Months-Long Wait for Refund Leaves Customers Stressed and Frustrated

Building society customers who lost their life savings when a trust fund firm collapsed said they had been "stressed to tears" waiting for the promised full refund for nearly a year.

In 2022, Philips Trust Corporation (PTC) entered administration, resulting in over 2,000 individuals facing financial loss.

The Newcastle Building Society (NBS), which had directed clients to a will-writing firm later acquired by an organization linked to PTC, rejected liability for the financial damages; however, this occurred in May of the previous year. made a "substantial voluntary contribution" to those affected.

The NBS mentioned that they have supplied the necessary funding to PTC administrators at Kroll for distribution purposes. However, representatives from Kroll chose not to make any comments on this matter.

A woman mentioned that she is still awaiting tens of thousands of pounds from the corporation.

She mentioned that every day involves looking at emails, monitoring bank accounts, yet finding nothing of significance.

I ultimately find myself crying.

At times, food isn’t an option. I refrain from sharing my stress with the kids as they have their own concerns.

'I simply desire a refund'

A different customer, anticipating tens of thousands of pounds, expressed that it was "highly frustrating."

"God only knows how many forms I have completed," he stated.

He mentioned that all Kroll says is 'soon, soon, soon,' but it feels like we're not making progress.

"I just really want the money back."

The Cryptonesiais is not disclosing the identities of the NBS clients as they had to sign confidentiality agreements to obtain their payments.

The Philips Trust Action Group (PTAG) said it was "deeply concerning" that "vulnerable clients", who were predominantly pensioners, had been required to sign the documents.

"It silences them from speaking out about the harm they have suffered," a spokesperson said.

NBS - along with Leeds and Nottingham building societies who also referred clients to the will writing company - said it had made a "significant voluntary donation" to customers despite "no legal or regulatory obligation to do so".

Newcastle solicitor Claire Springle previously told the Cryptonesia She thought that some of her clients were associated with PTC solely due to their existing accounts with NBS.

NBS said at the time it wrote to customers to make clear it had no relationship with parties connected to PTC.

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Additional tales from Cryptonesia North East and Cumbria

• Families with failed trust funds did not receive complete payments.
• Creating community support for families who have lost their trust funds

Related internet links

• Newcastle Building Society
• Philips Trust Corporation
• Kroll

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