Icesave-please help/advice!!!!

dandandan_3

Jamie_A_G wrote: »

The only issue is that 1stly they aren't in the EU and 2ndly, how can you force the country to pay if it does not have the funds to bail eveyone out!

By applying to the compensation funds these countries pull their cash from in these schemes. That's kinda how they work. If one can't pay they've agreed their neighbours will step in and help - allowing them to not need to stockpile a huge reserve as it's not needed pre-collapse.

betheebee

Hi Folks, I'm watching beeb1 there's been nothing else on except news on the bank all afternoon.

They are stating that the first £50,000 are safe and will be paid out. So much scare mongering I think I need some possitive news like this.

I have £12,566 in an ISA, and £10,000 fixed in until Oct 2009. DH has £10,999in an ISA so we are as worried as most of you are on here, except ofcourse the Tw*t who goes under the name of EDWINAC.

Let's just hope and pray that our savings are safe.

EDIT to say this a.m. I moved out of K.Edge £22,773 of my savings and £22,398 of DH's savings and £17,433 out of ING. Hope to God I did it in time

Super_Ted_2

cs15 wrote: »

we put money in a bank not a risky share scheme, we expect our owned property back.

Savings accounts are less risky, not risk free.
.
The long boom may have made people complacent about risk but I promise you if we were having this discussion in 1930 or 1990 for than matter then your attitude would have been very different. As it will be in a few years time.
.
ST

cs15

Super_Ted wrote: »

Savings accounts are less risky, not risk free.
.
The long boom may have made people complacent about risk but I promise you if we were having this discussion in 1930 or 1990 for than matter then your attitude would have been very different. As it will be in a few years time.
.
ST

no, we put money in a bank not a risky share scheme, we expect our owned property back.

homer_J123

Scooby64 wrote: »

DON'T PANIC (yet)

Despite how knowlegeable many posters think they are, they are just guessing, and hold on to the fact that as of now, Icesave is not being liquidated, nor is Iceland defaulting on any guarantees.

That MAY change, but there is a lot that has to happen before the picture is clear and there are many options available to the government.

I know it's easy to say, but try not to get too upset until we know the full picture, but be prepared for a few stiff drinks because my guess is that may not be until early next week

that 95% of Icesave savers have less than £50k, worse case scenario is that Iceland can't won't pay their end of the first £16k. If that were the case, then I suspect that more people will suffer with this than those with over £50k (please note, I am not saying that those with more than £50k are OK to lose money, clearly no one is).

That is worse case scenario anyway.

homer_J123

betheebee wrote: »

Hi Folks, I'm watching beeb1 there's been nothing else on except news on the bank all afternoon.

They are stating that the first £50,000 are safe and will be paid out. So much scare mongering I think I need some possitive news like this.

I have £12,566 in an ISA, and £10,000 fixed in until Oct 2009. DH has £10,999in an ISA so we are as worried as most of you are on here, except ofcourse the Tw*t who goes under the name of EDWINAC.

Let's just hope and pray that our savings are safe.

The first £16k is not covered by the FSCS - it covered by the Icelandic equivalent.

bazaarboy

wonky123 wrote: »

To all you dead clever financial historians - well done you!

I'm completely f**cked!! Excuse the language but I really could cry! I'm sorry, I'm not great with money, I'm obviously gullible as haven't considered the seagull v inhabitant population to decide whether I wanted an instant access safe savings account rather than a risky investment plan. I've found this website really handy to help me with my finances to get me on the right track. I don't have thousands of pounds which I'll need to wait for a potentially lengthy claims process. Instead I have £12k from a credit card on 0% which ends in November. I'm obviously really stupid cos I never realised there were any problems - why would they offer such high interest rates instead of dropping them? - made me think they were safer than anyone else. I just feel sick. Please please please someone buy them out, I promise never to try & be clever again & follow any money making ideas I read on websites, but I couldn't afford to pay the go to rate on that amount of cash next month

i feel for you, and no, you're not stupid...
we have to rely on so-called experts and regulatory authorities for guidance
our govt / FSA should have vetted Icesave, and challenged their viability status before allowing them to collect £5bn from us.
but even the "experts" got it wrong - ignore the told-you-so's on this forum, hindsight is not very useful. This website has until very recently showcased Icesave products etc and still show Kaupthing Edge as being excellent products...

Scooby64

betheebee wrote: »

except ofcourse the Tw*t who goes under the name of EDWINAC.

:rotfl:

Androcles

From the Prime Minister of Iceland

Written 10/7/2008 at1:34 PM

In a press conference today Iceland's Prime Minister, Mr. Geir H. Haarde, said that if needed the Icelandic Government will support the Depositors' and Investors' Guarantee Fund in raising the necessary funds, so that the Fund would be able to meet the minimum compensation limits in the event of a failure of an Icelandic bank.

For what it is worth!

http://www.tryggingarsjodur.is/QA/

altyfc

http://newsvote.bbc.co.uk/1/hi/business/7657407.stm
Must be very worrying times.