New Kaupthing CHAPS/BACS Transfers discussion - Friday 24th October

d10

MSE_Dan wrote: »

That is brilliant, thanks. Martin is on phone to ING again as i type and is passing this on as part of that call

Thanks Dan and Martin..Its good to hear from you both.

Haider

Here is the some details of the adminstrators

Joint Administrators statement on Kaupthing Singer & Friedlander Limited

8 October 2008: Upon the application of the Financial Services Authority (FSA) the High Court of Justice has today appointed Maggie Mills, Tom Burton, Alan Bloom and Patrick Brazzill, of Ernst & Young LLP, as Joint Administrators of Kaupthing Singer & Friedlander Limited.
The Administration has been necessary because of KS&F’s financial position and to protect retail depositors and maintain the stability of the UK financial system.
On behalf of the Joint Administrators, Maggie Mills said: “We would like to stress that all retail savers’ deposits are properly protected. All retail deposits with Kaupthing which relate to the internet-based Edge accounts have been transferred to ING Direct, a wholly-owned subsidiary of ING Group, which operates through its branch in the UK. ING Direct is working to rapidly ensure that it is business as normal for all customers. All retail deposits which do not relate to Edge accounts will also be paid in full through the FSCS, but have not been transferred to ING Direct.
The Administrators will be seeking to find purchasers for, and will continue to manage, the remainder of KS&F’s business and loan book to maximise recovery for creditors, including the FSCS and the Treasury.”

Ends

http://www.ey.com/GLOBAL/content.nsf/UK/Media_-_08_10_08_DC_-_EY_press_statement

schoey99

I e-mailed my local MP yesterday and received a response this morning. He said he would write to the Financial Secretary to the Treasury; will post an update when he gets a reply.

MumofThree

Thanks Martin,

Just to confirm mine was a Chaps request on 10th Oct, actioned 15th Oct from KE and no sign yet but have had a secure message saying funds should be with my linked account (IF) by COB today

miserable_ol_so_n_so

AB31 wrote: »

Has anyone considered approaching a solicitor to see if there's any chance of a County Court summons against ING for defaulting on the return of customers' money within a reasonable timescale. For sure all this farting around talking to the front line scapegoats at KE is not achieving much, except generating more excuses and extended timetables. I also doubt that the media is interested sufficiently to take up the matter big time, which is why the administrators here are simply watching developments. The Financial Ombudsman is a waste of space and taxpayers' money. If it's possible to issue a summons it's the kind of thing that should secure a quick response from the useless buffoons in ING. For any individual I guess the problem is one of initial expense and then what to do if your money turns up. That's why a group action is probably the best way forward, but that too would seem to involve a lot of organising which could be very difficult with so many people probably looking for a free ride at others' expense. Anyway, it's just a thought. Thankfully, I got my money out but I feel very concerned for the rest of you.

I was lucky and received my funds earlier on. I would have taken legal action, in the small claims court, not for the outstanding balance, but for the unnecessary costs incurred, such as phone calls after repeated deadlines missed by ING/KE. It would have been small sum, £20 perhaps, but it would have caused alarm at ING, especially if hundreds of individual court summonses arrived. I have in the past taken this course, suing for a small, but perfectly legitimate demand. It has to be money actually spent, with proof for the judge at the small claims court. You can add the court fee to it. Once the organisation receives this, it raises their attention level, and makes them fix the root cause of the claim. For your small claim to succeed, you must notify ING of your costs, give them say 7 days to settle. This is important. So, everyone considering, make your claim today, and if you dont get your costs reimbursed in 7 days, go to the online HM Courts Service, and issue your claim. Imagine if you were ING, and received 100 court summonses, all from different parts of the country, what would you do? It is ever so easy to issue proceedings online. It is usually the ludicrous sums (but indisputable ones) that are bound to win, that will concentrate their mind on the root of the problem. I would leave the major problem to take its course, as it no doubt will in the end, but the above would speed things up, I am sure.

ladyhepburn

MSE_Dan wrote: »

Hi guys,

Just had another chat with ING, getting the same info as they posted last night.

Want to check something though - is there anyone missing money from transfers that were NOT made on 6 or 7 October? Those are the ones that are still in the backlog, according to ING - so if there are any outside that period it'd be really interesting to know.

Dan

Yes, I requested a CHAPS on the 10th, to go out on the 13th, but it apparently went out on the 15th (that date didn't appear on my statement until around the 25th).

Lady Hepburn

Fiha05

I'm sorry, but I really don't understand. If an online account shows a debit, there has to be a corresponding credit to show where the money went. So as we all have KE accounts showing funds withdrawn, where is it? It's not where it should be.

Haider

and I managed to get a contact with one of administrators ;o)
http://www.ey.com/global/content.nsf/UK/CF_-_Services_-_CR_-_Contacts_-_Mills_Maggie

Former_MSE_Dan

Katykay wrote: »

Just a suggestion here:
As Martin only spoke to ING around 30 minutes ago it may be worth waiting a while before calling the help line to give them the opportunity to inform their operators that there are 2 types of transfers.

I'd echo this at the moment - give them a couple of hours to push the message out to the call centre

MSE_Martin

Just a note.

About "when martin starts shouting". I am shouting, just not on the TV. Remember this thread is being ACTIVELY monitored by ING Direct, hence the speedy response to my note about giving it to the papers.

Im not sure even if it were on the front of the NOTW whether it would make ay difference. The pressure is there in full right now (trust me i can feel it when i talk to them) and its important to keep it up. Yet there gets to a point where you're pushing a brick wall.

As said before neither Dan or I will give up before everyone has their money, and I know how effective this thread is - so keep up talking about it. And it'll get there.

Martin