Icesave-please help/advice!!!!

AllSpent

It's a shame a few have bashed Martin over this. Most have still enjoyed a good rate of interest for over a year from his advice. The money is still guarenteed; if you didn't want the hassle of claiming then you should have got your money out sooner. A bad workman always blames his tools!!

P.s. It's a shame Martin felt he had to defend himself today on LBC today; what a sterling job anyway!!

meher

Optimist wrote: »

Your only option is patience at this point

how can anyone trust you when your occupation is Loosing money on the stockmarket

deaglecat

I have read this thread with interest, concern and feel for those affected. In the current climate, counterparty risk - and Iceland has shown that it is also the 2nd level backers that are of concern is paramount.

Iceland are toast. It is unlikely that they will ever be able to export their banking model again - either to the UK or globally. I think they must have known this when they made the (foolish) decision to pull the plug on UK savers.

I can't fathom why people are looking for the odd extra percentage point in interest rates (sorry Martin). The main issue at the moment is capital preservation not capital appreciation. We are deep in uncharted waters... this is my view only - doing your own research is absolutely vital.

Optimist

meher wrote: »

how can anyone trust you when your occupation is Loosing money on the stockmarket

I do it very well though...

Scooby64

meher wrote: »

how can anyone trust you when your occupation is Loosing money on the stockmarket

A valid point - the fallout from this will last for years. Wait till people with Endowments, Stock ISAs, Pensions etc realise how the values have changed.

It aint gonna be pretty

betheebee

MSE_Dan wrote: »

This has been added to our regularly updated Safe Savings article, with the really important bit in bold

STOP PRESS. Updated 17.30 Tue 7 Oct. Icesave temporarily stops withdrawals.

Icesave is reported to have gone into technical receivership, meaning its assets have been taken over by the Icelandic government and it has effectively been nationalised (like Northern Rock was), see this FT article.

We’re constantly speaking to Icesave, the Treasury and the FSCS to monitor the situation. All updates will appear here and be included in the free weekly email.

While the bank has stopped withdrawals, that doesn’t mean it is now bust, though at best its probably a 50-50 likelihood. Here are the crucial points.

• The bank is still operational.
• No compensation arrangements have been triggered (this only happens if the bank isn’t still operational).
• If compensation arrangements are triggered it will therefore have been after the new £50,000 level introduced today.
• All UK savers are thus protected up to £50,000 per person in Icesave (£100,000 for joint accounts).
• The first €20,000 (this may’ve been upped to €50,000 on some reports of a European meeting today) will come from the Icelandic compensation scheme.
• If a claim were needed, it will probably involve filling out just one form to the FSCS, you would not have to write to Iceland.
• If you have money in a cash ISA, whether you would be able to keep the ISA status isn’t yet clear. However after Northern Rock, the government ensured all ISA savers kept their status, even those who’d withdrawn money, so it is very likely.

As for the strength of the Icelandic compensation scheme, there are reports, yet to be 100% confirmed, that the Icelandic government is promising to ensure all necessary compensation will be met and it will fund the scheme.

We spoke to the Treasury this morning about whether, in the very unlikely event of the Icelandic scheme not being able to cover its obligation of the first, would it step in and make sure UK savers were covered for the whole £50,000?

Late this afternoon it finally called to say "The UK government is working with the Icelandic government to protect UK savings up to £50,000", and we're hoping for more soon. We interpret this to mean that over and above that level, it's up to the Icelandic government

However, there is no FINAL answer, discussions are ongoing and this article will be updated as soon as anything further is decided. For more info, read my full blog.

Just wanted to bump up this, hopefully it will put some peoples minds at ease.

geoffky

JBmoney wrote: »

Somewhere up above mentioned there friend taking savings out of Icesave via CHAPS xfer. Please thank your friend from the bottom of my heart as it is people like that who break banks and, in this instance, also break me. I recently placed an inheritance with Icesave and I have now thanks to this run lost the greater part of it. Once again thanks to each and every one who panicked and caused this situation.

you are a fool if you think that the bank would not of failed on its own as the whole country is on the edge of bankruptcy.... grow some balls and don't blame others for yourself chasing that little extra percentage in interest rates...

vishy01234

Rachman wrote: »

Idiot. Have you bothered to read what I posted, rather than just the bits you wanted it to say. BTW, I sold my Porsche just before the prices started falling for them - and sold my other sports car too at the top. Not that that is particularly relevant.

By the same token as you want me to stop being so blunt, a lot of you need to pack in the childish emotional touchy feely crap too - yes, it's bad (and it genuinely is, and I suspect it's only the start) but as the phrase, there's no use crying over spilt milk, it's what you do about it - and MSE itself could do a hell of a lot more to spot what are obvious risks and offering rather more measured advice than it does - if I just gave upside to my clients, I'd be fired. Martin and MSE have consistently underplayed the risks.

FWIW, the ones who will lose out here are not the ones with life savings and the like - you will almost certainly see those back, it's the ones who need access to those savings in the short (less than 12 months or whatever) term - because this is going to be a mess to sort out - a real mess with Iceland and everyone else arguing over who gets paid and when. That much is obvious. It would be more use than giving all hugs and kisses to actually tell people to look quickly at what position they are in, what their exposure is and to have a plan B into action asap.

The press, and I include MSE here, needs to take a good look at itself and see what role it has played in persuading so many people to invest without looking further..... at the moment, it's like a bit of a cult, people just defending their 'leader'. That's nonsensical.

I understand that people hurt, but seeing a doctor is not always a pleasant experience.... but you often have to do it to make it better....

Nah pal ... you are definitely the idiot, and genuinely successful people never feel the need to be boastful in the way you are. You enjoy acting smug and dishing out your hindsight babblings.

Woodyrocks

Ch.4 news - Martin talking about this. He has been accused of giving 'diabolical advice' to prospective savers.

Scooby64

vishy01234 wrote: »

Nah pal ... you are definitely the idiot, and genuinely successful people never feel the need to be boastful in the way you are. You enjoy acting smug and dishing out your hindsight babblings.

Perhaps MSE could introduce an "Idiot" button so that the silent majority can vote their "idiot" as well as their thanks

Trouble is people like him & ST would wear it as a badge of honour