outside my control) - I hope that caters for everyone, but let me know if alternative wording or indeed some further option is needed.

As requested, I've added a fifth choice: I have applied for DCS but have not or cannot specify cheque/BACS to cater for those for whom this might apply.

Thank you, Burns284, for the calculations. It does help, in that I can almost understand their figures (give or take a £).

It makes you wonder if they've used a human with a calculator to work it out.... perhaps they can't afford a computer. Not.

Prudence,

I cannot explain the £14 diference between your joint account DCS payments (ours were identical to the penny); but you should be able to calculate what you should have received. I posted the following yesterday to another depositor asking to do this. Perhaps it may also help you. I agree with you that the DCS should have provided explanations -- they have even removed the explanation available on their website for a while under the heading "Why is my compensation less than I expected ?"

Dear shellshocked,

An example should make this clear :

Imagine you had an ex-Derbyshire Base Rate Tracker account paying 5.75% in 2008, with an account balance of £10000 on 8th October.

Interest was last paid to the account on 1st July 2008 for the year up to 30th June 2008. The interest earned in the 100 days from 1st July to 8th October (inclusive) was 100/365 x 5.75% x £10000 = £157.53. But because of IOM liquidation law (dating from the 19th Century !), a maximum of 5% is applied to uncredited interest at the time of the default. So in assessing your claim the amount added to your account balance for this uncredited interest from 1st July to 8th October is actually 100/365 x 5% x £10000 = £136.99, a “loss” of £20.54.

In December 2008, you should have received statements from the Liquidator for each of your accounts showing the amount of uncredited interest added on 9th October 2008. This was based on the real (contractual) interest rates and did not include the 5% cap. I think that this was a blunder by PWC as it gave a mistaken impression of the amount of your claim in the case of less than 100% recovery in the liquidation.

Of course, there are those who believe that this liquidation 5% cap should not have been applied by the DCS (elgee has posted on this); but I think that the amounts involved do not merit contesting it.

Finally for the £50K+ depositors, the interest rate cap issue is really not relevant. It slightly reduces all the claim amounts, which should slightly increase the final recovery rate. So on average, it should balance out.

ng: can you add an option for those who have submitted a claim to DCS but have not yet been asked to provide their choice of payment method and who can therefore not take part in this poll?

Also, can previous - and future - respondents please UPDATE their response as and when their situation changes; otherwise the results of the poll are meaningless.

I received a DCS payment a few days ago, my husband's half arrived yesterday, both by BACS with no explanation of how the amounts were calculated. Since it was a joint account, I expected the DCS payments to be identical, so why was his £14 less than mine? And together they're still short of the KSF statement value at 8/10/08 by £190.78.

I understand many people still haven't received any of their deposits back and they should take priority, but I will be writing to the DCS to ask them for the courtesy of explaining how they calculated these figures. I'm not asking for any interest for the last year, nor for the period since 4th September when they promised payment, but I do believe they should return my money in full, according to their DCS promise.

It's good to get most of my money back, but it still leaves a bitter taste in the mouth.

I've re-opened the poll.

As I'm sure you will have realised by now, many DCS claimants cannot answer this poll at all because they have not yet been asked to even request either cheque or BACS payment.

Not sure I can modify the poll and it was only set to run for two weeks anyway. I (or you - it's really easy, click on create poll up on the right side of this screen) can start a new poll on liquidator performance. The other thing is this poll was started before the DCS payments started fitering through so results will be a bit skewed if a fresh liquidator poll was started.

Maybe I should do a poll on what sort of poll to do next????

Indeed....

I received the first dividend promptly as advertised by Mike Simpson.
The reason to ask the additional questions on the poll is so as to get some idea of numbers to add weight to the call for better communications and treatment for all the DCS claimants that are still waiting for payment.

Kind regards

Mike

mikepapa,

This is a valid question; but on the basis of numerous posts made here since 4th September it would appear that the liquidation dividend was paid on time to depositors by CHAPS bank transfer. Despite all the criticism levelled at Mike Simpson & PWC, on this occasion they seem to have done a proper job. The same cannot be said of KPMG (acting for DCS).

If there have been problems with the payment of the dividend, people here are certainly keeping very quiet about it. (I am a DCS claimant, stilll waiting like most of us).

Perhaps someone from the DST would like to confirm this ?

Dear nr8209,

If possible, could you please modify your poll to include additional questions for those that did not apply for DSC

A] I have received payment of first dividend from Liquidator
B] I have NOT received paymant of first dividend from Liquidator [Proof of Debt agreed]

This will give us a better view of the whole situation, and provide DSC applicants a comparison to that of Liquidators performance in executing payments.

Thanks and kind regards

Mike
.

The current cock-up.

Silly me !!

Sending a cheque from IOM to France, only to send it back to my bank in UK seemed a needlessly long-winded and potentially risky notion.

So I filled in all the "PayeeBank" details exactly as instructed......

At that time (some weeks ago - foolishly I didn't make a note of the date or copy the blank or completed form: they surely couldn't cock this up ?) a BIC, or similar, was required ie NOT a Sort Code.

