Icesave-please help/advice!!!!

MoneyMunky

SUNDAY NIGHT TRANSFER - INFO FROM ICESAVE CALL CENTRE

discoinferno_99 - we did exactly the same as your sister-in-law and tried to transfer our savings via BACs into our current accounts on Sunday night (when we first heard about the problems with icesave).

Our money is not yet showing in our current accounts either, so my girlfriend called icesave and was told that it should go through ok, she said the BACs transfer should clear in 4 working days (Thursday 9th Oct).

My girlfriend also asked about CHAPs (same day transfers) as her dad used this method yesterday evening, she was told that he should check his current account after 5pm today as this is more uncertain at the moment because it was only done last night.

We've got everything crossed, this is our wedding money!! Good luck everyone and ignore the unhelpful 'told you so' posts.

pararct

vishy01234 wrote: »

Who is this idiot? I cannot stand smug, gloating individuals like you ... your last two posts are nothing short of a disgrace. Stop making people feel so bad - you might think it's funny laughing at other people's pain (you quite clearly haven't been affected so see fit to mock those that have).

That idiot as you so eloquently put it is perfectly entitled to his opinion.

You need to understand the term investing.. If you do then why did you invest in Icesave when there are perfectly acceptable UK banks where you could have lodged your funds.
You did so because they were offering an interest rate you could not get in the UK?

Did it not strike you as to how they were able to offer that rate and the potential risk in you investing within it?

Wiki Definition of an investment

http://en.wikipedia.org/wiki/Investment

Investment is the choice by the individual to risk his savings with the hope of gain.

My Bold..

Whilst I sympathise with your and others predicament the old adage a fool and his money are soon parted seems as topical as ever!!

edwinac_2

DigitalJedi wrote: »

So what are the chances of an entire nation going bankrupt?

Look to South America for an answer. Most recently, Uruguay and Argentina, once the wealthiest nation of the sub-continent.

In the case of Argentina, which defaulted on its crippling IMF loans, emergency measures known as the Corralito were imposed by the government to try and rescue the collapsing economy.

Savers were stopped from withdrawing more than 250 pesos a week from their accounts (about £30 in 2002). Severe economic austerity led to street riots, but the government didn't buckle for 18 months.

As for the Icelandic banking crisis, this probably spells the end for the island as a sovereign nation state.

As a condition of any bailout, it could be forced into joining the eurozone, thereby surrendering most of its economic and political independence.

Mission Accomplished for the New World Order.

There is a well-known book on the machinations of the financier oligarchy - Confessions of an Economic Hit Man by John Perkins.

Perkins documents the contrived economic crises used by the oligarchy to force its will, and the assassinations of those who refused to surrender - Roldos, Torrijos and Spadafora, to name just three...

I see much of Perkins' book has been incorporated into a video documentary - Zeitgeist - Addendum.

jenette

discoinferno_99 wrote: »

My sister-in-law closed her Icesave savings account on Sunday evening and tried to get it all moved to her current account so that she could then place it somewhere fully UK based.

No sign of the funds yet to her current account, which I don't think was to be expected anyway even if this was going on. She has tried contact Icesave and they can't help her with any information as they seem to know nothing yet themselves.

Does anyone know what the likely scenario is here? Would the money have already been processed and going through the system, or has she missed the bus and will no need to follow whatever the process is when the dust settles?

By the way, my thoughts are with all of the Icesavers on here as it must be a troubling time, which hopefully will be positively sorted soon.

My daughter closed her account on Sunday afternoon and needs her money I assume we will know for definate on Thursday if the money arrives in her current account.

Richchad

pararct wrote: »

That idiot as you so eloquently put it is perfectly entitled to his opinion.

You need to understand the term investing.. If you do then why did you invest in Icesave when there are perfectly acceptable UK banks where you could have lodged your funds.
You did so because they were offering an interest rate you could not get in the UK?

Did it not strike you as to how they were able to offer that rate and the potential risk in you investing within it?

Wiki Definition of an investment

http://en.wikipedia.org/wiki/Investment

My Bold..

Whilst I sympathise with your and others predicament the old adage a fool and his money are soon parted seems as topical as ever!!

A lot of people invested in Icelandic banks because of the original £35,000 guarantee limit and restricted bank licences, which meant if you had a lot of money you soon ran out of UK banks and had to look elsewhere for your money to be "safe", and since most best savings charts recommended Icesave & Kaupthing Edge it seemed like a wise move....hindsight is a wonderful thing if you want to gloat.

favemuppet

Let's look at the facts as, understandably, there is an awful lot of speculation, gossip, and waffle.

