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ePayments is gone!

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Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Is anyone planning to go back to business as usual with them if they return? Or are people simply waiting to withdraw their money?
 

amateur

New member
Is anyone planning to go back to business as usual with them if they return? Or are people simply waiting to withdraw their money?


If they back to business I will keep working with them. If they fix this and get back into the business there is no chance to fall again in this situation, I think...
 

Admin

Forum Moderator
Staff member
Elite Member
If they back to business I will keep working with them. If they fix this and get back into the business there is no chance to fall again in this situation, I think...
Why do you think that?
 

amateur

New member
Why do you think that?
Well, they were good for 4-5 years never had a problem, so if they continue to work, this will be "one-time problem" so probably they will continue and be careful to avoid the same situation the second time.

On the other side, if they not continue, that means they will probably take our money, and in that case, we don't have any choice :) That is a way I see the stuff...
 

cardbit

New member
Hello guys,

Has anyone got any insides on when e-payments will re-launch, or close down? I heard they are chaging relationship managers for Corp clients, maybe they provide updates on what’s happening? It very irrretating that they leave no concrete news for their clients for over 3 months.
 

amateur

New member
Hello guys,

Has anyone got any insides on when e-payments will re-launch, or close down? I heard they are chaging relationship managers for Corp clients, maybe they provide updates on what’s happening? It very irrretating that they leave no concrete news for their clients for over 3 months.

Well they didn't provide anything new on their blog for more than a month, maybe 2 months, so I think they are gone :(
 

amateur

New member
I saw this yesterday, a friend sent me, I am not very optimistic but this maybe can help (petition for UK government to do something about their company repayments, when I say "their" I mean company that has licence to operate from Uk...)
 

reesek

EU IBANs for everyone!
Silver Member
there will be a serious "bank run" when (if) they reopen
 

reesek

EU IBANs for everyone!
Silver Member
when they open up, everybody and their brother will withdraw all the money
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
when they open up, everybody and their brother will withdraw all the money

Apart from amateur I guess (see below)...lol. But your right if people don't pull their money out of this EMI immediately after it has been held during a pandemic I don't know what to call such people other than complete suckers for punishment.

If they back to business I will keep working with them. If they fix this and get back into the business there is no chance to fall again in this situation, I think...
 

speedster

New member
there will be a serious "bank run" when (if) they reopen
Although I do agree that most would withdraw their deposits, you can't have a "bank" run on something that isn't a bank. Since an emi doesn't use deposits as reserve for loans, mass withdrawal shouldn't be a problem.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Although I do agree that most would withdraw their deposits, you can't have a "bank" run on something that isn't a bank. Since an emi doesn't use deposits as reserve for loans, mass withdrawal shouldn't be a problem.

If people all rush to withdraw their money the EMI cannot make any further money from them....lol. The business model becomes unsustainable and the business will go poof after capital runs out.
 

speedster

New member
If people all rush to withdraw their money the EMI cannot make any further money from them....lol. The business model becomes unsustainable and the business will go poof after capital runs out.
Indeed, but it is different to a bank run. In a bank run there aren't enough available funds to repay the deposits as the funds have been lent out. With an EMI it's different - everyone can withdraw their deposits and the EMI can rebuild their business with the few clients they have left / new clients.
 

KJK

Entrepreneur
Indeed, but it is different to a bank run. In a bank run there aren't enough available funds to repay the deposits as the funds have been lent out. With an EMI it's different - everyone can withdraw their deposits and the EMI can rebuild their business with the few clients they have left / new clients.
Exactly. In theory. ePayments shouldn't have done any funny things that a bank can do (issue loans, invest into bonds, lend money to another fin. institution). So they should have all the money available and be able to send it immediately.

In practice, you have no idea what is the actual problem with ePayments. The regulator didn't like something... My opinion is that they probably have enough funds but something is still preventing them from continuing operations. So they are probably dead, the same was as Mister Tango is "dead" (despite what their homepage claims).
 
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