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  • Aegis
    Aegis Posts: 5,688 Forumite
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    I have money with them, but I'm not worrying too much yet. I knew this was a risk (even if I thought it wasn't much of one) when I put my money there, and I knew the compensation limits. If I have to use one of the schemes, then so be it, but for the moment I'm just going to sit back and wait.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • jm104
    jm104 Posts: 43 Forumite
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    being thick here - if its operational and compensation not triggered how will this affect those in fixed term savings (I can't get my cash until mid Dec)
  • pavlovs_dog
    pavlovs_dog Posts: 10,199 Forumite
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    SeanW wrote: »
    There is no recovery, if they can and allow it, every brittish penny will be withdrawn, they've ensured this with the way it's progressed today.

    i'd be inclined to agree with this - i doubt many brits would be prepared to stick with them after today.

    does anyone know what would happen if you transferred your ISA to another provider and the bank folded before the transfer was complete? with your money in 'limbo' would you still be covered by the passport scheme?
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • rathernot
    rathernot Posts: 339 Forumite
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    Aegis wrote: »
    I have money with them, but I'm not worrying too much yet. I knew this was a risk (even if I thought it wasn't much of one) when I put my money there, and I knew the compensation limits. If I have to use one of the schemes, then so be it, but for the moment I'm just going to sit back and wait.

    I tend to agree.

    I have enough in there that I'd have lost out under the FSCS rules if this had happened yesterday (and I have to say it does seem mighty co-incidental that this happens the day after the limit is raised).

    Fortunately I'm lucky in that I don't need to access the money for the foreseeable, so I'm basically taking the view que sera, sera and it's covered even if it takes a little time, at least until there are firm facts and the dust settles a bit.
  • Fella
    Fella Posts: 7,921 Forumite
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    IT_nerd wrote: »
    If Gordon Brown gets my money back, I'll vote for him.

    Now THAT's panicking.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    rathernot wrote: »
    I tend to agree.

    I have enough in there that I'd have lost out under the FSCS rules if this had happened yesterday (and I have to say it does seem mighty co-incidental that this happens the day after the limit is raised).

    Fortunately I'm lucky in that I don't need to access the money for the foreseeable, so I'm basically taking the view que sera, sera and it's covered even if it takes a little time, at least until there are firm facts and the dust settles a bit.

    Yes but don't forget most people won't need instant access. For instance, one member on MSE has lots of savings and is svaing for a house deposit. Yet is wanting to take all the savings out.

    It just makes things worse!
  • IT_nerd
    IT_nerd Posts: 442 Forumite
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    Fella wrote: »
    Now THAT's panicking.

    Shhh, My fingers are crossed.
    Savings
    £14,200 with £1100 M.I.A. presumed dead.
  • fieldofdreams
    fieldofdreams Posts: 91 Forumite
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    Just come home and heard the news - if/when the compensation scheme pays out does anyone know if that will include interest earned?
  • Aegis
    Aegis Posts: 5,688 Forumite
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    fieldofdreams wrote: »
    Just come home and heard the news - if/when the compensation scheme pays out does anyone know if that will include interest earned?
    From what I remember, interest would be paid to the failure date. Above that, uncertain, it's never happened before.

    Of course, that would be the FSCS. Not sure about the passport scheme.

    I'm still not too worried just yet.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • darude
    darude Posts: 184 Forumite
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    More on ITV1 now
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