Peter of England: He’s still F RE?

[Philistine]

Peter didn't care what the "administration" was like. He knew it didn't matter except as far as keeping as many suckers on the hook for as long as possible.
How good does Santa Claus' admin have to be to keep that list squared away and accurate?

[mufc1959]

From the Daily Mail.

Many borrowers face losing their home after signing up to an unauthorised online bank called WeRe

http://www.dailymail.co.uk/money/mortga ... -bank.html

[guilty]

From the Daily Mail.

Many borrowers face losing their home after signing up to an unauthorised online bank called WeRe

WeRe could not be reached for comment.

[Chaos]

and, of course, the misplaced anger:

The Financial Ombudsman has received dozens of complaints from borrowers who are furious their lender won't accept cheques issued by a website called WeRe Bank.

[rumpelstilzchen]

In one recent case, a man faces having his home repossessed after he tried to pay off his £67,500 mortgage with a cheque issued by WeRe Bank. The customer's lender, The Mortgage Works, refused the cheque and the man complained.

But the ombudsman ruled The Mortgage Works was entitled to be paid in legal tender and that the cheque was worthless.

WeRe could not be reached for comment.

Comedy Gold. I hope the idiot loses his home.

[Dr. Caligari]

I hope the idiot loses his home.

...and his mother-in-law's home, too?

[SteveUK]

The funding in full, some worthwhile sound bites. Worthless REs, misinterpretation of Denning etc, all hilarious stuff

http://www.ombudsman-decisions.org.uk/v ... eID=104875

[Jeffrey]

Steve has struck gold:

WeRe Bank was launched in the UK in about April 2015 by an individual. It isn’t a regulated bank, a limited company or a partnership. It is operated by a sole trader, via a website and a mobile phone number.

[SteveUK]

Steve has struck gold:

WeRe Bank was launched in the UK in about April 2015 by an individual. It isn’t a regulated bank, a limited company or a partnership. It is operated by a sole trader, via a website and a mobile phone number.

I can't take full credit, but my favourite part

"In fact, Re has no value and the ‘cheque’ is a worthless piece of paper."

[Hercule Parrot]

In one recent case, a man faces having his home repossessed after he tried to pay off his £67,500 mortgage with a cheque issued by WeRe Bank. The customer's lender, The Mortgage Works, refused the cheque and the man complained.

But the ombudsman ruled The Mortgage Works was entitled to be paid in legal tender and that the cheque was worthless.

Comedy Gold. I hope the idiot loses his home.

This would be the Ombudsman's adjudication here - http://www.ombudsman-decisions.org.uk/v ... eID=104875

Interesting that the ombudsman went into some detail in the rejection, explaining quite bluntly that Were Bank is a scam.

"I understand Mr O feels very strongly about this matter. I appreciate that he genuinely believes a WeRe Bank ‘cheque’
is a valid method of paying off his mortgage. But, for the reasons I’ve given above, it is not. Mr and Mrs O’s mortgage debt has not been repaid and remains outstanding"

I don't share the ombudsman's sympathy. I think Mr O is a blustering cheat who hoped to evade a substantial debt.

[mufc1959]

it’s interesting to note that WeRe Bank refuses to accept payment for monthly
subscriptions in Re or WeRe Bank ‘cheques’. It will only accept payment in cash, sent by
post to its mailing address. So if WeRe Bank will not accept its own invented unit of currency
or its own ‘cheques’, I see no reason why TMW should be under any obligation to accept
these either.

[exiledscouser]

Steve, excellent find and as good a debunk of Peter's Folly as I've read. Mr O pressed this through two complaints and by now he should be realising he's been conned.

The gentle style of the Ombusman belies the total and intelligent forensic destruction of Peter and his mad financial theories.

There are some negative FB postings appearing, worth a read before the Ministry of Truth culls them.

Nice find.