1. There is no need to consider a claim for compensation yet as Landsbanki has not gone bust.

2. The government has taken control over the bank so it can get a grip and sort it out.

3. The bank has been put it into receivership. This is NOT the same as liquidation. If it was liquidated, it would have to pay out to all creditors. Receivership gives it short-term protection against anyone laying a claim on them.

3. The PM has stated that it has already begun restructuring the bank. Now, this could involve the selling off of its overseas assets and repatriating the money back to Iceland (as widely documented) and could also include (and I am guessing here), the sell-off of Icesave to another bank (a bit like what GB did with the sale of the Bradford & Bingley accounts to Santander).

4. As a result, and to fully evaluate what Icesave is worth, no transactions are allowed to take place. This is understandable. Don't forget, they are not even allowing you to put money IN.

5. Icesave have to sit tight and await instructions from the PM (and so do we for that matter).

Freezing the bank accounts is the only option (mine being one of them). If not, people would take all their money out - I would be tempted. However, if later on today, the PM announces that Icesave is being sold off to another big, strong, stable bank, say HSBC or Santander for example, no-one would worry and they wouldnt have lost a penny.

It's annoying having to wait, but all the time the Icelandic government is doing something, there is hope all will be OK.

geepster

discoinferno_99 wrote: »

My sister-in-law closed her Icesave savings account on Sunday evening and tried to get it all moved to her current account so that she could then place it somewhere fully UK based.

No sign of the funds yet to her current account, which I don't think was to be expected anyway even if this was going on. She has tried contact Icesave and they can't help her with any information as they seem to know nothing yet themselves.

Does anyone know what the likely scenario is here? Would the money have already been processed and going through the system, or has she missed the bus and will no need to follow whatever the process is when the dust settles?

By the way, my thoughts are with all of the Icesavers on here as it must be a troubling time, which hopefully will be positively sorted soon.[/quote

I applied to withdraw some money from my account on Sunday too, but didn't close it. I have just logged into the account and the withdrawal was processed yesterday and the money will be on it's way to my bank account but I don't expect it to arrive for a couple of days yet. I am sure this will be the same for your sister. Hope this helps.

vishy01234

Richchad wrote: »

A lot of people invested in Icelandic banks because of the original £35,000 guarantee limit and restricted bank licences, which meant if you had a lot of money you soon ran out of UK banks and had to look elsewhere for your money to be "safe", and since most best savings charts recommended Icesave & Kaupthing Edge it seemed like a wise move....hindsight is a wonderful thing if you want to gloat.

Well said. Those that are gloating right now and see fit to give an investment lesson at this tough and painful time are the lowest of the low. It probably satisifes some basic need that they have to display a level of authority that they maybe don't have in their real life. What goes around comes around.

Moneygoes2money

pararct wrote: »

That idiot as you so eloquently put it is perfectly entitled to his opinion.

You need to understand the term investing.. If you do then why did you invest in Icesave when there are perfectly acceptable UK banks where you could have lodged your funds.
You did so because they were offering an interest rate you could not get in the UK?

Did it not strike you as to how they were able to offer that rate and the potential risk in you investing within it?

Wiki Definition of an investment

http://en.wikipedia.org/wiki/Investment

My Bold..

Whilst I sympathise with your and others predicament the old adage a fool and his money are soon parted seems as topical as ever!!

While you are indeed entitled to your opinion, some of your comments too are somewhat insensitive. I invested money into Icesave knowing I may have to claim on Icelandic and/or UK compensation schemes. I was prepared to accept that risk. But what was never explained to me was the possibility of the compensation scheme being unable to pay!

haziec

Our daughter and son in law have 5K in Icesave towards their house deposit.
They went online and requested transfer of it into their bank account about 7.45am today. They can still log into the account and its showing "processed" and their bank account no which it is supposed to be going to. They have printed this off and the balance is now showing £1.09. What are the chances that this has gone through OK ?? I suppose it will be in their accounts by next Monday if they have been fortunate??
It makes me furious when people are criticising savers for using Icesave when many of the financial website and newspapers recommended them. Youngsters like our daughter and son in law are only trying to maximise their small savings for that seemingly unattainable home of their own !!

Good luck to all on here who are worried about their money and hope you are all successful.