NI Presbyterian mutual society, Short of funds for withdrawal?
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Absolutely every sympathy for those who cannot get at their money until this mess is sorted. However my question relates to those individuals who have borrowed money for a mortgage of their house and how this may affect them. Is the mortgage likely to be called in at short notice forcing people to move house or try and find other sources to remortgage. I know a couple in their late seventies who have no chance of getting another source of finance and are concerned they may have to sell up in order to repay the debt.0
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Thank you for posting all the helpful information about the Presbyterian Mutual Society. My family have some savings with them and we felt a bit left in the dark about the situation. Thanks also for details on the spotlight programme on TV on Tuesday - we'll be watching it.
A neighbour gave us a newsletter newspaper from Sat 20th Nov, which had two good reader's letters on page 20 about the situation - one had very good suggestions - including: (1) voluntary rescue appeal within the presby church in ireland, (2) a meeting of shareholders in several locations, with full facts placed before members, (3) a request for members to retain their interest in the society and not dispose of property, (4) encourage past members to reinvest with the view for everyone to pull together to keep the society in existence.
I am definitely in favour of these, especially shareholder meetings, and encouraging people to invest more and pull together. With falling property prices, could buy property in say 6 months time when property is cheaper, then when the economy recovers in 4 or 5 years the price of that property will have risen so should cover losses on existing property.0 -
Yes in theory this is plausible, but there is no guarantee that the housing market will recover.I am definitely in favour of these, especially shareholder meetings, and encouraging people to invest more and pull together. With falling property prices, could buy property in say 6 months time when property is cheaper, then when the economy recovers in 4 or 5 years the price of that property will have risen so should cover losses on existing property.
My opinion is this severe recession will be with us until 2010 at least.0 -
Was there not something on the news about the PMS being included in the Government's £35k protection scheme?0
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sbridgett, great to have you 'on board'.I didn't see a copy of the newsletter on Saturday, but had actually emailed the PMS myself on Saturday morning (no reply yet,but I'm hopeful I'll hear something today) with a few questions which were more or less identical to those you mention in your post.It's reassuring to see that I'm not the only person looking for any scrap of information.I'll pass on any information I receive from PMS.0
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As a shareholder of the PMS I was at first disbelieving and then angry when I was informed of the financial crisis because of these facts:
The PMS in the financial year to 31st March 2008 achieved its highest ever profit of £19.4 million.
The dividend in 2008 was increased by 10% compared to 2007.
Last, but by no means least, I was personally assured by the PMS in 2008 that the majority of its shareholders do not take their dividend but reinvest it with PMS.
The Presbyterian Church in Ireland in past years have had many property renovations and church hall extensions funded by thousands of Presbyterian investors - only this year the Chairman of the PMS Rev. S. Sidlow McFarland stated on page 5 of the 2008 Annual report that “and today as I write this report we are all able to finance property work for one of our congregations which needed finance quickly.”
I hope the investment and reinvestment of share dividends by Presbyterians in the PMS for the extension and modernisation of their churches in Ireland, in the past and at present will be duly recognised by the Administrator Mr A. Boyd.
Elderly PMS Shareholder.0 -
Thank you for posts above. I was speaking with the author, Robert Davidson, of the letter in the Newletter on 22 Nov 2008, and he encouraged me to put his full letter and name on the website so that more people could read it and decide if they agreed. I think his proposals are very good.The recent downturn in the affairs regarding funds held on loan by the Presbyterian Mutual Society have caused much hardship and uncertainty among members, especially elderly and retired.Church should not distance itself
Under no circumstances should the Presbyterian Church attempt to distance itself at this crucial hour.
Action should have been taken much sooner to avoid where we are today.
I suggest the following remedy to be taken immediately as I believe this would go a long way to create a just and fair settlement to our problem.
1. A voluntary rescue appeal formed to cover the whole of the Presbyterian Church in Ireland.
2. A meeting of shareholders in several locations, with full facts placed before members.
3. A request for members to retain their interest in the society and not to dispose of property.
4. Encourage past members to reinvest with the view for everyone to pull together to keep the society in existence.
If those in responsible positions were to address these issues, you would find a willing response from the majority of members of the Presbyterian Church.
This would be a very small sacrifice by us all to avoid the alternative which does not bear to dwell on.
I believe any other situation than a fair settlement would be detrimental to our church as a whole.- Robert Davidson,
Portadown0 -
Just incase anyone hasn't seen it, the following is a link to todays BBC web page with the most recent information I have found :-
http://news.bbc.co.uk/1/hi/northern_ireland/7748218.stm
and don't forget to watch the BBC spotlight programme tonight at 10.35
(and in case you're wondering ...I [EMAIL="DON@T"]DON[/EMAIL]'T work for the BBC or the media !!)0 -
I'm starting to feel like this is the joylike2shop thread because no-one has posted anything for a while, but because this site has been visited so often I'm assuming people are viewing it regularly looking for any updates/information on the PMS.
I have a sellection of other web sites that I view regularly (and now find myself contributing to ).I find it interesting reading other peoples views/opinions and suggestions and incase anyone else might too, I've listed them below.
http://www.bbc.co.uk/blogs/ni/2008/11/presbyterian_church_asks_pm_to.html#comment80 (dated 12th Nov....84 posts as at 26/Nov/08 )
http://www.bbc.co.uk/blogs/ni/2008/11/a_run_on_the_presbyterian_bank.html (dated 12th Nov....31 posts as at 26/Nov/08 )
http://www.bbc.co.uk/blogs/ni/2008/11/the_church_and_the_mutual_soci.html (dated 17TH Nov...26 posts as at 26/Nov/08)
http://www.bbc.co.uk/blogs/ni/2008/11/presbyterian_moderator_to_addr.html (dated 22nd nov....5 posts as at 26/Nov/08) http://www.bbc.co.uk/blogs/ni/2008/11/mutual_money_misery.html#commentsanchor (dated 25th Nov....29 posts as at 26/Nov/08)
www.belfasttelegraph.co.uk/news/local-national/financial-crisis-hits-presbyterian-savings-14057728.html?startindex=0 (dated 12/Nov/08.....MAKE SURE YOU SCROLL DOWN TO THE BOTTOM OF THE ARTICLE AND READ THE 32 COMMENTS )
Happy reading x0 -
Their website statement:
http://www.presbyterianireland.org/mutual/
NI Assembly Discussion
http://www.theyworkforyou.com/ni/?id=2008-11-17.9.1
BBC Spotlight.
As yet, not on the BBC IPlayer - nor on YouTube.0
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