Icesave-please help/advice!!!!

skiman1

fatpig wrote: »

I have it on good authority that the Martians (the big Green Men) are invading the Earth next week so it's probably best to worry about that instead

when do they arrive

Scorpion1_2

captainkevos wrote: »

Try Martin's new thread here.....

http://forums.moneysavingexpert.com/showthread.html?t=1233693

Many thanks captainkevos

terricfan

We should have compensation by the end of November. Allegedly.

http://news.bbc.co.uk/1/hi/programmes/moneybox/7690682.stm

DonC

terricfan wrote: »

We should have compensation by the end of November. Allegedly.

http://news.bbc.co.uk/1/hi/programmes/moneybox/7690682.stm

Thanks for the link.




Since they're talking about compensation rather than unfreezing the accounts, would i be correct in assuming that fixed deposits will also be compensated?

terricfan

More good news.

http://www.telegraph.co.uk/finance/personalfinance/savings/3267296/Payouts-to-start-for-Icesave-customers.html

EagerLearner

Their headline is a bit misleading:
"with some receiving payments within the next 10 days"

When the article lower down infact states:

"new automated payment process was expected to be in place in 10 days' time"

Anyway - cash back by the end of November sounds good to me!

mjmal51

I see that Icesave have just updated their homepage, nothing really new but shows things are moving
Update on the status of Icesave

28 October 2008

Dear Customer

Due to current unusual circumstances in the financial market, the Icelandic Financial Supervisory Authority (FME) announced its decision on 7 October 2008 to assume the powers of a meeting of the shareholders of Landsbanki Islands hf. (the Icelandic bank of which Icesave is a registered trading name) and dismiss its board of directors. It also appointed a committee to take over all authority of the board including oversight of all handling of the bank’s assets and its other business.

On 9 October 2008, HM Treasury stated that the Chancellor had put in place arrangements to ensure that all retail depositors in Icesave will receive their money in full.

On 24 October 2008, Financial Services Compensation Scheme (FSCS) announced that retail depositors with savings in Icesave will get back their savings through an accelerated process. The FSCS expects to launch the process on or about 3 November 2008 and state that they will prioritise the need to give Icesave customers some certainty and to move to a speedy payout as quickly as possible. For further details of the system that the FSCS expects to put in place, please refer to the FSCS website at www.fscs.org.uk.

Customers are advised to follow all updates that will be posted on relevant websites.

Transalper

Have just come off the phone from the FSCS and asked a few questions, OK, I was the Spanish inquisition but I have to leave the UK soon so I want to know answers. The person I spoke to seemed confident that we will be emailed extremely soon and the compo WILL go into our linked accounts. As for the ISA I still don't know how this will be done. I asked if I will have to open a new account with nil balance but got no answer of use. If I open a new ISA ie B&B the fact is, if you don't put money in, in first 30 days it expires. But, in all a good sign that some money (not sure about fixed/bonds) will be in our grasp in that 30 days. I hope so!:j

EagerLearner

Best keep our eyes on junk and spam folders in case the e-mail goes there - also we need to keep eyes peeled for official communications as there's always a chance spammers phishing for secirity info will latch onto this.

Primrose

Actually, considering the size of the problem and the fact that the Compensation Scheme has never before had to be tested so they were in new territory, I think the FSCS have acted very speedily. It has obviously been a steep learning curve for them and if we are all compensated and get our money back by the end of November I think we can say that this has been dealt with very efficiently. Would still like clarification though, as to how compensation is going to be handled for those of us who have fixed term bonds which are not due to mature for another one or two years.