NI Presbyterian mutual society, Short of funds for withdrawal?

trying_to_help

Sadly, there are thousands like you. But remember the Banks were bailed out with far more money than the PMS ever received. Ulster Bank received £12 billion which the makes the PMS deal, most of which was a loan, small in the circumstances.

D.A.

The DUP are Presbyterians? When did that happen?

Lakeland

After almost five years, numerous newspaper items and many TV programmes, contributors to this forum still do not get facts right.
Chris Moore's programme was helpful but limited. For information. Presbyterian Mutual Society is in administration not in business, Arthur Boyd is the courts appointed administrator.
People have been held to account. Five directors and the secretary have been disqualified from holding directorships. The ombudsman has heavily critised Government for its lack of regulation. No Civil servant has been disciplined, nor interestingly has Moore Stepens the expensive firm of accountants acting for PMS what was their role in this debacle?It is also worth noting that no director of any of major clearing banks who have cost us billions have been diciplined or had pension withheld.
Read administrators report, payback of Govenrmant loan is on course. All savers with under £20,000 were repayed in full. Sadly many people and organisations are still awaiting full payment of savings.
Chris Moore pointed out that loans committee of PMS did make loans which were outside the rules. Mark Orr QC ( chairman PMS) stated on TV that he had no knowledge of agreement to advance money to developers without consultation with loans committee. There was evidence that someone acted individually and outside the rules. There was clearly a breach of the rules even within the loans committee.
Gambling hardly describes how loans were made. If we read PMS administrators report he has title deeds to all properties. Many of which are funding the recovery with the rents received. Many borrowers are repaying their loans on time.
No one has tackled the issue of those who refuse to repay their loans/ debt.

BETRAYED

I would like to know what role the Creditors' Committee are playing in the Scheme of Arrangement.
1 How often they meet the joint Administrators ?
2 What they know about the sale of partly built houses or land ?

BETRAYED

A number of Creditors of PMS who had more than £20,000 of funds in the Society are arranging an informal meeting next month.
Anyone interested in attending please PM me and I shall inform you of the date and venue. (Click BETRAYED top left of this posting and select 'Send a private message')

Message to Joint Administrators, members of Creditors' Committee and Presbyterian Church in Ireland........
"We haven't gone away, you know."

PCI.U.O.Me

BETRAYED wrote: »

A number of Creditors of PMS who had more than £20,000 of funds in the Society are arranging an informal meeting next month.
Anyone interested in attending please PM me and I shall inform you of the date and venue. (Click BETRAYED top left of this posting and select 'Send a private message')

Message to Joint Administrators, members of Creditors' Committee and Presbyterian Church in Ireland........
"We haven't gone away, you know."

Well said Betrayed. We have as much chance of getting the rest of our money as there is of the Presbyterian church being honest about what they knew, when they knew it and what they did with the information? Some savers got the tip off to withdraw their money before things went down the pan, one possibility is that these individuals were guided by the Almighty however I would suggest that a much more likely explanation is that someone on the inside gave them the wink.


I realise that in this society the truth is a scarce commodity, but surely after taking our money and then losing it, the truth is the least they owe us?

abeliever

If anyone is interested - the detailed accounts (inc. notes to the accounts) for y/r ended March 2013 are now available at the Supervisors PMS website. The notes provide some useful insights.

joylikes2shop

Did anyone hear an advert(?) on City Beat (?) around 5pm (?)today, which mentioned Express Redress... PMS... and/or £1000's ??


Sorry for such sketchy info, but I just wanted to check this out because I was contacted about this today by a vulnerable elderly person and I cant find anything online about it ???

ballyblack

http://www.express.co.uk/finance/personalfinance/506305/watchdog-urges-bank-customers-to-seek-redress

abeliever

If anyone is interested - the accounts (inc. notes to the accounts) for y/r ended March 2014 are now available at the Supervisors PMS website. As you will see, they are still writing down the assets !