NI Presbyterian mutual society, Short of funds for withdrawal?

brick

Key points

- Review of loan book continues. More complex and time consuming than anticipated.
- Finalising investigation into directors' conduct (for DETI, not savers).
- Aware of continuing lobbying to HMG, and assisting lobbyists where he can.
- He would aspire (if possible) to know outcome of lobbying before making proposal/arrangement (for whatever dosh savers might get when).
- Above means, in order to best serve members/savers interests, no proposal by end May.
- Will hear from him again by 16June, with September now earmarked as possible new date for proposal.

Whatnow?_3

Thanks Brick - sorry for my ignorance - does this now mean no small payout by the end of the summer?

brick

Whatnow? wrote: »

Thanks Brick - sorry for my ignorance - does this now mean no small payout by the end of the summer?

Looks like that, unless there are other developments such as possible government assistance.
At least that's how I read it.

Whatnow?_3

Yes, that's what I thought too - thanks Brick for confirming!

Ballygal

So the administrator is "waiting to know whether the government is prepared to offer some form of assistance to savers":rolleyes:.

The church is also waiting on the UK government.:rolleyes:

The DETI is waiting to see who else in the UK going to offer some money but it doesn''t want it to be them! :rolleyes:

But anything i have received from the UK government letters implies that it is a local problem, not one that comes under the Financial Services Compensation Scheme.

SO ALL THE BODIES ARE WAITING FOR SOMEONE ELSE TO COUGH UP WHILE WE POOR PMSERS ARE JUST WAITING FOR SOMEONE TO ACT AND NOT WAIT! And now it doesn't even mention any small payout in the administrator's letter so we wait even longer for any money!

Also in a letter i received today from Owen Paterson MP Shadow Sec of State for NI he states " As i understand it, the Presbyterian Mutual was registered and regulated by DETI under the Northern Ireland Industrial and Provident Societies Act" So i think i will have to ask him to check out his info !!
Maybe he knows something we don't!

joylikes2shop

Firstly Brick, thank you for your synopsis of the Administrators letter. :T

Secondly I would just like to highlight a few good points made by Ulster Unionist MLA David McNarry which were made in the Newsletters article mentioned above :-


''The continuing uncertainty over the Presbyterian Mutual Society's ability to service its savers is a situation reaching intolerable levels,"

''many PMS members and non-members were unhappy with the Church's handling of the situation''


''Guarantees by the Church, which will clearly signal to the savers that the Church will not desert them, are urgently required.”

WELL SAID MR McNALLY, THANK YOU :T

freddiemae

joylikes2shop wrote: »

Firstly Brick, thank you for your synopsis of the Administrators letter. :T

Secondly I would just like to highlight a few good points made by Ulster Unionist MLA David McNarry which were made in the Newsletters article mentioned above :-


''The continuing uncertainty over the Presbyterian Mutual Society's ability to service its savers is a situation reaching intolerable levels,"

''many PMS members and non-members were unhappy with the Church's handling of the situation''


''Guarantees by the Church, which will clearly signal to the savers that the Church will not desert them, are urgently required.”

WELL SAID MR McNALLY, THANK YOU :T

Excellent piece again by the Newsletter. They should get an award for their kindness in placing your problem before the whole country and not letting the story fade to the back pages.

This MLA Mr McNarry seems to have his finger on the pulse. Hope Church House have a copy.

Dr._Who_2

You know what it's like in a family - when something is broken, happens etc there's another person in your family called "Nobody" or "Somebody else"
e.g. You say "Who broke the good china vase I got from my mother, who got it from her mother, who got it from her mother, who got it out of the Ark?"
Reply "Nobody" Or "It wasn't me - it was Somebody else"
I know what you mean about Everybody waiting for Somebody to do Something but Nobody wants to take the rap otherwise Somebody might have to do the Something which Nobody wants to do!! So Everybody has to wait for Somebody to do the Something which Nobody wants to do. i.e. take the hit!!

Could PCI not look about a reasonable loan from Somebody to help those PMS members in the greatest need? However, who would determine who had the greatest need and we'd all still want reasurance that we WILL in time get our money - thus we'd be back to the scenario of Somebody, Nobody and Someone Else, perhaps

I genuinely feel that the honourable thing for our Church and it is OUR Church, and above all God's Church, not Church House's Church, would be to find some way of taking care of this situation.

Whatnow?_3

Thank you once again Dr Who - I agree with goodbyepci.

Dr._Who_2

By the way - did you know that the Administrator has written out to people who had taken out loans as mortgages telling them to get a loan elsewhere and return the loan they had out from PMS - within 21 days or face legal action for the recovery of debt!!

Sauce, goose and gander comes to mind here!!