Dot ComUnity Credit Union - ISA

Archi_Bald

I would guess the first wave transfer requests would very easily have eaten up the £425K they told us they had raised for reserves, and more.

Steve3S13

Ed-1 wrote: »

Hopefully they adjusted the interest to backdate it in their systems to the date of the cheque at the start (that's what the banks do). But time will tell and I think it's the last thing that to worry about.

When I transferred from the 1 year ISA to the 5 year ISA, my interest was paid correctly backdated.

Been checking my accounts today ( you can still take copies from the Dot(tried to)Con (us) web site and there is no interest shown on my account when it moved from the 1yr 3% to the 5yr 3.75% last year.
Looking at my statements on the web site, they are a real mess, luckily I have copies of the letters sent to me to confirm my deposits

Steve_xx

Steve3S13 wrote: »

Been checking my accounts today ( you can still take copies from the Dot(tried to)Con (us)

I wouldn't say it's the case that they "tried to" con anyone. I really don't think that was their intention. I think it's more a case of their management being a bit wet behind the ears.

Gizmo70

I guess we have to wait until we individually hear from FSCS, once EBCU are officially in administration, before we can do anything now?
Anyone familiar with what the process will be once EBCU go into administration?

someone

FSCS post message online saying that they are in default, then post a message cheques are in the post ... You can see timelines from their news posts on their website.

colsten

If prior experience is anything to go by, you should be getting a letter in the post from FSCS in due course. FSCS should also give you an entirely fair settlement.

If you monitor the FSCS website, you should always be as well informed as you could possibly expect.

FOREVER21

After all the tales we have been told byDotCom over the last 4 months I' m afraid I now distrust anything they say.

They say it is"anticipated" that they will go into Administration within the next 10 working days,why 10days they must surely know the mess they are in and why not go immediately into administration?

Does anyone know if during the course of the next 10 days, could they change their minds and decide not to go into administration, or is this not permitted.

I really feel that this lot has made me paranoid and extremely suspicious!

Steve3S13

It's true, some of us have been in contact for some time with the FSCS and their representative has confirmed that a company has submitted to the Courts, Notice of Intent to be appointed Administrators for the ETBCU

http://www.fscs.org.uk/news/2015/may/fscs-aware-of-situation-with-enterprise-in-business-credit-union-in-bournemouth/

MARTYM8`

FOREVER21 wrote: »

After all the tales we have been told byDotCom over the last 4 months I' m afraid I now distrust anything they say.

They say it is"anticipated" that they will go into Administration within the next 10 working days,why 10days they must surely know the mess they are in and why not go immediately into administration?

Does anyone know if during the course of the next 10 days, could they change their minds and decide not to go into administration, or is this not permitted.

I really feel that this lot has made me paranoid and extremely suspicious!

Like their voluntary restrictions none of this is voluntary - it has been forced on them I would assume by the regulators.

The government wants to promote credit unions - it doesn't want rogue/insolvent ones carrying on and damaging their general image.

So no need to worry - now the FCA and FSCS and administrators are appointed things should all be resolved (and you get your funds back) by the end of May.

Steve_xx

FOREVER21 wrote: »

After all the tales we have been told byDotCom over the last 4 months I' m afraid I now distrust anything they say.

They say it is"anticipated" that they will go into Administration within the next 10 working days,why 10days they must surely know the mess they are in and why not go immediately into administration?

Does anyone know if during the course of the next 10 days, could they change their minds and decide not to go into administration, or is this not permitted.

I really feel that this lot has made me paranoid and extremely suspicious!

At this stage you can be assured that you will not be told anything further by DotCom. Effectively this company is no longer being run by those you have had previous contact with. They will probably have already been dismissed from their positions. The Administrators are in charge now and you will hear pretty sharpish from the FSCS if the Icelandic debacle is anything to go by.