Blog followers might be interested to know that the charity Rural Support has agreed to host a meeting (to be held in Loughry College, Cookstown before Christmas) where those who are interested in helping themselves and others can meet to exchange ideas.
The meeting would not be confined to those affected by the PMS but to anyone struggling with the effects of the current economic situation.
Rural Support will speak about signposting to sources of help in cash management and benefit entitlements.
The Samaritans will send one of the Irish Regional Training team to speak on dealing with the emotional impact of hardship, suicide awareness and how to support those going through a crisis or in danger of suicide.
Someone professionally involved with Credit Unions and Industrial and Provident Societies will submit a general explanation of what Administration involves, the kind of solutions at which an Administrator might be looking in a similar situation, and some possible outcomes.
Two other organisations, one specifically Christian, are still considering sending a speaker to explain their services.
The aim of the meeting is to allow people to come to a better understanding of the general situation and to begin to take action on their own behalf and on behalf of others.
The purpose is constructive and the Chair will not permit focus to stray into unproductive criticism of government or institutions.
To register an interest in attending the meeting (details of date and time will then be sent to you) email rs.credit@googlemail.com or telephone Rural Support during office hours only (Mon-Fri 9:30 am to 12:30 pm) on 028 867 60040.
Please note reception can only take a note of your interest - they cannot answer questions about the situation.
Portwyne
ReplyDeleteThank you for taking the time to set this up for us. I hope people share this blog and begin to help each other.
Day by day as we see this horrendous situation unfolding you just begin to wonder - how did we arrive here? Is the PMS a victim of its own success?
I'm not a financial expert but do understand business and to me £21 million was not enough money left in Reserve - there must have been problems for a while - ie in the last financial year - somebody knew about this. We all knew the property situation in the last year was going to burst - how irresponsible of those who made these decisions to lend out the money on foolishly overpriced land - surely they could see the bank balance and realise there was something amiss - or perhaps there was no financial expertise on the BOARD OF DIRECTORS. Those who got their money out - I don't blame them - but I would like to know who did withdraw their money and how they knew about the situation!
This is a serious problem - money lent to Property Developers who can't pay now - properties in Scotland and England - I hope these are still tenanted.
I'm tired of hearing that we did not have the Government guarantee - well why then? did the PMS not seek to get this back in May or June and become regulated by FSA. Just remember that to have the £21 million that was withdrawn returned - would probably not resolve this situation!!!!!
I'm also tired of hearing - nothing has changed! - well quite a lot has changed - some borrowers can't afford to repay, property has devalued, we have no liquidity and for any money the PMS has left in the Bank of Ireland, is earning very little interest. We also have to pay Administrators out of the pot.
The PMS and PCI have a lot to answer for - They are linked, although not legally, but through websites, church literature, etc etc. Thank goodness to see the PCI beginning to do at least something now - how frightening it was to hear the Church's response in the first few days of this whole affair.
Rant over! I still believe the only way to get out of this mess is to lobby government and plead for help. Gordon Brown said "Work hard, save hard!" - thats exactly what we did and now look what has happened through no fault of our own.
We need to send a signed petition by the £9500 investors to Government URGENTLY and pray we get a positive response.
several questions come to mind
ReplyDelete1) How many of the directors have withdrawn money during the last 6 months?
2) How much money was invested in local (N.Ireland) businesses - despite the PMS website advising that property investments were in Scotland and the North of England?
For Members who are interested in an insight into the PMS's background, suggest you look out and review your Directors' Report & Financial Statements for, say, the past six/seven years.
ReplyDeleteThese give useful insights as to how the organisation has evolved since the Millenium.