NI Presbyterian mutual society, Short of funds for withdrawal?

crazymess

I think we need to get some sort of petition going - this is getting too quiet!!! Typical - some of the investors don't want to talk about money and hope the problem will go away. It won't and we need to lobby government on this and the PCI to help us out of this serious situation.

No liquidity - not good - how do the PMS get the liquidity back? Was £21 million enough anyway in the pot - don't think so.

My understanding is that large sums were lent to two Property Developers - there was a charge by the PMS in Stubbs Gazette for one of them!!

As far as the Shopping Centres in Glasgow!!! - are they still tenanted! Was Woolworths, MFI and Adams some of their tenants? Not now I'm afraid.

crazymess

goodbyepci, groovy_jon, joylikestoshop and anotherdonald and anyone else who is interested

Re: suggestion to lobby PCI and Government

Perhaps set up a Petition Book somewhere centrally in Belfast (if someone can facilitate this) and all the investors who are concerned and want the PCI and Government to do something, sign their names and congregation they belong to. Get Church Ministers and Local Government Ministers to help us.

This is a suggestion and I realise the problem with the logistics - but perhaps Glengall Street can facilitate the Petition Book. We need to work fast on this - let the Media etc become involved. Let them see the Farmers, Elderly, Church Ministers etc go in to sign the Book.

Comments please.

purt

crazymess wrote: »

goodbyepci, groovy_jon, joylikestoshop and anotherdonald and anyone else who is interested

Re: suggestion to lobby PCI and Government

Perhaps set up a Petition Book somewhere centrally in Belfast (if someone can facilitate this) and all the investors who are concerned and want the PCI and Government to do something, sign their names and congregation they belong to. Get Church Ministers and Local Government Ministers to help us.

This is a suggestion and I realise the problem with the logistics - but perhaps Glengall Street can facilitate the Petition Book. We need to work fast on this - let the Media etc become involved. Let them see the Farmers, Elderly, Church Ministers etc go in to sign the Book.

Comments please.

Why not rally a huge boycott of the churches? The very churches who encouraged people to invest in this society? The very churches who ministers, allegedly, potentially, took their own savings out when they may have sensed trouble was ahead whilst, as one poster suggested, elderly ladies still have their life savings tied up in the failed Society?

If congregations start to dwindle in vast numbers, the church collectively may be compelled to help those caught up in this debacle. Just a thought.

crazymess

Goodbyepci

That sounds pretty good - Again we have the ideas but its a little hard to put this is place.

The idea of the Petition Book was that we could advertise say in the Newsletter for the investors to go to this central point over the next week or so to add their names.

PCI I'm sure are delighted that they haven't really been receiving many telephone calls, emails on this issue - mainly because the investors must feel 'its all going to be okay' or they just don't want to talk about money!

I think the next thing is for investors to comment on the Petition Book idea or the downloading idea on this site so that we can get some feedback. We need to ensure we have the support at this stage.

What do you think?

crazymess

Goodbyepci

Perhaps investors are just frightened at present - however have a look at the number of people viewing this thread - 5480 - since it began and 150 since yesterday. People are watching and listening.

So to that end - investors need to log on here and give their comments and thoughts or just deal with losing 50% of their investment. Its up to you.

joylikes2shop

OPINION: Banks helped create the PMS crisis


click on the following link to see the original version of the above article http://www.newsletter.co.uk/news/OPINION-Banks-helped-create-the.4839849.jp

dobefan

I don't wish to loose my hard earned cash ... I also don't wish to get myself into a law situation ... but ... I've heard rumors of a building contractor in the Dungannon area having huge loans from PMS, if anyone cares to make inquiries you may find out who and if its true or not! Hope this helps in some small way.

crazymess

goodbyepci

The petition sounds good - can you set it up and get it going?

Yes heard of the Contractor in Dungannon - but the ground purchased is not of the same value now of course. Bit scary.

We need to act on this now - petition to PCI and Government!

joylikes2shop

Hello everyone...I'm back. !!!...You've all been busy on here since I last had a chance to read all the replies.

I think a petition sounds like a fine idea, I'm just not sure how we get BIG numbers of people to 'sign up'. Potentially we should be able to have 9500 + signatures if ALL investors are prepared to sign, plus perhaps their family members , friends,congregations,charities etc etc....

I think this is one of the easiest to find sites on the internet re;Presbyterian Mutual Society , and it's as 'up to date' with information as anywhere.
Although it's had nearly 6000 'views' since the original thread was posted, I worry that this figure is due to about 200 regular views per day from the same people,which means a lot of people don't know of its existence, or don't know how to access it.I suppose the point I'm trying to make is 'How do we get the proposed petition made public ?'

I'm thinking that to mail (using snail mail ?? ) all the investors would be the most direct way -but how'd we get the addresses and who'd pay for the paper,postage etc.

Also, to take out an advert in the local press would be a good way of promoting a petition or raising its awareness -but who'd pay for that ?......perhaps the Newsletter-who seems to be following and reporting the story most regularly-could do an article on it ??????

With banks having a confidentiality clause and also a 'customer duty of secrecy' I think that to ask the administrator to 'name and shame' the investors who caused the current situation would be pointless (sorry jon_groovy)
I however would like to 'name and shame' the bank manager(s ??) who ''contacted PMS customers advising them that their money was unsafe in the society and urging them to withdraw their funds'' This seems highly unethical.
Also I'd like to know more on the property developers story.

I'm not a church go'er,my (elderly widowed) mother is the one with her life savings 'stuck' in the PMS, but I must agree with goodbyepci's comment about people not wanting others to know their business.My mum would be horrified if anyone knew she 'had been stupid enough'(her words) to have invested all her money in the PMS. I have made it my business to keep up to date with any developments in order that I can keep her informed if and when she needs to do anything to help safeguard her savings. As a non church go'er I'm not aware what individual churches are doing to keep those affected informed about developments. Is it possible that the petition idea could be 'promoted' via the church as a pastoral care issue ???

Amontylado

I'm in the same situation as joylikes2shop - my elderly widowed mother has her savings in the PMS and is worried sick but would be horrified if anyone outside the family knew her position. However I'm sure she would be prepared to sign a petition if possible - she has limited mobility and as she's in Belfast and I'm in London I can't help her much. Like many elderly people she has no access to a PC and wouldn't know what to do even if she did! An article in the Newsletter would be great - ideally including a statement of the petition and an address to write to, to register support. Does anyone have any useful contacts to facilitate this??