What is going on with First Choice?

[avantgart]

Yes it is...and i hope we will see some more payments in the future. Now we are at the bigining of our problem, how we will receive that kind of money...(at least will be easier then receiving it from some ensurance company(even with 20% less haha))
It is also interesting that when cb went on hold they had 74% of just cash...and now, with that money plus all liquidation of assets, real estate, credits...they give us 52%....

 

[proengine]

At least the 53 % is good news after all we've been through.

from the documents I am reading they should have enough assets to pay us all close to 100% when all is done. Stay positive, and patient.

 

[MHamilton]

@Claudia Smith - Thanks!

@angelika - I totally agree! Our financial system is fucked up. They just posted more info about the Schedule and FAQ like @best999 informed here.

From my understanding, aren't we actually First Choice Pay depositors? Are we unsecured creditors or depositors in the end? (I think they're similar, we think we are depositors but in reality we are unsecured creditors, but when they mention depositors it refers to us). Anyway, at least my card was through First Choice Pay (it automatically changed from Payoneer to FCP). Idk if you guys had a different type of account or card with Choice Bank?

Each person here has a different opinion whether they should file the objection form or not. I will file because I might be a First Choice Pay depositor (or not), so I'll either get $0 or 53%, but I'll file the objection because I have 4x over $2500 and my objection will be to get the full amount as shown in my statement. If they decide to schedule a hearing, I'll still decide if I'd be wiling to spend the money to go, and how much my presence there would make a difference.. a lawyer would likely be a better use than myself as I'm not an expert in law or finances.

Unfortunately I believe that by choosing to use a bank, we just agree with their terms of agreement and the law does not play in our favor. Yes it will be great news if we actually get 53% as a first payment (better than $0!). But to me the fair amount we all should get would be towards the full amount, and for now it seems to be unsure if there will be a second payment, but chances seem higher for those who file the objection and appeal the case, which is another reason I'll do it.

In the Summary of Schedule posted on the website, it states that "Claims on card balances by holders of prepaid cards issued by Card Partners fell into a category of claimants who were not entitled to claim against Choice Bank." -> Card Partners would be First Choice Pay for example. It says specifically in the new Liquidation FAQ posted as well. What I don't understand is if my claim was an exception and it was determined by the liquidator as $0 for now, why would I have received an email stating that my claim was allowed and valid?

For those who also received an email as rejected claim, the reason why might be "Duplication: In the case of claims filed by holders of prepaid cards, on whose behalf claims were also filed by Card Partners and allowed by the Liquidator—such claims were rejected, as those claimants were not entitled to claim against Choice Bank".

Suppose for some reason I'm wrong and I'm not a First Choice Pay depositor and I'm not in that claim mentioned above, so suppose my claim was allowed in full indeed. Which is weird because in the new FAQ it says specifically "Choice Bank depended on its FCP partner to supply details of account transactions in order that Choice Bank would be able to update account balances for these deposit account holders. While that particular process of reconciliation with the former partner is incomplete, the initial determination of claims had to be made by the Liquidator by January 29, 2019 and that is the reason for the $0 amount allowed at this point." and in the Summary - Notes and explanation of TABL it states differently in "d. Depositors include prepaid cardholders, depositors under the FirstChoice Pay (FCP) program, as well as Choice Bank depositors". So it's all confusing.

I'm glad they posted some information for us. I'm decided I'll file the objection just in case. For now it seems that we'll either get $0 or 53%.. or hopefully 90-100% eventually.

 

[proengine]

the more people that file objections the longer it will take to finalize the final payment. If they approved your money in full why file an objection? You may take longer to get your 53% payment.

 

[tinykathy]

I'm very confused. I got an email saying my claim was allowed in full, but on their website they say that FCP cardholders have "$0 amount allowed at this point."

I'm not sure if I should file an objection. It doesn't make sense to do so, since my claim was allowed in full.

 

[tinykathy]

In the Summary of Schedule posted on the website, it states that "Claims on card balances by holders of prepaid cards issued by Card Partners fell into a category of claimants who were not entitled to claim against Choice Bank." -> Card Partners would be First Choice Pay for example. It says specifically in the new Liquidation FAQ posted as well. What I don't understand is if my claim was an exception and it was determined by the liquidator as $0 for now, why would I have received an email stating that my claim was allowed and valid?

