Home Payments Company Liquidation

iMax · 04-08-2011 08:56AM #1

Just want to let any customers of Home Payments in Ranelagh know the company went into liquidation this morning.

Any bills in the last month may not have been paid, likewise any money you may have had there (savings from overpayment) is now gone.

There's a notice on homepayments.ie

iMax · 04-08-2011 09:04AM

Also just learned that they weren't registered with the financial regulators - how I don't know.

Nijmegen · 04-08-2011 10:02AM

Damn, they were a very good service and I know a lot of people who've used them going back more than a decade, I believe. Making a few phone calls now, to shocked individuals...

They really should move quickly to reassure their customers about their deposits and inform them where they stand with their bills.

Also, very stupid to see yet another Irish company that put all its eggs into the one property basket.

Rule Number 1 of Investing: Have a broad portfolio.

sham69 · 04-08-2011 11:58AM

Was a customer (up to hearing today)
My mother was with them around 35 years ago.
Very good idea for people who are not good with bills (like me and the missus)
Luckily we had only rejoined them after moving again so not a lot of money to be recouped.

Sad to see them go, was wondering why or how they could go bust and then read about the property investment.

iMax · 04-08-2011 12:02PM

Yes they were a great company (going 45 years) & a great idea, but the amount of customers they had & the amoount of money they were dealing with (we paid in €500 a month) would put their turnover at about €15-20 million a year.

We've lost money, as have my parents & in-laws. One of my parents neighbours had €4.5k he was planning on using for his daughter's wedding in two months time

sham69 · 04-08-2011 12:06PM

so what happens people that have money with them?
They won't get it back?
I think the mother in law has close to 5k in savings with them?

I don't know where WE stand with regard to bills paid etc

iMax · 04-08-2011 12:10PM

As far as I'm aware, we become unsecured creditors of the company. That's not a good thing. The site was updated at some point earlier today to say they are taking legal advice & are working to secure customers funds.

I'm hopeful that we will get something back, but I don't know what exactly, nor do I know how much ¢ on the €, nor how long it's likely to take.

Nijmegen · 04-08-2011 12:43PM

Well let's not jump ahead of the game - where did you get the advice that customers are unsecured creditors?

Don't presume, would be my advice, as a lot of people quite vulnerable could get very scared without reason.

Home payments has been going for decades (didn't realise how long till I spoke to a friend, his parents are with them 25 years) and was a way for people to put money away and pay their bills and not get caught, for example, having to go to loan sharks (back in the day when that was big...) It wasn't celtic tiger excess, though it seems the directors and the company decided it'd have a spin of the wheel.

Very sad.

Anyway, now a liquidator will need to be appointed and customers can, and I'd suggest they do, band together to make representations and find out what is happening for real.

Again, don't panic just yet.

iMax · 04-08-2011 12:52PM

Heard from the financial regulator that customers become unsecured creditors.

Apparently it'll be on Joe Duffy today.

SmeeAgain · 04-08-2011 12:55PM

customers would be last in line as part of the unsecured creditors, it's in the small print, unfortunately.
Where, how and when to find out who's appointed as liquidator / receiver / administrator?

Nijmegen · 04-08-2011 12:57PM

SmeeAgain wrote: »

customers would be last in line as part of the unsecured creditors, it's in the small print, unfortunately.
Where, how and when to find out who's appointed as liquidator / receiver / administrator?

As far as I can see, it has yet to be decided.

Nijmegen · 04-08-2011 12:58PM

iMax wrote: »

Heard from the financial regulator that customers become unsecured creditors.

Apparently it'll be on Joe Duffy today.

Was this on the news or similar...? I'd just like something concrete to give to people who are asking.

ebbsy · 04-08-2011 01:29PM

Financial regulator asleep at the wheel again.

iMax · 04-08-2011 01:37PM

Nijmegen wrote: »

Was this on the news or similar...? I'd just like something concrete to give to people who are asking.

