Icesave-please help/advice!!!!

favemuppet

The problem with all this is that everything we are reading is OPINION whereas what we need is ADVICE.

About time - Which? have finally got on the case.

http://www.which.co.uk/news/2008/10/icesave---latest-news-for-which-savers-158413.jsp

pararct

Okie wrote: »

lol
wrong again. Iceland are part of the European Economic Area (EEA) which means that they fall under a number of EU trade laws in the same way as EU member states. Most of the legislation that relates to the current banking crisis was introduced pre-1993 and is still correctly referred to as EEC legislation. Only legislation brought in after the name change in '93 is referred to as EU legislation.

And the remainder of your answer?

It remains to be seen if Iceland will abide 'by its partner responsibilities' going forward..
They don't really have much to lose if they do not do they?

herbie72

edwinac wrote: »

Why are your sights not trained on the sophisticated confidence tricksters who lured us into posting our cash to a virtually unknown tin-pot bank on a sparsely-populated and remote island in the North Atlantic?.........

Are you including Martin Lewis in that, then? 'Cos he's the reason I opened my Icesave cash ISA - his advice on this website.

I'm fortunate enough to be selling my house atm, I managed to get a buyer. But the legal and estate-agency fees were coming out from my Icesave cash ISA. Now this! I don't know whether I'll now be able to complete the sale, now!

Okie

an update from fscs on the icesave situation is now on their website

from a call to their hotline earlier today I got the following:

the first 20,000 euros of any claim will be payable by Iceland's government, with the remaining amount up to £50,000 payable by the fscs.

Amounts above £50,000 are not covered by anyone and will probably be lost under the current scheme

In the event that the icelandic government goes bankrupt and does not pay the first 20,000 euros (the only scenario in which iceland's government would be freed from the EEC legislation requiring it to pay up), the fscs currently has no intention of stepping in and covering this shortfall. The reason being that the fscs is funded by commercial banks who are members of the scheme, not the government as some people in the media assume. As icesave was not a paid up member of the scheme (only a 'top up' member), the other banks will not be under any obligation to bail them out for the first 20,000 euros, and are hardly likely to do so out of goodwill.

of course this is a fluid situation and UK government intervention could yet mean that the fscs stance could change on both the £50k limit and 20k euros if icelands government doesn't paid...we'll have to wait and see

Okie

just to add, european legislation requires claims to be settled within 3 months of claim. I believe the EU can levy further penalties on institutions and governments who fail to meet this deadline, but of course this is all untested legislation

northern5

herbie72 wrote: »

Are you including Martin Lewis in that, then? 'Cos he's the reason I opened my Icesave cash ISA - his advice on this website.

I'm fortunate enough to be selling my house atm, I managed to get a buyer. But the legal and estate-agency fees were coming out from my Icesave cash ISA. Now this! I don't know whether I'll now be able to complete the sale, now!

Why don't you use the proceeds from the sale?!! Just a suggestion!

herbie72

northern5 wrote: »

Why don't you use the proceeds from the sale?!! Just a suggestion!

The (small) proceeds!! Aye, good thinking there :beer:

vishy01234

edwinac wrote: »

I fancy you're either a shill, or a dupe, or a combination of both.

It is incredible that you are attacking the well-meaning posters on this forum - who repeatedly warned of impending disaster at the Icelandic banks.

Why are your sights not trained on the sophisticated confidence tricksters who lured us into posting our cash to a virtually unknown tin-pot bank on a sparsely-populated and remote island in the North Atlantic?.........

Just what is Vichy's game?! He's got to be a fraud!

Listen you prat - all I am asking you to do is to stop making people feel like craap and dishing out investment lessons.

As for you calling me things like a fraud, shill (you definitely watch too much of that Real Hustle programme), etc. It's utterly nonsensical for one, therefore, I would expect that from you. Just as you wouldn't have the balls to dish out your investment sermons to the faces of the people that were cueing up at Northern Rock when that institution was going into meltdown a few months ago, I am sure you would not have the balls to call me names to my face. You certainly need a slap.

danmck_2

cazzybabe wrote: »

I can't log in to get a statement - can you?

I had no idea about this, i only went in to withdraw a few hundred pounds for a bill coming up and came accross all of this.

I only have a couple of thousand pounds in here, but it is all i do have and it is needed for forthcoming bills.....What happens now, do i have to beg borrow or steal because i cant get hold of MY SAVINGS !!!

Hi Cazzy

This caught me on the hop as well! I've printed my statement about five minutes ago, so problems logging on.

danmck_2

That should be 'NO problems logging on above!