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Storm Financial exposure list

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Hi all, after some recent interest here and on other forums I have decided to start a list of people who have been exposed to the recent debacle of Storm financial.... This is purely for the interest of those wanting more accurate figures of the number of people, storm have stated that some 230 clients are effected, I believe the number is much higher..

Rules for adding to the list.

1) Initials only to be added, no full names what so ever.

2) Please only add yourself, and record what number you are on the list to avoid confusion for yourself, i.e. one set of initials per portfolio exposed.

3) If you add other peoples initials, it must be done with their permission. And emaill them a link to this forum, ater all the more people here reading, the more informartion likely to come out.

4) Feel free to post any relevant info, but please keep banter to a minmum, or use the other storm thread on this forum.

Hope this works...:)
 
Storm victims had a closed meeting in Redcliffe Q last night. Local agents aren't answering the phone.
 
HR
This is a good idea.
I just got an email from Macquarie, as they are my lender, and they are closing down all margin loans. There goes the pittance I still had in the market. Anyone else have this happen?
 
HR
This is a good idea.
I just got an email from Macquarie, as they are my lender, and they are closing down all margin loans. There goes the pittance I still had in the market. Anyone else have this happen?

Smiley, When I got involved I recommended to my In-Laws to close the loan immediately. They were paying monthly interest of around 8.5% on the margin loan and around 4% payable quarterly on the Cash Management Trust. Despite my In-Laws faxing in a request on the 24th it was actually NOT repaid until earlier this week(After much jumping up and down on behalf. Politely of course). I asked them to backdate but I have'nt seen the statements to do my own calculations. If they haven't I will need to progress it further with them and maybe the Ombudsman.
:banghead:
 
(8) DJL
I have a list of about 30 clients who have lost it all but wait to see who adds on. Maybe the locality/city would be a good idea too.
Rockhampton.
We just have to pull together and knowing we are not the only ones gives us strength.
Good idea Monario
 
Hi Everyone

Firstly thoughts are with you, we know what you're going through.

14) SW and AW in Brisbane
15) Parents NW and CW in Brisbane

Started reading the forum a while back but gave up due to the idiot comments posted by many who were trusting only what's been in the media.

We were with Storm for nearly 12 years, paid off our neg equity position and are proceeding with our own litigation against their PI insurance and have appointed MacDonnells. We also met with McCullough Robertson who were excellent with initial advice but were going to be too pricey.

There is a get together in Redcliffe (northern Brisbane) tomorrow, however we are not going.
 
Scratchthecat, Good luck.

Don't want to contaminate this thread, but could you on the other thread give a brief outline of how clients stand legally?

Would Storm have had sufficient professional indemnity insurance to cover losses?

Can you comment on the allegations that loan applications contained inflated property valuations and income levels?
 
There are many legal precedents on what is considered reasonable advice and they are a basis for suing.
Anyone have a Townsville support group phone number? I'm just intereseted in what others are experiencing, saying - not supporting Storm philosophy.
 
We are waiting for the official advice and statement of position from the lawyers which should be with us by the end of this week.

We had a chat with them yesterday regarding the administration and they said that they suspect that the ability to claim against Storm's PI may have closed now that they are in administration, we are waiting for confirmation of this in writing. Luckily we asked the lawyers to write to Storm before Christmas advising them we were proceeding with litigation and advising them to notify their insurers, we have a written response from Storm that this was done but have not received anything in writing from the insurers.

You may want to check with your legal advisers as to whether you can still proceed with claiming against the PI if that is your strategy.
 
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