Icesave-please help/advice!!!!

f_@_w_y

Dear Icesavers,

Some hopes.... not in consumer page but look in industry page...

http://www.fscs.org.uk/industry/

FSCS is doing behind the curtains something about icesave.....

Look at the consumer page as well now.....

f_@_w_y

There is another good news.... We got a new caretaker... who issued a statement...... Chief Execitive Loretta Monghella (FSCS)

johnedwards3005

According to BBC R4 Money Box today, Icesave fixed interest account-holders WILL continue to accrue interest until the original maturity date - BUT it will not be paid out monthly (where relevant), instead being paid on maturity with the principal.
I guess that's fair (given the good rates), but it won't be good news for those folks who depend on the monthly interest payments for living costs - especially if the maturity is years away..

oql61

johnedwards3005 wrote: »

According to BBC R4 Money Box today, Icesave fixed interest account-holders WILL continue to accrue interest until the original maturity date - BUT it will not be paid out monthly (where relevant), instead being paid on maturity with the principal.
I guess that's fair (given the good rates), but it won't be good news for those folks who depend on the monthly interest payments for living costs - especially if the maturity is years away..

I'm sorry, but I don't see what's fair about those with fixed rate accounts earning interest during the (protracted) compensation period, while those with instant access accounts and fixed rates accounts that have just matured since the collapse of Icesave getting nothing.

cwcw

oql61 wrote: »

I'm sorry, but I don't see what's fair about those with fixed rate accounts earning interest during the (protracted) compensation period, while those with instant access accounts and fixed rates accounts that have just matured since the collapse of Icesave getting nothing.

Agree entirely. It should be either all interest owed for all customers up to the point of compesation, or no interest owed for all customers after the point of default. It simply cannot be fair for some types of account to still be earning interest while others are earning nothing.

Broadback

Will we need to be wary when we eventually get forms to fill in to reclaim money if we have Isas? Thinking I would be prepared I approached a bank about transferring Isas in, their reply was that they (the bank) had to do the work of transferring, not the customer. It would rub salt in the wound if through maladministration we lost our tax shelter!

murphydavid

cwcw wrote: »

Agree entirely. It should be either all interest owed for all customers up to the point of compesation, or no interest owed for all customers after the point of default. It simply cannot be fair for some types of account to still be earning interest while others are earning nothing.

Sorry to be argumentative but

I don’t think the original post said anything about the non fixed accounts - fair or not fair. I think it said it was fair that the original terms of the fixed rate accounts was being maintained which it is. Then it infers that it is unfair that the fixed account people would not be able to access their interest in such a way as to pay themselves income which, if that was the way they set up their account, it is unfair.

I think you will get your interest and I believe it would be very unfair if you didn’t. But it would give you a much stronger case if the fixed rate people are getting it.

So I don’t agree that it would be O.K. not to pay anyone any interest (your second option). In my book that is not a fair option.

Generally if something unfair or bad happens to a group of people I don’t think it is any fairer that that unfair thing should happen to everyone else. I think that in this case the fact that someone is being treated correctly would not be the reason why someone else is getting a bad deal.

Scorpion1_2

Broadback wrote: »

Will we need to be wary when we eventually get forms to fill in to reclaim money if we have Isas? Thinking I would be prepared I approached a bank about transferring Isas in, their reply was that they (the bank) had to do the work of transferring, not the customer. It would rub salt in the wound if through maladministration we lost our tax shelter!

I'm sure that we'll eventually get our ISAs back with the tax free status still intact. I'm just disappointed that we haven't yet been given an approximate date by the FSCS of when the forms will be sent out to us.

LGG_2

from what it says on the FSCS site is appears to me they are trying to come up with a quicker way of getting the money back to us without sending forms out

greyster

I do wonder if they have considered transferring all our ISAs to a UK nationalised bank . Obviously we can transfer out but there will be many who won't, therefore benefiting the nationalised bank.