Icesave-please help/advice!!!!

antilles

PintoPotts wrote: »

TO CLARIFY RE: The first £16000

I have phoned and spoken to the FSCS the made it VERY clear in no uncertain terms that they will only be able to help with the amounts between £16000 to £50000, the amounts £1 to £16000 is the responsibility of Iceland.

They made it 110% clear that if Iceland fails, they will not step in and cover the first £16000.

So the first £16000 is in the hands of Iceland and there is NO safety net offered by the UK.

I have £10000 in Icesave cash ISA's and I am worried!

So if the FSCS will not guarantee the first 16K then effectively anyone with money in Icesave will be stuffed to some degree if Iceland cannot meet the deposits. The FSCS must step in and do something about this otherwise as soon as the Icesave website is allowing withdrawals almost everyone in the UK is going to attempt to move their money to protect themselves.

Stormy

antilles wrote: »

So if the FSCS will not guarantee the first 16K then effectively anyone with money in Icesave will be stuffed to some degree if Iceland cannot meet the deposits. The FSCS must step in and do something about this otherwise as soon as the Icesave website is allowing withdrawals almost everyone in the UK is going to attempt to move their money to protect themselves.

Also whats the point of the gaurentee from Iceland if when it comes to the crunch they cannot gaurentee it!?!? Effectively the promises quoted from Icesave and on the best buy tables here was pretty meaningless if thats the case.

homer_J123

Having re-read this piece several times, I've come to the conclusion that acutally there is absolutely NOTHING here that confirms that Icesave is going bankrupt.

Looks like a completely re-hashed piece.

Anyone else feel the same?

Clicky...

fitnessqueen_2

antilles wrote: »

So if the FSCS will not guarantee the first 16K then effectively anyone with money in Icesave will be stuffed to some degree if Iceland cannot meet the deposits. The FSCS must step in and do something about this otherwise as soon as the Icesave website is allowing withdrawals almost everyone in the UK is going to attempt to move their money to protect themselves.

I made this point in another thread- I have an ISA account and if I apply to transfer it out when/if the accounts are unfrozen it could take 30 days and by then I would imagine all the UK depositors would have taken their money and run to the hills....

Glass_Half_Full_3

I posted this info on the forum this morning.
I'd recommend that you read it - you'll get an idea of the likelihood of the BACS system delivering your/my money this week.

"I've done some reseach on the secretive BACS system which you're welcome to benefit from.
Don't bother speaking to your bank - they probably don't understand exactly how the process works themselves (I know, I tried).

Depending on how you read the following web pages, the money may be frozen (according to the ombudsman's site) or it's currently in the clearing system (according to the Radio 4 site) and will appear in her account later this week.

http://www.financial-ombudsman.org.u...-debits-38.htm

http://news.bbc.co.uk/hi/english/sta...ts/cheques.txt

See what you make of the info.

Hope this helps"

Andrew64

Landsbanki is most likely now being run by government-appointed administrators. I doubt that they even consider the British savers.

jm104

I closed regular accounts with Icesave on sunday through BACS. I checked website today and accounts have been closed so presume all is well. My big headache is the £20k I have in a fixed account (finishes in 6 weeks!!). I don't need it ASAP but want to be reassured I won't be getting only £4.5k back.

I got through to Icesave first thing this morning and they did say everyone would get everything up to £50k back and all tranfers up until this morning were going through but how definite this is I don't know - we just need someone to say something that is not supposition!

Scooby64

renard wrote: »

If I read it correctly, the actual withdrawal from Icesave and credit into your linked account does not take place until the third banking day! :eek:
So, if Icesave has gone bust, does that mean that transfers currently in progress will be "bounced" by them on the third day?

Yes - that's sort of what I meant when I said CHAPS was different. I hope I'm wrong but I think there will be some very unhappy people tomorrow morning

talltony_uk

I'm totally gutted... I feel that it was this website that talked me into placing my life savings into an Icelandic bank... and for what a few extra pounds a month. I think Martin Lewis should have told everyone to transfer a week ago when this started hotting up, come on Martin what's your view on this, will we loose the first 16K of our savings if and when they fall?

mybrainhurts

PintoPotts wrote: »

TO CLARIFY RE: The first £16000

I have phoned and spoken to the FSCS the made it VERY clear in no uncertain terms that they will only be able to help with the amounts between £16000 to £50000, the amounts £1 to £16000 is the responsibility of Iceland.

They made it 110% clear that if Iceland fails, they will not step in and cover the first £16000.

So the first £16000 is in the hands of Iceland and there is NO safety net offered by the UK.

I have £10000 in Icesave cash ISA's and I am worried!

Things may be slightly less bleak than you think. I don't see Brown surviving if 200 000 + voters lose £16000 apiece because f a government approved scheme.

You might want to write to your MP at https://www.writetothem.com and, if he's labour, tell him you will blame Brown personally for any loss you suffer. Also ask him why the government has so far failed to seize Landsbanki's UK assets to compensate UK savers.