Not on the news (as far as I can see it's not being covered). I was told by the financial regulator.

yosser hughes · 04-08-2011 01:43PM

ebbsy wrote: »

Financial regulator asleep at the wheel again.

The company wasn't regulated apparently. Not sure how they could have traded without being regulated by someone. Then again this is Ireland.
It's being discussed on Joe Duffy's show now.

iMax · 04-08-2011 02:44PM

They've been deleting comments on their facebook page. Someone's looking after the business.

jonnny68 · 04-08-2011 03:22PM

Criminal charges should be brought against the Directors of this company,they have frittered away people's money without their prior consent on property deals which went belly up, they delete comments on the facebook page and issue a pathetic statement on their website with no inclination as to what is going to happen, people have lost a substantial amount of money, my mother is with them over 25 years,she has lost a large portion of money,she is not in great health and something like this is only going to make her worse with stress and worry about where money is going to come from to pay bills.

I have made a few calls to various different places like Money Advice and Budgeting Service,etc,etc, nothing more is known yet as to whether or not this company will go into liquidation or what, i feel sorry for the normal staff who worked there who knew nothing of this and are now on the ever increasing dole queue in this disaster of a country and even worse the people who have lost substantial amounts of money.

Ireland has to be the worst country in the developed world for things like this,gangsters,corruption and "cute hoors" galore.:mad:

iMax · 04-08-2011 03:27PM

This is the complaint form for the office of the director of corporate enforcement.

If you or someone you know is a customer of Home Payments, please fill it in & file it either by post at the address on it or email it to info@odce.ie.

There is something going on which should not be & the ODCE has the powers to freeze accounts & have the books audited.

jonnny68 · 04-08-2011 03:29PM

iMax wrote: »

This is the complaint form for the office of the director of corporate enforcement.

If you or someone you know is a customer of Home Payments, please fill it in & file it either by post at the address on it or email it to info@odce.ie.

There is something going on which should not be & the ODCE has the powers to freeze accounts & have the books audited.

thanks for that, ill do this on behalf of my mother she doesn't use a PC or the Internet.

iMax · 04-08-2011 03:51PM

Just posted on the facebook page:

Home Payments Ltd, Sincerely regret the stress and concern caused to our customers and are doing everything to resolve the issues that have arisen as quickly as possible.
We are meeting with our bank and advisors.
We are not in a position to comment further at this point.
We will issue a statement as soon as we are in a position to do so.
Home Payments have been in business for 48 years.
What is of paramount importance to us, has and continues to be our customers.
Eamonn O'Connor
Managing Director

jonnny68 · 04-08-2011 04:04PM

Crocodile tears from them, im sure Eamon O Connor wont be affected and still lives in his plush house and drives his fancy car and won't be out of pocket himself, bottom line is, they basically used their customers money on botched property deals,greed,greed and more greed and ended up things went t*ts up and now the company ceases to trade.

I would dearly love to be in a position to bring charges against these parasites and every banker,businessman and politician who have screwed the public over the years,is it any wonder the country is in ruins:mad:

1 ate e bhoy · 04-08-2011 09:11PM

The "Criminal Assets Burea" was set up to tackle the countries biggest criminals and seize their assets. The O'Connors have now joined that elite group by robbing their customers money and investing it in property without their consent. So why cant C.A.B. do the same to these new breed of Gangster's (Bankers included). I know i'll probably never see my money again (€4500)and will have some sleepless nights over it. But i would sleep a lot easier knowing that the O'Connors would be left in the same financial situation as myself BROKE !!
I dont know how these people live with themselves .
So come on C.A.B. lets have it.
P.S. Boycott "O Connor Insurance" they are related to "Home Payments"

iMax · 04-08-2011 09:15PM

Connor Insurance tried to distance themselves from it today but I think they're going to suffer a lot of fallout.