I think what they mean is.. we had two balances in our FCP account, right? We had a balance on our MasterCard card, and a remaining balance not on our MasterCard. Every time we would use money on MasterCard, they would move money from our FCP balance into the MasterCard balance.

So in this instance, "card balances by holders of prepaid cards issued by Card Partners", I think what they mean is if you still had money on your MasterCard (which is the Card Partner), you are not allowed to claim it, as that money belongs to MasterCard, and we were all told to empty our cards. The money we are allowed to claim is the balance in FCP that was not on our MasterCard.

 

[heiko]

I am so confused,

I have recieved the email that my claim was allowed in full back then, but i haven't recieved the email that a lot of other people recieved which states that my claim was rejected and i will be paid 0$ , on the other Hand in the Liquidation FAQ it says:

13. I am a cardholder; why was my entire claim rejected?

Claims submitted by cardholders who held cards issued by former Card Partners of Choice Bank were rejected for duplication. In those cases, the Card Partners filed claims on behalf of their cardholders and those claims were allowed by the Liquidator.

14. Why was I advised that $0 was allowed for my claim when in fact I am sure that Choice Bank has money for me?

In some instances Choice Bank’s records were insufficient to determine the appropriate account balances. This situation occurred in the case of FirstChoice Pay (FCP) depositors.

Choice Bank depended on its FCP partner to supply details of account transactions in order that Choice Bank would be able to update account balances for these deposit account holders. While that particular process of reconciliation with the former partner is incomplete, the initial determination of claims had to be made by the Liquidator by January 29, 2019 and that is the reason for the $0 amount allowed at this point.

So should i file a objection or not?!?!

 

[Nessma]

I am so confused,

I have recieved the email that my claim was allowed in full back then, but i haven't recieved the email that a lot of other people recieved which states that my claim was rejected and i will be paid 0$ , on the other Hand in the Liquidation FAQ it says:



So should i file a objection or not?!?!

Not everyone got the rejection email. If you look at the table in the schedule, only a small percentage got their claims rejected. And even those will have their claimed funds reserved to them until the claim is approved.

 

[proengine]

I am so confused,

I have recieved the email that my claim was allowed in full back then, but i haven't recieved the email that a lot of other people recieved which states that my claim was rejected and i will be paid 0$ , on the other Hand in the Liquidation FAQ it says:



So should i file a objection or not?!?!

NO!!!!! You will get 53% in April and second payment of remaining later in year.

 

[Dill]

how much Choice owe u if not secret?

17k

 

[Leia]

Guys, have you ALL been contacted by the liquidator?
Because I read in the liquidation FAQ “Each claimant by now would have received a response to his/her claim and would therefore not need to view that information from the Schedule.“
I filed the claim in the time-frame they gave us but I have not received any updates from them regarding my case since then! Shall I worry? Am I the only one who didn’t receive any email?

 

[proengine]

Guys, have you ALL been contacted by the liquidator?
Because I read in the liquidation FAQ “Each claimant by now would have received a response to his/her claim and would therefore not need to view that information from the Schedule.“
I filed the claim in the time-frame they gave us but I have not received any updates from them regarding my case since then! Shall I worry? Am I the only one who didn’t receive any email?

If you sent in a claim form and did not get a reply I suggest you double check that you sent it to the correct email address and then resend it. Email is not always received or delivered.

 

[Anann]

payments will be made in two installments.......if you had $2500 or less you get all paid in full.....if you had more than $2500 you will get 53% of your total on first payment which will be made in April. The final payment will be made after lawsuits and other disputes are finalized. It looks like from the information we will get most of our money back after the lawsuits are resolved.

u mean if amount less then 2500$ cardholder will get all amount ?

 

[Anann]

Yes, notarized id and i sent everything i could.

Nicky did u claim for money which shows on balance of ur card or on balance in brackets?
as we have 2balances(one which they told us to get out-on card and other which is no longer loaded

 

[Anann]

perhaps it will help - when the liquidator sent us emails, the answers to our requirements, it was indicated below
As you are an unsecured creditor, your claim will be given the priority stipulated by law (Section 116(2) of the Domestic Banks and Financial Institutions Act, a copy of which appears on our website, www.choicebanklimitedinliquidation.com), and you will be paid accordingly.
so as i right understand we a all here unsecured creditors
and i filled form 4 as cardholder

 

[proengine]

perhaps it will help - when the liquidator sent us emails, the answers to our requirements, it was indicated below
As you are an unsecured creditor, your claim will be given the priority stipulated by law (Section 116(2) of the Domestic Banks and Financial Institutions Act, a copy of which appears on our website, www.choicebanklimitedinliquidation.com), and you will be paid accordingly.
so as i right understand we a all here unsecured creditors
and i filled form 4 as cardholder

as stated on the summary of Schedule Plan ......"d. Depositors include prepaid cardholders, depositors under the FirstChoice Pay (FCP) program, as well as Choice Bank depositors." Depositors are 9th priority and are receiving 53% of valid claim on the first payment.