[rumpelstilzchen]

I am very sorry Mr and Mrs O are in this position. Mr O has paid cash to WeRe Bank for
what is, in effect, a book of worthless pieces of paper designed to look like genuine cheques
but which have no actual value and can’t be used to pay debts. In addition, Mr O has signed
a contract in the form of a promissory note to pay WeRe Bank £150,000. I don’t know if
WeRe Bank will ever call in the promissory note. But I’ve looked at the template on its
website and it seems to me to create a legally binding obligation on Mr O to pay the money if
WeRe Bank demands it.
So the only party which has benefitted from this transaction is WeRe Bank – it’s receiving
subscriptions in cash from Mr O and it also has a written promise from him that he will pay it
£150,000. This leaves Mr and Mrs O in a very vulnerable position. It’s possible Mr O has
been the victim of a scam. If Mr and Mrs O believe this to be the case, they might consider
contacting the police or Action Fraud about this.

[SteveUK]

Looks all quiet on his FB page, got a link, or perhaps he's being quicker than normal with the delete key...?

[grixit]

These people are starring in their own private versions of "Jack and the Beanstalk". They believe that the people trying to tell them they got cheated are in for a shock.

[Seelenblut]

Disenchanted former Were guru Werner Peters has published an open letter to PoE and his wife Karin on his website (http://wemepes.ch/wepe/were-bank-nachrichten-online) - I apologize for the shaky translation, he himself has published both German and English version and I thought it better to provide you with the "original", even so it seems Google translated.

Hello Karin and Peter,
unfortunately is no longer responded to my questions of you and also it seems that the unforeseen things do not work, such as the exchange of so-called. LLTS in cash on its own or on a foreign account.
What should I do?
I myself have done everything to be accessible to you and bring your program „Were bank“ in Germany into a run. However, all in vain.
Any legal action against the local banks on my part came to nothing, on the contrary, I have been challenged by the judiciary here immensely and it is my arrest in space, because your LLTS are not redeemed.
The prosecutors and local banks collect the issued LLTS a simple and impose penalties for alleged check fraud.
Many of my clients have such ads on the neck, have lost house and home, ended up in prison, and more.
In my opinion, you’ve gone with your program of „Were Bank“ much too early to the public.
There also a lot of people are now legally must now take action against you and Karin, because you as so. Trustees of the promissory notes your obligations in a relationship oriented are not complied with.
I have been a temporary hold all of the events and will keep your next step closely and pursue. Now you should as soon as possible back your obligations as a trustee. I myself will see your recent senseless bustle and only until the end of April 2016th Should nothing change I’ll call all your customers throughout Europe to against yourself legally proceed, which would mean your ruin and personal ruin.
So I give you to put everything in order just 30 days from today time. How do you do your thing. Until then, everything has to work!

[SteveUK]

Brilliant stuff. Sounds like the beloved freeman 'class action' winds are blowing in from the east.

Didn't realise Karin, his PR guru, was his missus....... I wonder if the marriage will survive this PR disaster. Maybe that camper van will become his usual residence after all....

[mufc1959]

Thanks, Seelenblut. I wonder if PoE will position this in the same way as the Djon business, and claim an insider is deliberately trying to sabotage his German operations. He certainly won't accept for a second that it's his fault that people have lost their homes and ended up in court.

[mufc1959]

Another report on the FOS decision, this time from FT Adviser, with an added quote from PoE.

http://www.ftadviser.com/2016/03/30/reg ... ticle.html

WeRe Bank’s website is currently inactive, but its founder who calls himself Peter of England told FTAdviser that the instruments it deals with are valid.

“The promissory note is predicated on the fundamental bedrock that underlies every financial transaction. One man’s promise is as good as another man’s just as our money is as good as any other bank.

“We’re not a corporate entity, so we don’t want anything from the government or the regulators and they can’t touch us either.”

He added that WeRe Bank is now in over 50 countries and no regulator has been able to disprove their model.

[longdog]

One man’s promise is as good as another man’s just as our money is as good as any other bank.

Except of course it's not.

Leaving aside the very obvious fact that the number of ReMembers that have the intention let alone the ability to honour the promissory notes is somewhere south of zero what does he think a credit rating is if not a measure of how good or bad a person's or organisation's promise is? My promise to repay money owed to friends is 100% sound but my promises to repay my consumer debts is worthless... Well... At least I admit it

As for the Re being as good as the Pound Sterling or the Euro...