NI Presbyterian mutual society, Short of funds for withdrawal?

Lion44

Thank you Ballyblack. This is such a relief after nearly 3 years. I can hardly believe it.:j Thanks also for starting this forum which kept savers informed. Looking back to the beginning, things were very dismal indeed.

Thanks also to the contributors especially JOY E who deserves great credit for seeking out relevant and up to date information over a long period of time. Well done!!!.

pensiongone

Lion44 wrote: »

Thank you Ballyblack. This is such a relief after nearly 3 years. I can hardly believe it.:j Thanks also for starting this forum which kept savers informed. Looking back to the beginning, things were very dismal indeed.

Thanks also to the contributors especially JOY E who deserves great credit for seeking out relevant and up to date information over a long period of time. Well done!!!.

And I would like to thank goodbye pci for posting so many links to newspapers and other media.

Thanks
you are a star :T

Lion44

A star indeed!!. In all the excitement I have forgotten my manners.

Thanks for excellent attention to press and media and other articles.

goodbyepci

Thank you pensiongone and Lion44

For my (hopefully) last post

Here is an extract from Pig World!
http://www.pigworld.co.uk/Pages/news.html

Bankruptcy order — Gordon Forbes
Gordon Forbes, of 98 Melmount Road, Sion Mills, Strabane, County Tyrone, was personally adjudged bankrupt yesterday by the Chancery Division of the Northern Ireland High Court.
The Official Receiver will now become receiver and manager of the bankrupt estate.
The petitioner was Northern Ireland feed compounder John Thompson and Sons Limited, through Belfast solicitors Diamond Heron, citing an aggregated debt of £784,967.
According to the Northern Ireland Insolvency Service Forbes owes Northern Bank Ltd £1.5m and the Presbyterian Mutual Society £2m, both unsecured.




I'll keep a look out for media links


Especially in Pig World!




:rotfl:

BETRAYED

goodbyepci wrote: »

Thank you pensiongone and Lion44

For my (hopefully) last post

Here is an extract from Pig World!
http://www.pigworld.co.uk/Pages/news.html

Bankruptcy order — Gordon Forbes
Gordon Forbes, of 98 Melmount Road, Sion Mills, Strabane, County Tyrone, was personally adjudged bankrupt yesterday by the Chancery Division of the Northern Ireland High Court.
The Official Receiver will now become receiver and manager of the bankrupt estate.
The petitioner was Northern Ireland feed compounder John Thompson and Sons Limited, through Belfast solicitors Diamond Heron, citing an aggregated debt of £784,967.
According to the Northern Ireland Insolvency Service Forbes owes Northern Bank Ltd £1.5m and the Presbyterian Mutual Society £2m, both unsecured.




I'll keep a look out for media links


Especially in Pig World!




:rotfl:

This is just one of the examples of the PMS mess. I recall from PMS literature that all loans given out were to be secured against property.

Lakeland

I first deposited funds with PMS in 1997 and over the years increased my savings. On my first ever visit to the office the secretary went to considerable lengths to assure me that EVERY LOAN to every individual was secured. For example Presbyterian Congregations were required to seek Presbytery Approval, this was sought at public Presbytery meetings, in order that security would be given by the Trustees of any particular congregation. Also I was assured every loan to individulas to secured on "First Charge" basis, in other words when any individual was unable to meet repayments PMS loans would be repaid first. Also I was assured that secretary would write to an individuals minister and seek references. This happened when PMS was set up; does anyone know if this practise continued under the secretary at time of administration? The personal assurances given by PMS secretary were meaningless and worse they were misleading.

goodbyepci

http://www.presbyterianmutualsociety.co.uk/

Update from the Joint Supervisors Monday 1st August 2011

The Joint Supervisors are pleased to confirm that cheques to members and creditors have been posted today.

Josef

Many many thanks to all who worked tirelessly to bring this fiasco almost to an end. Thank you to the lobby groups and to each and everyone who put pen and ink to paper writing to the media and politicians. I think we did convince them that really we were savers caught in a tangled web. Again, a big thank you to Joy E ,you kept the pot on the boil! This forum would have been dull without you ,also Ballyblack ,Betrayed, all the rest and of course the Belfast Newsletter.Well folks all for now, Regards, God will Bless.

Lion44

Well said Josef. Thanks to all concerned.:j

goodbyepci

http://www.bbc.co.uk/news/mobile/uk-northern-ireland-14368955