NI Presbyterian mutual society, Short of funds for withdrawal?

Lester_F

The Government encourage us to stay silent and make no critism of their part in the run on the PMS. They argue that they are working on the problem and that any loose talk on the subject might jeopardise a full refund savers' money......spin!

We ain't getting all our money back. This much has always been evident to me. I just want to know how much I have lost; and I want to know now!

HOPE

If you have evidence that government are not going to help perhaps you would like to share it with us.

Lester_F

Its all down to Gordon Brown. His agenda is dominated by war, worldwide economic recession and an election which he must call in 2010.

The PMS is a very small issue for him.

There are about 9000 PMS savers. It's my view that the majority of savers know that they won't get all their money back.

We have already lost 18 months worth of interest and that equates to about 9% of the value of what our savings would have been worth without the run.

I've been refused access to my PMS savings for a year now and that's a 100% loss.

I need to know what's left of my savings. I want to know now. The Administrator should give us his proposals now. His decision to wait for the Government's response is a gamble taken with our money. If I was a gambler I wouldn't have saved with the PMS.

HOPE

I and 9500 others are as concerned and worried as you are. Perhaps you should read the posts above from Joylikestoshop and Betrayed. I do not see anything negative in those posts, the opposite in fact. Whilst the PM will make the final decision and no one knows what that will be, there is a government process ongoing, it is a political matter and the hands of the Adminstrator are tied. I do not share your views that the majority of savers know that they will not get their money back and to be truthful your comments are unhelpful to the many people who follow this thread, many of them elderly pensioners. This only serves to heighten anxiety unnecessarily and add further worry. Of course this is a small issue for the PM and a massive one for us the savers. It is a tense time for all of us but we have to remain sensible and try and hold our nerve.:cool:

Lester_F

It clucks after it has laid the egg.



I have lived without my PMS savings for a year. I worked hard for them but I am of the view that they are not essential for the continued happiness of my family.

None of us can influence the outcome of the Government's proposals on the PMS. My family's future happiness is not dependant on Gordon Brown's decision on the PMS. I am reconciled to losing a large percentage of my savings and refuse to let it negatively impact on my life.

My savings are not the most important thing in my life.

I would respectfully encourage all who read this message to prioritise what they think is important in their lives. For me, I hope this realisation will help me cope with the loss of thousands of pounds.

HOPE

LesterF

I agree with alot of what you say as regards money and happiness. We have all been taught a hard lesson and been forced to reflect. Certainly my view has changed over these past few months and like you I know what is really important.

Like all of us you have worked hard and you do not deserve to lose it so do not give up. If we are lucky enough to get it back I think we will all have a different view.

anotherDonald

HOPE wrote: »

LesterF

If we are lucky enough to get it back I think we will all have a different view.

I hardly think "lucky" has anything to do with it!

We are talking about OUR MONEY which we have no access to through no fault of ours!

Due to the incompetence of the Directors, misleading selling, false assurances, lack of Government regulation.
And worst of all trusting the word of the Presbyterian Church in Ireland!
What a mistake that turned out to be!!

We'll see how things develop now with the Government, but if no satisfactory outcome is found i.e receiving our money back in full, the only alternative is to pursue those who caused this mess i.e Directors and Church through the courts for the full repayment.

HOPE

I think luck will have a lot to do with it!! We are lucky that the government have stepped in at all to even consider helping us all bearing in mind that the PMS was not properly regulated and as a result has left us with no access to the Financial Services Compensation Scheme. By doing so the government is setting a precedence in that all the other financial institutions bailed out were covered but not us.

Also since 2000 the Accountants responsible for the PMS must have been paid in the region of £60,000 out of our money and for what? Yes the Directors had a responsibility and must take share of the blame but what of the Accountants who had a legal duty to ensure that the rules and objectives of the PMS were adherred to and why did they fail to ensure that the PMS was properly regulated? One must ask exactly what were the accountants doing? Lest we forget, they remain under investigation, the result of which has not yet been published. As for suing Directors - it would be like trying to take blood from a stone. Even with insurance I do not think there would be near enough money to go round.

Our best option is government help.

BelfastGran

Please could somebody out there tell me if the Donaghadee Support Group are still having meetings ???

BelfastGran

joylikes2shop

BelfastGran wrote: »

Please could somebody out there tell me if the Donaghadee Support Group are still having meetings ???

BelfastGran

The last meeting I attended was towards the end of June.
As far as I know there have only been one or two meetings in the last few months.I believe there is a meeting this week.