Dot ComUnity Credit Union - ISA

Steve3S13

If they have no money coming in and none going out how are they staying in business
How will they get the interest to service the money on deposit with them if they are in such a mess
To me it looks like they will never survive
They had trouble and got out of it (somehow) prior to all the deposits being made. How will they manage now with influx of deposits they said they have had.
Can I post on Facebook what the FSA have told us or could I get into trouble by doing so.
Just makes me mad that on there everything sounds rosie whilst the truth is completely the opposite to what they want people to think.

So their statement about voluntary measures they took was all a load of male cow manure

darren72

FOREVER21 wrote: »

I would like to reassure
you that your Deposits are FULLY protected under the FSCS scheme.

I don't know if it is just me, but that statement has made me more worried - To me it implies that we may be having to rely on the FSCS protection.

darren72

Steve3S13 wrote: »

So their statement about voluntary measures they took was all a load of male cow manure

Definitely - There is nothing voluntary about it !

Steve3S13

Does not make me worry, more comfort that we are covered

darren72 wrote: »

I don't know if it is just me, but that statement has made me more worried - To me it implies that we may be having to rely on the FSCS protection.

Steve_xx

Steve3S13 wrote: »

If they have no money coming in and none going out how are they staying in business
How will they get the interest to service the money on deposit with them if they are in such a mess
To me it looks like they will never survive
They had trouble and got out of it (somehow) prior to all the deposits being made. How will they manage now with influx of deposits they said they have had.
Can I post on Facebook what the FSA have told us or could I get into trouble by doing so.
Just makes me mad that on there everything sounds rosie whilst the truth is completely the opposite to what they want people to think.

So their statement about voluntary measures they took was all a load of male cow manure

Presumably they will have cash coming in from repayments on any loans they have made.

Steve_xx

darren72 wrote: »

I don't know if it is just me, but that statement has made me more worried - To me it implies that we may be having to rely on the FSCS protection.

It's simply a statement of fact. The really good thing is that you are protected. So, if the worse comes to the worse, then really the worse isn't that bad, is it?

Steve3S13

Steve_xx wrote: »

Presumably they will have cash coming in from repayments on any loans they have made.

Stupid me, thinking no deposits meant all income, not thinking of loans. Thanks for reminding me:-)
Steve

jimjames

Steve3S13 wrote: »

If they have no money coming in and none going out how are they staying in business
How will they get the interest to service the money on deposit with them if they are in such a mess
To me it looks like they will never survive
They had trouble and got out of it (somehow) prior to all the deposits being made. How will they manage now with influx of deposits they said they have had.
Can I post on Facebook what the FSA have told us or could I get into trouble by doing so.
Just makes me mad that on there everything sounds rosie whilst the truth is completely the opposite to what they want people to think.

So their statement about voluntary measures they took was all a load of male cow manure

I can't see any reason why you couldn't post it.

The statement is entirely factual and nothing that could be disputed. With their part timer running Facebook they're unlikely to see it before sometime next week though....

MARTYM8`

Steve_xx wrote: »

It's simply a statement of fact. The really good thing is that you are protected. So, if the worse comes to the worse, then really the worse isn't that bad, is it?

I agree that you are fully protected - but that presumably only kicks in if they go under. Potentially they can carry on in a state of limbo indefinitely not taking deposits/paying withdrawals - while sitting on their members money. Surely there must be a deadline by which the regulator says enough is enough.

I do find it odd however that history has repeated itself it seems in just 3 years. When they launched a headline ISA paying well above the market rate you might assume that could spark warning bells with the regulator?

darren72

MARTYM8` wrote: »

I do find it odd however that history has repeated itself it seems in just 3 years. When they launched a headline ISA paying well above the market rate you might assume that could spark warning bells with the regulator?

Exactly. The problem I have is that I didn't deposit my full allowance into the ISA - I was planning on adding to it before the end of the tax year. If this continues I will lose part of this years ISA allowance