Dot ComUnity Credit Union - ISA

Steve3S13

as if I need to tell you..........................print the statements out, just in case
Steve

abc2011

Ditto I've also had interest added today.


From my back of the envelope calculation it seems to match 3% AER pro rata.

So presumably this means that they formally went into administration today, and this will be the final interest payment we get?

FOREVER21

Thanks folks for the heads up, my interest has also been credited till14/5. I had given up looking at my account after taking a copy of my statement after Dot Coms announcement on 1 May.


Having never had any experience of firms going into administration before is it strange that financial transactions are being made at this stage.? I thought that when they went formally into administration (hopefully) on Monday that the FSCS would repay the capital and interest.


Presumably this must mean that Dotcom had enough money available to meet interest but not capital.

Steve_xx

FOREVER21 wrote: »

Presumably this must mean that Dotcom had enough money available to meet interest but not capital.

Well not necessarily. Their systems may be automated to credit the accounts. Whether there's enough money within the company to pay it, plus the capital will be questionable. No doubt that the crediting of the accounts in this way will make life easier for the Administrators and the FSCS.

Steve3S13

I'm guessing it's just a paper exercise that they are required to give up to date accounts to the administrators so they won't have to trawl back to make the calculations themselves. Why would the money be added before maturity/anniversaries otherwise.
I may be wrong

FOREVER21 wrote: »

Thanks folks for the heads up, my interest has also been credited till14/5. I had given up looking at my account after taking a copy of my statement after Dot Coms announcement on 1 May.


Having never had any experience of firms going into administration before is it strange that financial transactions are being made at this stage.? I thought that when they went formally into administration (hopefully) on Monday that the FSCS would repay the capital and interest.


Presumably this must mean that Dotcom had enough money available to meet interest but not capital.

Steve3S13

Maybe the administrators already have control of the accounts and they are the ones who have done this????

FOREVER21

Steve_xx wrote: »

Well not necessarily. Their systems may be automated to credit the accounts. Whether there's enough money within the company to pay it, plus the capital will be questionable. No doubt that the crediting of the accounts in this way will make life easier for the Administrators and the FSCS.

If the systems were automated, then they would not have added interest to my account yet as it was not due till July. Mind having said that if the same people wrote the programmes as wrote the T& Cs any thing could happen.

Thinking more about it I would agree that it is the administrators who have updated the accounts before handing it over to the FSCS for payment.
Guess we will have to wait perhaps until Monday to see what happens.

Steve3S13

grrrr I won't be around for a week after Friday, I shall hopefully find some free wifi on my travels :beer:
or phone home and have the mail read to me by the wife

Cork_Gully

This is to advise forum members that Enterprise The Business Credit Union Limited ("EBCU") went into Administration on 14 May 2015 and Stephen Cork and Jo Milner of Cork Gully LLP were appointed as Joint Administrators. The FSCS has declared the Credit Union to be in default and undertakes to make payments to all eligible Members as soon as possible. Please visit the FSCS website or the EBCU website for further information or if the answer you are looking for is not on the Q&As on those sites please email [EMAIL="ebcu@corkgully.com"]ebcu@corkgully.com[/EMAIL]


Stephen Cork and Jo Milner
Joint Administrators

Archi_Bald

FSCS update: http://www.fscs.org.uk/news/2015/may/enterprise-the-business-credit-union-declared-in-default/

EBCU update: http://ebcu.co.uk/

Relevant extract:

21.I have an ISA account. How do I get my compensation paid to a new provider so that I retain my tax free allowance status?

ISA balances will be FSCS protected as long as they are transferred to a new provider in accordance with the administrator’s transfer provisions. HM Revenue & Customs have advised that members who invest in an ISA account will be able to re-invest the balance of their funds as a single subscription. This balance will not count towards their annual limit (i.e. the investment will not be counted twice for the purposes of the individual’s tax free allowance).

Members reinvesting their ISA balance will need to show the new ISA account manager the balance held in the account at the date of liquidation, the current year’s subscription, and the date of the first subscription in the current year. The final statement to be sent to you by the administrators should be sufficient for this purpose.

Any new ISA subscription with these funds must be made within 180 days of the administration order (14 May 2015) and cannot exceed the balance at the date of the order.

Simple then - take/send your cheque to your new ISA provider, together with the FSCS letter and, if you have, the last statement (/screenprint) of your DCU account.