At least I can breath again. Yes folks Edwafin again did not come to the party, but who expected anything else? However, while we are in the human flesh, we have the right to hope.
Before I get down to business, I just need to say thank you to those who have written and phoned me concerning their interaction with Edwafin. Some were staff members at a point in time while others are obviously investors who are concerned about their money. Some stories are really sad, as some people have invested everything they had in the edwafin scheme. Some, their whole pension, others took out second bonds on their homes. This morning i was told of an investor who invested an amount nearing one million Rand after October 2008 and who has received notyhing yet to show for it.
Many ask me for advice, and seeing that I'm one of you, I am not the correct person. However, can only tell you what advice I've received and how I deal with the situation. We will get to that in the next, separate entry that follows this one.
I also need to get something else of my heart. Yes, Patrick Stapleton and cohorts have gotten us into this mess. Nevertheless I do not wish any of them any ill; I do not bear ideas of revenge or any other negative feeling against any of them, but would like to be treated equitably though. That is why I am sorry to hear that Patrick's personal life is also not in a healthy state and I have heard this now from a variety of sources. If that is the truth, then Patrick: I'm sorry to hear about your situation - we all create our own world and sometimes we make it extremely difficult. However, the solutions also lie within us, we only have to recognize our own role in creating the problem. Strongs!
Showing posts with label interest not paid. Show all posts
Showing posts with label interest not paid. Show all posts
Wednesday, April 1, 2009
Wednesday, February 25, 2009
How the sleepless nights began
End of October 2008
The first signs of trouble began already with the interest payment that was due at the end of October 2008. It came late. The money was sent to us by cheque and was dated 4 November 2008 - four days after the end of the month. By the time the cheque had been cleared by the banks, it was at least 10 November before the interest money could be accessed.
The reason for the delay in payment, EDWAFIN said was that they had implemented a new computer database earlier during 2008, to manage the EFTs more efficiently. Unfortunately, the database, had left them in the lurch and they had to sign 4000 cheques by hand. That is fair enough, for those of us who work with computers this is normal for the course (even if such a program costs millions? A letter dated 15 May 2008 informed the investors of the new database, this was followed by a letter of 2 October concerning the commissioning of the database).
Then came the end of November 2008
A letter of 28 November informed the investors why that month's would only be paid by the 15th of December 2008 together with the December interest. Caveat: the cheque (the database was still not operational, and thus EFTs could not be done) was postdated to 15 December. An extra 1% was added for administrative costs, etc. The cheque could also not be cashed over the counter, obviously covering the company legally in case things would go wrong.
This was rather irritating and inconvenient seeing that it was the end of the year. But, hey, things happen in life and one has to accept these situations when they can't be changed. However, notice the last paragraph of the letter below. I feel the urge to repeat it here in view of what was to happen:
The first signs of trouble began already with the interest payment that was due at the end of October 2008. It came late. The money was sent to us by cheque and was dated 4 November 2008 - four days after the end of the month. By the time the cheque had been cleared by the banks, it was at least 10 November before the interest money could be accessed.
The reason for the delay in payment, EDWAFIN said was that they had implemented a new computer database earlier during 2008, to manage the EFTs more efficiently. Unfortunately, the database, had left them in the lurch and they had to sign 4000 cheques by hand. That is fair enough, for those of us who work with computers this is normal for the course (even if such a program costs millions? A letter dated 15 May 2008 informed the investors of the new database, this was followed by a letter of 2 October concerning the commissioning of the database).
Then came the end of November 2008
A letter of 28 November informed the investors why that month's would only be paid by the 15th of December 2008 together with the December interest. Caveat: the cheque (the database was still not operational, and thus EFTs could not be done) was postdated to 15 December. An extra 1% was added for administrative costs, etc. The cheque could also not be cashed over the counter, obviously covering the company legally in case things would go wrong.
This was rather irritating and inconvenient seeing that it was the end of the year. But, hey, things happen in life and one has to accept these situations when they can't be changed. However, notice the last paragraph of the letter below. I feel the urge to repeat it here in view of what was to happen:
I trust that you all have a wonderful festive season. Remember that you have invested into a very good company, with a high reputation.20081128 Edwafin Letter Late Payment
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