Icesave-please help/advice!!!!

Scooby64

Primrose wrote: »

Can't access Icesave's website and am away from home so can't access the Terms and Conditions of their Fixed Term Savings accounts. Are you able to withdraw/close the fixed term accounts before time and lose the interest due or is it simply "No Withdrawals at all" from them. (Realise this may be an academic question at the moment but would appreciate the answer if somebody knows it).

T&C's are irrelevent now - that's the whole point of creditor protection. Your money is locked until they establish the situation and decide how to trade forward

trickys77

The icelandic PM has made it clear that Icesave has enough assets to cover it's debts. Meaning IF icesave fails, then the selling of the companies assets would pay us as account holders off. This then also implies that it will not need assitance from the icelandic goverment. Even if it does need extra assistance, Iceland has just received a loan from Russia for the figure of €4bn for exactly this sort of event.....Then even if Iceland does goes bankrupt, I think it would be very unlikely that the UK government would do nothing, in fact such an event would have devastating global consequences not just on us account holders! All in all I think that it is unlikely we will lose all our cash, but we have to keep calm and sit tight and see what happens with Gordies meeting with the FSA at number 10 this evening.

One thing I would advise is to read the statement on the FSA website:

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

It suggests that should Icesave fail they will be contacting account holders, hence I recommend you all log into your accounts (still accessible even though we cannot move money), print off your account summary, and make sure your contact details are up to date.

bazaarboy

the head of the FSCS is being interviewed on Sky, looks pale...
denied Icesave has defaulted (as yet) but now looks inevitable...

qwe3333

renard wrote: »

Those of us who think we are safe because we have a BACS transfer in progress:
study the information about BACS given here by the Financial Ombudsman:

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/38/standing-orders-direct-debits-38.htm

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?

thats right. a transaction started today, wont go through till friday. On friday, icesaves account will debited, but if their nothing in their account then there will be nothing to credit to you.

isofa

Primrose wrote: »

Can't access Icesave's website and am away from home so can't access the Terms and Conditions of their Fixed Term Savings accounts. Are you able to withdraw/close the fixed term accounts before time and lose the interest due or is it simply "No Withdrawals at all" from them. (Realise this may be an academic question at the moment but would appreciate the answer if somebody knows it).

No unfortunately you can't, but this was shown all the time when you open a new one.

Pity because I have one that won't mature until next year!

Unfortunately at the moment it's academic - not sure how it'll work should they actually go bust (they haven't) and how compensation will be affected.

Scooby64

bazster wrote: »

Good point, it may be an Icelandic scheme but it was approved and accepted by the British authorities as being effectively as good as our own.

I'm not here to defend Labour, but the scheme IS as good as the UK one, you can't blame the FSA because a Country might go bust!

I wouldn't feel much more confident about the UK scheme being able to cover its liabilities if several institutions collapse. As with all "insurance" schemes, they only function if most are prosperous and few trigger a claim. Reverse that and things get very unpleasent

vishy01234

I think that investors felt they were fully protected up to £50,000, so I can't understand this sudden talk of our first £16,000 being in danger. It should have been stated on the Icesave website that in the event of national bankruptcy or whatever the fancy financial jargon is, then you will not be able to claim back the first £16,000 ... then none of us would have touched them with a barge pole.

The fact is we have been deceived into placing our savings with Icesave under false pretences that there was an Icelandic compensation scheme. By being allowed to offer UK ISA products, we also felt it was bank to be trusted.

How can anyone ever ever trust a bank again if they are allowed to say that you are protected under a compensation scheme, and then when you have to make a claim they are unable to pay out. There will be anarchy if we do not get our money back.

homer_J123

Scooby64 wrote: »

You've each got assets of £22K, you'll get back about £5½K each under the FSCS scheme - is that what you meant?

Would have been better to have it under one name and not jointly?

bazaarboy

Scooby64 wrote: »

I can't see the EU allowing a government to default - the consequences would be too horrible to contemplate for Europe, the Political System and the World Economy

scooby, iceland has never applied to join the EU, nor are they a big economy with strong links to anyone other than the EFTA...
I hope they pull through, but who knows?
when was the last "western hemisphere" country to go T-U??

Stormy

vishy01234 wrote: »

I think that investors felt they were fully protected up to £50,000, so understand this sudden talk of our first £16,000 being in danger. It should have bene stated on the website that in the vent of national bankruptcy or whatever the fancy financial jargon is, then you will not be able to claim back the £16,000 ... then none of us would have touched them wiuth a barge pole.

Yup, at the moment those promises seem pretty hollow as from what I can see Iceland is almost saying screw UK depositors, This is going to be a very harsh lesson learned in my case if I lose £12K.