Live on £4000 for a year - part 4 (Oct - Dec 2008)

Skint_Lynne

I think it's really scary that all these banks are dropping like flies, I had never heard of icesave before this morning, but there you are, another one bites the dust, how many more will come out of the woodwork. I had a quick squint at the bbc website and it is reporting on a guy who is getting married in November, his money, hsi daughter's money and OH's money are all in it, 98,000 between him and his Oh alone, it does not mention how much the daughter has in it. And of course, Lynda's money. This affects real people who have saved for years and then get the frightners put on them with something like this.

Hopefully it won't take too long for compo money to be paid out. Then, where would you keep it? Under the matress sounds like a good shout to me!!

SL x

Frugaldom

This is absolutely appalling! It's an outrage! They saw it coming, they did nothing about it! Lynda I really hope this mess gets sorted out soon enough to avoid any serious repercussions. I don't know what else to say - this is a really **** day!

bails

I've just spent all morning catching up on the thread and am now way too tired to reply!!
Janey, big hugs, I have so much admiration for you. I hope your mum settles in soon and that life can gradually feel a little less empty for you in time xxx
Lynda, so sorry about your deposit, I really hope it doesn't affect your move.
lots of love to everyone else and welcome to any newbies over ther weekend. I'll be back soon with more energy x

lyndasharp

I've got £26k in Icesave, my Dad has about £16k... both in ISAs. So we should both be covered by the FSA but I'll be needing the money in the next few weeks otherwise I won't be able to pay for the house. I was a bit worried the other day, but it would have taken too long to do an ISA transfer and I didn't want to lose the tax free status by taking the money out too early, in case the house falls through for some reason. Looks like that may have been the wrong decision, can't do anything about it now.

I've got a few thousand in Kaupthing too... hopefully that bank will still be up and running when I get home from work, so I can at least get that back.

taka

_pale_ I'm so sorry Lynda - I hope you can get your deposit back in time and its all covered... I can't do neat linkys so the following is what the FSA website is saying...

http://www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html

From the BBC news website...

"Landsbanki later issued a statement saying it had gone into receivership, not liquidation, and that the Icelandic Financial Services Authority had appointed a receivership committee. "

:wall:As I understand it the FCSC can't sort out compensation until Icesave are declared Insolvent which hasn't happened yet :eek:

Good luck Lynda...


For once I am glad I've been dragging my heels filling in the forms to transfer my old crappy interest rate ISA - guess who I opened an account with for it to be transferred to... :eek: Actually thats who I said I'd fund for this years cash ISA money too on the forms and had to click allsorts saying I'd only open one this year etc! Any idea if I can open one with someone else now for this tax year?

Skint_Lynne

lyndasharp wrote: »

I've got £26k in Icesave, my Dad has about £16k... both in ISAs. So we should both be covered by the FSA but I'll be needing the money in the next few weeks otherwise I won't be able to pay for the house. I was a bit worried the other day, but it would have taken too long to do an ISA transfer and I didn't want to lose the tax free status by taking the money out too early, in case the house falls through for some reason. Looks like that may have been the wrong decision, can't do anything about it now.

I've got a few thousand in Kaupthing too... hopefully that bank will still be up and running when I get home from work, so I can at least get that back.

How long would it take for the government to give you compensation for losin your money, does anyone know?

lyndasharp

Skint_Lynne wrote: »

How long would it take for the government to give you compensation for losin your money, does anyone know?

I've seen something saying three months, but in reality it's never been tested so I don't think anyone really knows. It's complicated by the fact that the first £15k comes from Iceland and the rest is from the UK - and if Iceland can't pay I don't think the first £15k is covered at all.

Skint_Lynne

lyndasharp wrote: »

I've seen something saying three months, but in reality it's never been tested so I don't think anyone really knows. It's complicated by the fact that the first £15k comes from Iceland and the rest is from the UK - and if Iceland can't pay I don't think the first £15k is covered at all.

:eek: :eek: :eek: :eek: :eek: :eek: :eek:

Lynda, there's a lot of discussion on other threads re: this under savings and investments. I can't do the link thingys, so hope you can find it. I think that if Iceland don't pay out the first lot of money, then our government would need to due to public outcry.

SL x

lilac_lady

In my local Co-op yesterday, at 2.30pm, I bought a pineapple - 25p, 4 kiwi fruits -25p, large carton of cherry tomatoes - 50p. All were in excellent condition so I think that's the best £1's worth I've had for a long time. Felt very virtuous!.

bails

Lynda I read something that said if Iceland can't cover the initial 15k (which is looking unlikely) then they will be bailed out by Norway, Sweden and another country (Denmark?). Read this on Times online, will scoot for link... here's the link. Really hope you can get it sorted hun xx