About Me
I was a depositor with the Derbyshire Building Society (IOM), taken over by Kaupthing Singer Friedlander Isle of Man (KSFIOM) in December 2007. This deposit consisted of my savings, the proceeds of a property sale and some money I had inherited. This deposit disappeared when the FSC withdrew the bank’s licence on the 9th of October 2008. I went from being moderately well off to having virtually nothing overnight. I have been subjected to a lengthy liquidation process and so far have only received 95.8% of my money back. The liquidation process was expected to drag on to 2017, nearly a decade after the bank’s collapse. It actually finished in 2020. In the unlikely event, someone is jailed for their part in the collapse of Kaupthing the liquidation period will probably be longer than a prison sentence for white-collar crime.
I also was a depositor with the Derbyshire Building Society ( Isle of Man ) building up savings over many years of employment in the Far East. I rolled over my savings into a 12 month term deposit commencing end October 2007 but within days thereafter and without any prior advice to depositors Derbyshire Building Society ( Isle of Man ) was sold to Kaupthing Bank hf of Iceland and combined into Kaupthing Singer & Friedlander ( Isle of Man ). Subsequently, the Derbyshire advised depositors that Kaupthing Bank hf had “a higher credit rating than the Derbyshire” and offered a “parental guarantee” to secure 100% of our deposits. I retired in April 2008 and being non-pensioned expected to draw down my savings to purchase a home in the UK and meet living costs. On 9th October 2008 ( a few weeks before my term deposit matured) KSF(IOM) ceased trading and protracted liquidation has continued thereafter. In order to meet daily living I have had to resume working ( now nearly 66 years of age ). I curse the day I started to build up my life savings in the Isle of Man.
I too ”curse the day I started to build up my life savings in the Isle of Man”. RSK, also based in the IOM approached me ten years agon while I was working in the Arab Emirates and earning a good income. They took cuts off my salaray and the savings reached $100000. I can withdraw the money now, they tell me on the phone, but it would be tens of thousands less than what I put into it.
I wonder what they have done with my life savings?
Now I am back home, I need to make a downpayment for a flat to live in but don’t have the heart to take the money out with this horrific loss!