What is going on with First Choice?

[Anann]

anyone sent obejction form?anyone called them on phone?
i asked my friend called there, he most times told me that there on phone sitting woman which dont know nothing,and that person which can help be later,so only 1 times he got this person(man) from 3 calls or more

 

[Anann]

i ve got an email that my claim is accepted in full.

how much Choice owe u if not secret?

 

[Anann]

It s a missinformation from the girl answering the phones. There is no list with amounts and percentages for each claimant. The percentage will be revealed at the end. The proposed actions contains only general information about the liquidation process. Ask for the older lady on the phone.After 10198262 calls seems that the young lady lied again.

what older lady told u?

 

[Anann]

people anybody maybe know someone who live in Belize or near?or who can go there..?some other forums or sites where people chat about this same situation in which we a all now ...and can share some info?i can not believe that its only fews active forums only .

 

[avocado]

I don't get the second email as well. What should we do now? Wait? Wait till when?

 

[Axe]

There are 2 girls answering the phones. One is very bad in english and another is better, but they are both worthless and stupid. And a lady with deep voice, who i assume is their boss and was answering at central bank a year ago.She s excellent in english and sharp.
For everyone that asks: what should i do if i havent got the second email? I AM CURIOUS...how many of you called to check upon your sittuation??

 

[proengine]

I really doubt that anyone will receive an email with the exact amount you are receiving until after March 20th. This is after the date the objections can be reviewed. Once they address all of the legitimate objections we should start receiving our emails with our final amount to be sent. Just need to be patient a few more weeks. After April 1st the checks and wire transfers will begin.

 

[Aleexx]

what do u wanna to say by this words?that in any case we should do this form even if not got 2nd email?

By this, i mean we should inspect the “Shedule of Proposed action” , which is not listed in any other place, except at the Central Bank of Belize. After that, if you don’t agree with it, you have to make an objection, or, if if everything sound well, then you don’t have to make an objection!

I’m just wondering why they did not uploaded it on the internet?!?

 

[Claudia Smith]

We should get the schedule without needing to go to Belize, it's ridiculous...

 

[best999]

Let's all write them tomorrow about this "schedule of proposed actions", and ask them to put it on their website, or at least tell us what these proposed actions are.

 

[Agnesss]

I really doubt that anyone will receive an email with the exact amount you are receiving until after March 20th. This is after the date the objections can be reviewed. Once they address all of the legitimate objections we should start receiving our emails with our final amount to be sent. Just need to be patient a few more weeks. After April 1st the checks and wire transfers will begin.

I think so too... for now they will evaluate the forms they get till 20 March from the ones that got denied and after that they get to the final decision about the procentage they will give us and inform the rest. At least that’s what makes sense in my head.

 

[tinykathy]

I really doubt that anyone will receive an email with the exact amount you are receiving until after March 20th. This is after the date the objections can be reviewed. Once they address all of the legitimate objections we should start receiving our emails with our final amount to be sent. Just need to be patient a few more weeks. After April 1st the checks and wire transfers will begin.

I think so too... for now they will evaluate the forms they get till 20 March from the ones that got denied and after that they get to the final decision about the procentage they will give us and inform the rest. At least that’s what makes sense in my head.

I agree. They can't calculate the percentage we'll receive, and can't start the actions before reviewing the objections to the proposed schedule of actions.

BUT, we don't know what that schedule is, unless someone goes to the office in Belize and tells us. It would be interesting to know what the proposed actions and schedule are, because then we would know if we need to object or not. The schedule probably has important dates listed like deadline when money should be transferred, etc. Maybe it also has a deadline saying "cardholders are to notify us of their bank details for wire transfer before X date", I'm just stipulating here with a stupid example, but if such a date exist, we'll never know and miss the deadline.

I don't understand why the schedule is not posted online I guess there's nothing else to do than to wait a few more weeks.

We received emails saying our claims are allowed in full, and most of us have not received further emails. I guess now we wait to receive update on how much we will receive, and when/how we will receive money.

 

[Aleexx]

I agree. They can't calculate the percentage we'll receive, and can't start the actions before reviewing the objections to the proposed schedule of actions.

BUT, we don't know what that schedule is, unless someone goes to the office in Belize and tells us. It would be interesting to know what the proposed actions and schedule are, because then we would know if we need to object or not. The schedule probably has important dates listed like deadline when money should be transferred, etc. Maybe it also has a deadline saying "cardholders are to notify us of their bank details for wire transfer before X date", I'm just stipulating here with a stupid example, but if such a date exist, we'll never know and miss the deadline.

I don't understand why the schedule is not posted online I guess there's nothing else to do than to wait a few more weeks.

We received emails saying our claims are allowed in full, and most of us have not received further emails. I guess now we wait to receive update on how much we will receive, and when/how we will receive money.

What you said here is exactly what i am afraid of !!!

“”The schedule probably has important dates listed like deadline when money should be transferred, etc. Maybe it also has a deadline saying "cardholders are to notify us of their bank details for wire transfer before X date", I'm just stipulating here with a stupid example, but if such a date exist, we'll never know and miss the deadline.

I don't understand why the schedule is not posted online “”

 

[Evgenij]

Hi everyone.Tell me plz on what number you called to Liquidator? I just tried 5 times on this one 501-223-6850 and heard nothing else but 3 people talking and no reaction on me.Thank u

 

[Claudia Smith]

Hi everyone.Tell me plz on what number you called to Liquidator? I just tried 5 times on this one 501-223-6850 and heard nothing else but 3 people talking and no reaction on me.Thank u

Maybe u can call the Central Bank and tell them nobody answers in choice bank, That uu are calling the phone that appears on their websitte and nobody answers

 

[Evgenij]

Maybe u can call the Central Bank and tell them nobody answers in choice bank, That uu are calling the phone that appears on their websitte and nobody answers

I was thinking about calling CB,bcoz its just stupid

 

[Axe]

I already told you days ago what this schedule is and that there is no list with percentages and wont be anytime soon.
Keep calling till you get the same answer.

 

[best999]

Important updates have been posted on their website:

https://www.choicebanklimitedinliquidation.com/en/liquidation-faq-2/

https://www.choicebanklimitedinliquidation.com/en/summary-of-schedule-plan-2/

 

[proengine]

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.

 

[divakitty003]

So we should be on the category of prepaid cardholder and the amount reserved for us to be paid this distribution is 266,564 $ from 16,223,333 $, right? And then on second distribution they will give us what is left?

I assume we should expect less than 53% for now... Hope anyone has better understanding of this.

 

[proengine]

So we should be on the category of prepaid cardholder and the amount reserved for us to be paid this distribution is 266,564 $ from 16,223,333 $, right? And then on second distribution they will give us what is left?

I assume we should expect less than 53% for now... Hope anyone has better understanding of this.

No, all depositors including prepaid card holders are going to get 53% of your valid claim on this payout.

 

[avantgart]

There are some sentance in faq when they say: all depositors have to be paid in full of claim allowed....hmm...do they now plan to pay us in full at the end?! Too good to be true....

 

[proengine]

There are some sentance in faq when they say: all depositors have to be paid in full of claim allowed....hmm...do they now plan to pay us in full at the end?! Too good to be true....

They say they plan to pay all if your result is full claim allowed if they have enough money to do so after all lawsuits and objections have been resolved.

 

[divakitty003]

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

 

[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.