Incidently, my mother was away last week & took out travel insurance with Connors on advice from Home Payments. She found out today that Connors were not paid the €16 premium. Connors did wavw the charge out of goodwill, but I wonder would they have been as understanding should anything have happened while she was away ?

1 ate e bhoy · 04-08-2011 09:23PM

iMax wrote: »

Connor Insurance tried to distance themselves from it today but I think they're going to suffer a lot of fallout.

Incidently, my mother was away last week & took out travel insurance with Connors on advice from Home Payments. She found out today that Connors were not paid the €16 premium. Connors did wavw the charge out of goodwill, but I wonder would they have been as understanding should anything have happened while she was away ?

Thats a no brainer iMax we all know the answer to that one:mad:

1 ate e bhoy · 04-08-2011 09:42PM

By the way Eamon O' Connor resigned as a director of "O Connor Insurance" this week.
Hence the relationship with "Home Payments"
Suspect or what ????

iMax · 05-08-2011 08:58AM

New post on the website:

4th August 2011

To all our Customers, Staff and Friends.

Firstly we apologise for the lack of information that we have been able to provide today. It is not how we would wish to communicate but under the circumstances we are completely restricted in the information that we can give.

Given the nature of the service that we have provided to so many families over the last 48 years we sincerely apologise for the stress caused to those very same families.

There are a couple of points that we can clarify.

The decision to have to cease operating late Tuesday afternoon was unexpected. Once the decision was taken, all methods of receiving payments from our customers into our accounts were immediately stopped by ourselves including Direct Debits, Debit Cards and Cheques received that day which were not lodged. All collection staff were immediately instructed not to collect any money from customers. No Direct Debits have been processed since Tuesday.

We assure you that we are doing everything possible to ensure the best possible outcome for our customers as quickly as possible.

Eamonn O’Connor
Conor O’Connor
Niamh Ryan

frash · 05-08-2011 02:29PM

1 ate e bhoy wrote: »

By the way Eamon O' Connor resigned as a director of "O Connor Insurance" this week.
Hence the relationship with "Home Payments"
Suspect or what ????

How do you know this?

jank · 05-08-2011 03:57PM

Beyond belief that a service like this goes unregulated in a "modern" economy like Ireland. Shocking stuff. Did people know that they were unregulated before jumping in with them?

iMax · 05-08-2011 04:15PM

New Statement:

Eamonn Richardson of KPMG and Eamonn Leahy of Leahy & Co have today, (Friday 5 August, 2011) been appointed by the High Court as joint provisional liquidators to Home Payments Limited, the household and family financial management company, which ceased trading on Wednesday 4 August.

The liquidators have taken immediate control of the company to secure all assets, records and bank accounts. Customers will be individually contacted by the liquidators over the coming days who will assess and reconcile any funds owed to them by Home Payments Limited.

Established in 1963, Home Payments Ltd was a family run business based in Rathmines, Dublin 6. The company employs 16 people and has approximately 2,300 customers throughout Ireland.

The joint provisional liquidators have established a dedicated customer helpline to deal with all queries following today’s developments. The helpline will be open from 8.30hrs to 18.00hrs Monday to Friday and will open on Monday morning. The helpline number is 01 497 5795. Alternatively customers can make contact by email at homepayments@leahy.ie .

later12 · 05-08-2011 04:18PM

iMax wrote: »

New post on the website:
4th August 2011

To all our Customers, Staff and Friends.

That's really not how you communicate with 'friends'.

ebbsy · 05-08-2011 04:36PM

What I d'ont understand is that Solicitors/Insurance companies etc operate client accounts which have cash in and out, with balances which must be vouched for the relevant bodies. There are serious consequences if there are problems.

Yet this company, which operates a similar fashion, was not regulated for 25 years ?

Also I was listening to the Consumer agency on Liveline today. They are as much use as a chocolate teapot.

Home Payments Company Liquidation

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