Now today, in "PayeeBank" details, it says:
"If you are transferring to a bank in the British Isles (including Channel Isles etc) then you must use the Sort Code option"

What "Sort Code option" ? There wasn't one at the time I completed the form.

Could this be the current Cock-a-Rooney ??

If you have 'voted' in this poll can you please update your vote if you have subsequently rec'd your payment (with interest, if you're <£50k, not at the rate you expected but reduced to 5%).

Thanks

David Greene of EC was instructed last week (Thurs) to write to DCS scheme administrators to complain of delays. I am not sure whether he has yet done so because we and they are dealing with numerous DAG matters in parallel at present.

Can't DAG/DST contact Simpson to try and speed things up?

I don't u/stand the problem with validation. When the a/c was open I could withdraw all my money why can't I do the same now? If the information they hold isn't sufficient all they need do is request 2 forms of original id - which is enough to open an account at ANY bank. So far I haven't been asked to provide this so what exactly are they validating? And why does it takes months instead of days?

'barrona' - same here our claims received by DCS on 15/06/2009 and still not validated.

Therefore we cannot complete any of the boxes either!

I cannot complete any of the 4 boxes on the poll as although my claim was received by DCS on 10/8/2009, it has not yety been validated.

No red writing on my DCS site log in but got almost all of my funds today (16.33GBP short which seems a strange number???)

Our claim is noted as received on the 15/06/09 and we were later informed that due to us being Edge customers there was a problem with validating the claim despite the best part of 3 months having elapsed.

We were told yesterday that the Liquidator has now validated our claim but until this is confirmed to the DCS by the Liquidator our money will not be returned.

E-mails from us addressed to the bank e-mail address are being ignored. We also cannot tick any of the boxes as the PayeeBank form is not visible on our claim form.

Someone needs to get a grip of this!!

Communication and advice desparately needed from DCS AGENTS KPMG.I need some simple advice,to avoid creating any unwanted confusion,have phoned and E mailed,DCS numerous times,including M Fayle on direct and mobile phones,without any success whatsoever.does ayone know off a communication channel to talk to these people to answer a very simple matter,in order my wife and I can claim thro DCS

Thanks anrigaut for the reply
I tried to call them today, I had the sneeky suspicion they won't pay me until my hubby's claim is validated (joint account). I don't know why it's not validated and mine is?!
Anyway, now an answer machine, saying "leave a message.... we might get back to you..... we're REALLY busy"
Has anyone pointed out to them they wouldn't have so many people calling & emailing if they a) communicated b) organised themselves
Good luck to everyone trying to get their money!
Dizzy

@dizzy - from DAG/DST ...

Just to let you know that your point is well made and has been heard! The DST will not abandon DCS claimants and are discussing the matter with our lawyers today. However, in view of the first news just in of a transfer received today (http://chat.ksfiomdepositors.org/forum-topic/has-anyone-out-there-receiv...), it would seem best to wait just a few days more before using any of our precious funds on this.

To me, it looks more like plain incompetence (!) than any deliberate attempt to hold back our payments.

Without involving the lawyers, DST have also communicated their disatisfaction with the delays in validating claims made after the 4 July deadline and have been assured that all claims received by 11 August are in the course of validation with the Liquidator and will be paid as and when they are validated (and will not be held back for a second round of payments at the end of September). We shall see ....

My husband and I waited until after the vote for the CC to register. We resigned ourselves that our DCS payments would not arrive until October then we received a cheque each for £50,000 on 8 September. Seems what the IOM say and what they actually do are quite different.

DAG/DST please help those who claimed through DCS!!!!
I have contributed to the legal fund, can we have some legal people give KPMG/DCS a poke with a sharp Stick!!
Please don't abandon those who claimed via DCS, get some of the heavies on the matter and give us all a hand. I don't have my payment, despite being promised, after a strongly worded email to them to sort validate my claim (2 months waiting). They still have NOT validated my husband's claim and it's a joint account for god sake!! It's a bloody mess, can the legal team lend a hand?!?!

Dizzy!!!

I can't tick any of the boxes in the poll as while I haven't received anything, nor have I yet been invited to request BACS or cheque. DCS say the Liquidator has a query - but no one knows what it is.

We need another box 'Entitled to DCS, but being buggered about by the two accounting companies'

You simply can't bank on the Isle of Man do deliver anything it promises.

Everyone needs to broadcast the DAG's message to the world using all the means at one's disposal through the internet: DON'T BANK ON THE ISLE OF MAN.

The government pretends the campaign to warn others of the risks of banking on the IoM is of no consequence, but 'insiders' are telling us a very different story! Deposits are drying up & people are closing accounts as the DAG's message is spreading.

The only guarantee now of 100% return for all is a political solution. The campaign WILL be stepped up until we get a commitment from the IoM to do what the rest of Europe has done to vouchsafe savings & deposits.

Let your ANGER really spark you into taking ACTION to achieve the DAG's Mission.

We waited until after the vote for the Creditors Committee, papers were received on August 8th so do not expect to be included in first batch. Now wishing we had gone for the liquidation, received 24.8% and then switched to DCS for the balance.

The DCS was supposed to pay out sooner - what a joke - everything the IOM Government administer is a total disaster.