Dot ComUnity Credit Union - ISA

butterflymum

gwapenut wrote: »

No, nothing.

On the subject of ISA transfers, I wouldn't use Leeds Building Society. I've not had so much as an acknowledgment for a transfer requested (not DCU) I posted on 17th April, for an account opened a couple of days earlier. It's disappeared from my online banking (they tend to only put it there briefly apparently!?!) and I cannot get through to anyone by phone. Not in a queue, just not even connecting properly.

Shocking, and no good when time is of the essence. Look elsewhere.

gwapenut, a quick 'off-topic' post here re your mention of Leeds - see my new thread at https://forums.moneysavingexpert.com/discussion/5230126 - can you let me know there if you also applied online, thanks.

Steve3S13

Is there another meeting this week?
Steve

Ed-1

Steve3S13 wrote: »

Is there another meeting this week?
Steve

They've set out a schedule of weekly meetings up until 2017 in the first instance .

On a serious note I don't know.

MARTYM8`

Ed-1 wrote: »

They've set out a schedule of weekly meetings up until 2017 in the first instance .

On a serious note I don't know.

Yes – essentially it seems to be proceeding as follows:
1. The Prudential Regulation Authority are not satisfied with the capital reserves of EBCU
2. EBCU are therefore required to keep their 'voluntary restrictions' in place
3. the PRA will agree to the removal of those ‘voluntary restrictions’ once it is satisfied with the capital reserves of the EBCU
4. EBCU keep trying to convince the capital reserves are sufficient to meet the 5% requirements at their weekly meetings – but the PRA have still to be convinced
5. Rinse and repeat and go back to 1

Apparently there is a good dialogue – and they are seeking a resolution as soon as possible. And while they chat and drink coffee our funds remain inaccessible.

I would hope they will try and seek some sort of resolution before the impending 5 May maturity deadline on Wednesday – but I am not hopeful.

Steve3S13

so no further forward apart from the "background" negotiations

FOREVER21

Ed-1 wrote: »

They've set out a schedule of weekly meetings up until 2017 in the first instance .

On a serious note I don't know.

Or perhaps 2019 when their 5 year ISA matures!


I wonder how many transfer applications they are sitting on until this is sorted? More importantly how much is likely to be withdrawn and what effect that will have on the Capital/asset ratio.


This could take them back to square one in the discussions with the PRA.
Still considering trying the FOS, but wonder if they find in my favour , would DotCom use the excuse "we can not pay because of the PRA". Could the FOS over rule this?


Only way I suppose is to raise a complaint and find out.


I have raised a freedom of information request with the PRA asking what is the latest position with the restrictions, they have acknowledged receipt ,but have 20 days in which to reply.


I think I will wait until 5 May and see if anything happens and then decide what to try next.

darren72

What we were expecting has finally happened......

---

A Notice of Intention to Appoint Administrators was today filed by the Board of Directors at the High Court in London.

The proposed Joint Administrators are Stephen Cork and Jo Milner of Cork Gully LLP. They and their team are working closely with the Credit Union’s Regulators to ensure that the Credit Unions affairs are wound up as efficiently and quickly as possible. It is anticipated that the Credit Union will go formally into administration within the next 10 working days and that repayments of eligible funds and ISA balances up to the Compensatory limits of the FSCS (currently £85,000) to Members will be made as quickly as possible after that date.

It is anticipated that the Credit Union will go into Administration by 18 May and formal updates will be issued after that date.

Members should note the following:

Payments will include interest at the prevailing rates on the ISA accounts accruing up to the date the FSCS declares the Credit Union in default.

ISA Balances will keep their ISA protection provided they are transferred to new providers in accordance with the transfer provisions which will be provided..

Balances over £85,000 are not subject to the FSCS compensation payments. Amounts above £85,000 will be treated as unsecured claims against the Credit Union and payment (in full or in part) will be made by a liquidator if there are sufficient funds available for unsecured creditors in the insolvency process.

gwapenut

It saddens me that it has come to this.

I do wonder though how much of the information over the last 4 months (like "we've met the reserves requirements") has been economy of truth, how much naivety, and how much just outright lies?

Steve_xx

gwapenut wrote: »

It saddens me that it has come to this.

I do wonder though how much of the information over the last 4 months (like "we've met the reserves requirements") has been economy of truth, how much naivety, and how much just outright lies?

It's nowt more than what you would call 'typical company spiel, when a company's in trouble'.

I would think this news is relief to everyone who has their cash in the ISA. You'll all get your cash at the 3% mark and pretty sharpish too. Therefore, you get to have the toffee and keep the halfpenny as well!

Ed-1

Steve_xx wrote: »

It's nowt more than what you would call 'typical company spiel, when a company's in trouble'.

I would think this news is relief to everyone who has their cash in the ISA. You'll all get your cash at the 3% mark and pretty sharpish too. Therefore, you get to have the toffee and keep the halfpenny as well!

Dilemma now is where to put the FSCS payments.