What can we do

[Big Dan]

http://www.stuff.co.nz/4629950a11.html


After reading this on stuff just now it got me thinking can KB help this mother in anyway. As she is out west auckland in fact do any KBer's that way know this family

[Mom]

I just read this article and this really got me angry...

"She re-invested it for another 30 days just last week, assured by a staff member that her son's money would be safe."

Surely this is grounds to take police action for fraud against the company? Patently the money was not going to be safe one week prior to the company freezing their assets. Directors are accountable for continuing to trade recklessly.

[Trudes]

That's really sad, but I can imagine there are hundreds of stories similar to this one out there.

[Grahameeboy]

That's really sad, but I can imagine there are hundreds of stories similar to this one out there.

You hit the nail on the head Mrs K. Sadly we cannot help everyone...

[avgas]

Yep sorry but this is one of those - bad choices things.
the money didn't have to go to a finance company, and when things looked shaky with Hanover 3 months ago they should have pulled out.
I do feel for all those affected, even my nana and father have lost due to Hanover - but these are people who preached to me to watch my money etc. So it is hard to see them not taking their own advice.
If you cant trust a "finance" company when you take a loan why the hell would you give them your money????

[MadDuck]

Directors are accountable for continuing to trade recklessly.

Ahhhmmmm yes they are. But good luck getting at Watson and Hotchins assets and money even if the SFO was to get involved. Its called hiding behind trusts.

I have no sympathy for anyone that has now lost money having invested in a finance company. Hells there been enough warnings over the last two years and I am sure there will be 100's of hard luck stories emerge over the next few days and weeks.....

[Toaster]

That's really sad, but I can imagine there are hundreds of stories similar to this one out there.

Sure is - thousands of them with many finance companies, and the sad thing is this has happened before and people all too easily forgot what happened with higher risk investments last time. It will happen again too no doubt.

The reward offered was always out of whack with the risks involved. Debenture stock is about as effective as a cat flap in an elephant enclosure, esecially when it is most needed.

[Trudes]

Indeed. I'm sorry but this kind of thing has been all over the news in the last month or so, the warning signs have been there, and things don't look like that they'll get any better anytime soon, I think it's time for a bit of self-preservation and belt tightening to be honest *off to the bank to withdraw all my money and put it under my mattress* (all $10 of it).

[Number One]

Indeed. I'm sorry but this kind of thing has been all over the news in the last month or so, the warning signs have been there, and things don't look like that they'll get any better anytime soon, I think it's time for a bit of self-preservation and belt tightening to be honest *off to the bank to withdraw all my money and put it under my mattress* (all $10 of it).
I know where TEN BUCKS IS!!!!! :lol:

[firefighter]

I have no sympathy for anyone that has now lost money having invested in a finance company.

well that kid gets my sympathy that's for sure.........

[Number One]

well that kid gets my sympathy that's for sure.........
She's a hard lady that MadDuck :lol:

[ManDownUnder]

...talk talk talk.... sure we can't help them all - but we can start with one.

I have $50 right here with that little man's name on it. Care to join me? I'll open an account for him when it hits $500 in promises. PM me.

[Number One]

...talk talk talk.... sure we can't help them all - but we can start with one.

I have $50 right here with that little man's name on it. Care to join me? I'll open an account for him when it hits $500 in promises. PM me.
Would love to say I was with you on this but I got just enough to take care of the little boy I've got at home (and the big one)

...and neither is cheap to run!!! DAMMIT! :lol:

[firefighter]

...talk talk talk.... sure we can't help them all - but we can start with one.

I have $50 right here with that little man's name on it. Care to join me? I'll open an account for him when it hits $500 in promises. PM me.

organise some sort of ride - everyone can bring what they can afford, and i'll pitch in $10, it's not much but on my salary it's like a million dollars....we can't help everyone but where we can we should.

[Mikkel]

Hmmm, I think the perspective is screwed... He beat leukemia - that ought to be the headlines instead.

As for investing in finance companies during a recession: :crazy:

[ManDownUnder]

As for investing in finance companies during a recession: :crazy:

Agreed - but do the words Kiwi Saver mean anything to you?

[Mikkel]

Agreed - but do the words Kiwi Saver mean anything to you?

Yep - it's a retirement fund AFAIK. Most other socialistic western countries have had one for near on 50 years.

Or are you talking about the 2nd coming of Christ? ;)

[MadDuck]

The weather forecast for this Sunday has been predicted to be a nightmare with high winds and heavy rain. Not recommended that you take the boat out or ride the bike over the harbour bridge that day.

Now if a person decides not to heed this warning and does take the boat out or ride over the bridge and gets hurt….do we all say oh you poor thing here let me help you?

I certainly wouldn’t. There’s people out there hurting far worse and they haven’t actively decided to put themselves and their money at risk.
Dont get me started on KiwiSaver MDU....no I havent invested!

[ManDownUnder]

Yep - it's a retirement fund AFAIK. Most other socialistic western countries have had one for near on 50 years.

Yeah - just the wee aspect of it being a compulsory investment in the vehicle of your choice (Hanover anyone?)... not being protected.

Which investment co is going tits up next do you reckon?

[Mikkel]

Yeah - just the wee aspect of it being a compulsory investment in the vehicle of your choice (Hanover anyone?)... not being protected.

Which investment co is going tits up next do you reckon?

Oh, I didn't think Kiwi Saver was compulsory... Retirement funds are compulsory many other places though - which sucks IMHO.

Which investment company is going tits up next? Dunno - but I sure as hell wouldn't consider throwing my money at anything that deals with financing.

[ManDownUnder]

Oh, I didn't think Kiwi Saver was compulsory... Retirement funds are compulsory many other places though - which sucks IMHO.

I personally see the definition of "you can't get your money back once you've started" and "choose any investment institution you like" and pretty much compulsory


Which investment company is going tits up next? Dunno - but I sure as hell wouldn't consider throwing my money at anything that deals with financing.

Agreed - hence my Kiwisaver swipe. How many Pollys are relying on Kiwisaver for their retirement do you think?

[MadDuck]

Which investment co is going tits up next do you reckon?

I will put a box of beer up that I know which one will be next. I wont name it here though....

[Mikkel]

I personally see the definition of "you can't get your money back once you've started" and "choose any investment institution you like" and pretty much compulsory

I haven't looked into how Kiwisaver works because it isn't relevant for me. I just know that you have more choice in the matter in NZ than some places I could think about.

The thing is - it is worthwhile for a government to make a retirement fund lucrative for the individual either by providing tax relief on what you put away or by subsidising the contribution to some degree.

The fact that you can choose NOT to use Kiwisaver means it is NOT compulsory in my book.


Agreed - hence my Kiwisaver swipe. How many Pollys are relying on Kiwisaver for their retirement do you think?

I don't know. But AFAIK noone is going to get anything from Kiwisaver unless they put something in... The amount of growth you'll see on your investment will then depend upon how capable the investment fund is. A capable retirement fund will never invest in anything except secure investments - security is the first objective - growth the second. I can't imagine that the people who are in charge of Kiwisaver will not realise this.

Of course all of this doesn't prevent the investment company from being opaque and screwing around with their clients... It certainly doesn't in Denmark. Oh, how I hate bureaucrats!