NI Presbyterian mutual society, Short of funds for withdrawal?

expat68

http://www.channel4.com/news/authors/james+blake/106005

I would expect that it will also be able to view on this site after the event if anyone misses it.

ballyblack

Yes Expat, that site confirms he works for Channel 4 NEWS

They have news at Noon & 7.00 pm Friday

Bannside_2

If I remember correctly from yesterday's post, James Blake was doing a piece fo Channel 4 lunchtime news. I guess we won't know anything until the forum moderators allow the post to be returned! Of course I am sure he can still be contaced at channel 4 news if anyone is interested (and this post may be removed soon too!!)

[EMAIL="news@channel4.com"]news@channel4.com[/EMAIL]

Nomad25

All newcomers to this thread.

Whether you're a PMS saver, or, like me, just an outraged
bystander to the events that have taken place
and wanting these people to get their money back.

Just keep posting folks - that way we will keep this
on page 1 of the Northern Ireland board and make it easy for
anyone to find.

ballyblack

And if you or YOUR FRIENDS haven't signed the petition here is a reminder;


http://petitions.number10.gov.uk/Save-the-Mutuals/

Please send this link to to your friends


.

Cullies

Just to let you know, I called into my local DUP office this pm to enquire had P Robinson yet met with PM, but not yet I was told. I was given a copy of a letter from Ian Pearson dated 23 /01 which was just replying to Iris Robinson's letter of 2/12 where he re-iterated that the PMS are exempt from the FSA etc & that it is the responsibility of the DETI & the society itself to ensure members funds are appropriately protected...etc etc
I suggested to this DUP office to commence their own petition in each of their offices around the province to accomodate anybody out there who doesn'y have access to email etc, & they seem quite open to doing this...

D.A.

Hang on - so it also appears, from yesterday's Telegraph article, that Coleraine Young Farmers also have money invested in the PMS!

Assuming that it wasn't invested by an individual member of the YF, how exactly can the Young Farmers be classified as "Presbyterian"?

Were any checks whatsoever (apart from very basic ones) performed to ensure that all investors and, errr, "loanees" (can't remember the word ) were actually Presbyterians????

Nomad25

From all that's been said here, notwithstanding the status [financial/religious/developer/whatever] of PMS savers and borrowers; none of the pre-existing conditions [to coin an insurance term] that all assumed to be in place for safe, low risk investment, seem to have been put into practice by whoever ok'd the 'investments' - outward or inward.

fivealive_2

I had another look through my PMS file and found a glossy leaflet promoting the PMS from the mid nineties and a loan application form from 2002.
The glossy PMS leaflet is VERY interesting:

Q. What is the PMS?
A. The PMS was established in 1982 to encourage Presbyterians to save through their own Church by becoming shareholders and to use and manage such savings for their mutual benefit by creating a source of income and also to establish a fund from which shareholders might borrow at a competitive rate of interest.

Q.What is acceptable as security?
A. 1. Deeds of a farm or house being purchased.
2.Life Assurance Policy that has a relevant Surrender Value greater than the amount to be borrowed.
3. A guarantor who would be prepared to guarantee the loan.
4. Applications for unsecured loans up to £5,000 will be considered. The rate of interest charged will be higher than the standard rate and will be subject to an individual quotation.

Q.What can I borrow for?
A.Purchase of a farm, farm machinery or stock.
Purchase of a home or home extensions.
Purchase of a car.
Any other purpose acceptable to the Directors and falling within the Scheme governing the society.

I have scanned this document into my computer in Adobe Acrobat Format so if anyone wants their own souvenir copy please send me a PM & I will email it to you.

The Loan Application Form is a very simple affair; 2 sides of an A4 sheet, containing basic questions but including "What congregation do you belong to?"
I have not scanned this into my computer as it contains personal info but if anyone is really desperate to see it, send me a PM and I will tediously Tippex out all my personal info & email it to you!
Hopefully this post will give you all something to chew on for the rest of tonight because the last few evenings communication seemed to dry up.:rolleyes:

Nomad25

The PMS was established in 1982 to encourage Presbyterians to save through their own Church by becoming shareholders and to use and manage such savings for their mutual benefit

This is very telling. No wonder people thought the PCI/PMS were 'joined at the hip'.