 

[proengine]

u mean if amount less then 2500$ cardholder will get all amount ?

Yes, if you had less than $2500 in your account and they sent you an email saying you have a valid claim for that amount you will receive all of your money on the first payment. If you left that money on your card and not in the account and did not remove it then your money is gone.

 

[avocado]

Are they gonna send us an email to ask about our bank accounts to send the money at April?
April what date?

 

[proengine]

Are they gonna send us an email to ask about our bank accounts to send the money at April?
April what date?

Yes they will, sometime after the 20th when the Central Bank approves the schedule. Money will be sent sometime in April.

 

[Happy00]

Well i got an e mail on January that my claim is allowed in full,in February that i get 0 bcz liquidator has doubts bla bla then i get recently and e mail to disregard the email where i get 0. Now what should i do? Complete the objection form or not? They didn t answer my e-mail still.

 

[proengine]

Well i got an e mail on January that my claim is allowed in full,in February that i get 0 bcz liquidator has doubts bla bla then i get recently and e mail to disregard the email where i get 0. Now what should i do? Complete the objection form or not? They didn t answer my e-mail still.

since you received the email saying to disregard the one that says 0 you should be good. No need to submit the objection form. You have the original email saying you are approved in full.

 

[Leia]

If you sent in a claim form and did not get a reply I suggest you double check that you sent it to the correct email address and then resend it. Email is not always received or delivered.

I received only an email where they said that the liquidator acknowledges that he received my claim and nothing since then... did you get any confirmation that your claim is allowed?

 

[proengine]

I received only an email where they said that the liquidator acknowledges that he received my claim and nothing since then... did you get any confirmation that your claim is allowed?

you shoou

I received only an email where they said that the liquidator acknowledges that he received my claim and nothing since then... did you get any confirmation that your claim is allowed?

Yes, you need to reply to that email and tell them you did not get a reply.

 

[Leia]

you shoou

Yes, you need to reply to that email and tell them you did not get a reply.

Wow did they just left me out?! I emailed central bank and choice bank but if I don’t get a reply, shall I file an objection?

 

[proengine]

Wow did they just left me out?! I emailed central bank and choice bank but if I don’t get a reply, shall I file an objection?

If you replied to the correct address asking for your status and did not receive a reply then yes I would file the objection.

 

[Leia]

I didn’t get anything yet either... idk what to think... I mean we should all get an email that says how much we finally get and when ... but when are they gonna answer to all of us?

Hi, did you get any e-mail that your claim is allowed? I’m worried because I haven’t been contacted about my claim at all...

I haven't recieved anything yet, lol - Not sure if this is a good or a bad sign to be honest but im not having the biggest hopes..

 

[Leia]

If you replied to the correct address asking for your status and did not receive a reply then yes I would file the objection.

That’s what I got from the central bank, nothing specific. WTF???

 

[Nessma]

That’s what I got from the central bank, nothing specific. WTF???

File an objection form. Stating all the details.

 

[Agnesss]

Hi, did you get any e-mail that your claim is allowed? I’m worried because I haven’t been contacted about my claim at all...

I got the initial email on 29 January where I got accepted in full like many others... nothing else after that... later on after ppl started to get emails that they will get zero I was thinking I might get same but I didn’t so I guess it was a good sign as I am not one of the ppl that must submit the objection . .. but I just didn’t know right then. Now I know. Good luck with urs

 

[Leia]

I got the initial email on 29 January where I got accepted in full like many others... nothing else after that... later on after ppl started to get emails that they will get zero I was thinking I might get same but I didn’t so I guess it was a good sign as I am not one of the ppl that must submit the objection . .. but I just didn’t know right then. Now I know. Good luck with urs

Thank you! Hopefully the email I received with the confirmation that they received the claim and the attachments will help. The whole situation is just a nightmare!