Icesave-please help/advice!!!!

casper_uk

Scooby64 wrote: »

That's just not true in the current climate - HBOS crashed on rumours, RBS lost 40% of its value just today for no good reason. The business fundamentals are no different today than yesterday, so why is it worth half as much??

It's idiots who feed out rumours to sequentially depress then inflate share prices that are making big bucks from the current situation.

How about because the fundamentals are not sound? They haven't been sound for a very long time. An expert on bbc news said it them self today, UK banks are insolvent. FYI RBS got downgraded today so something did change. People are entitled to their opinion and can say what they like, last week it was short sellers driving down the price, now it's idiots and rumours.

Please do a little bit of research, fundamentals haven't been good in a long while, the only thing keeping everything up is blind faith. Most bank shares, like house prices are not worth the current asking price and that is why they are falling.

Mark my words though, there will be an announcement by the government soon which will make people think all the problems are solved and shares will go up again on a blind optimistic feeling that all is well before people realising nothing has been fixed and once again they crash. Cue more announcement to artificially prop up prices again before they crash again. Things won't be fixed for a very very long time.

vishy01234 wrote: »

No you are wrong - he has made many decent people feel idiotic for putting their money into Icesave despite recommendations from informed people like Marin Lewis and throughout the media, and because they felt protected by the various compensation schemes. He has gloated and enjoyed making people feel bad ... in fact, you are starting to sound a bit like him yourself. So don't be so cocky as to suggest that I say sorry for baiting him!! He should be saying sorry to me and many others for acting like a complete prat throughout this thread stirring an already horrible and painful situation for many of us.

Well that's your opinion and I have said mine, I haven't been cocky in the slightest, just told you what I think. My opinion is that you baited him because you are looking for a fight and I will stick to it. It's obvious that once again people can't discuss different opinions with out naming calling and acting like children so I will be leaving this thread now. My only hope is that some good will come from the few calm opinions on here and it will help the people that are in need.

Once again fingers crossed for all involved, i hope everything turns out right for you.

Rachman_2

Seriously, you try to help (believe it or not that was the intention) and because you don't post it in touchy feely, the mob turns. I don't get many of you lot - yes, it's bad for a lot of people, but a) it was obvious to sodding anyone (finance background or not) that savings were at risk b) surely the one thing everybody knows is that the government spins the truth and presents it how it wants c) there's no point in having a go at me, it's what you do now that's important d) will people stop just copying and pasting that MSE Dan missive - it's got more holes in it than a colander - it's almost pointless. If you can't see why, I really am wasting time on here. [cue the obvious]

I am NOT trying to be smug - some prat made a comment about Porsches, I came back with the truth. I do do finance, do you think I have spent my time simply going yes boss, no boss, you are the one with the money - nope - I have sat in front of credit committees and said, this is a bad deal, don't do it - and been overruled and listened to in almost equal measure - I've been wrong and I've been right. What I do know is that I don't offer an opinon on an investment my client's making or an investment I am making UNLESS I UNDERSTAND IT AND THE RISKS SURRROUNDING IT - please, for those of you with savings elsewhere, spend the time reading around the entity, don't just believe here, the telly or the Sunday press - headline numbers are just that, designed to attract. There are other entities out there at the moment, not all of them Icelandic, BTW, that are also places I'd really not want to have money in.....

As for doing stuff like packaging up debt and reselling it, yes, I've done that as a seller, never as a buyer, is it my problem if some idiot wants to pay too much for it - nope. He has his own advisors. Why have I not advised on the buy side of those, no experience at it and I have a rep for being cautious....

cs15

wkt54 wrote: »

Are you watching the mother of 4 on BBC24 who has over £200,000 in Icesave.

Surely the government can't allow people to lose their lifesavings.

yes i hope they can't allow it too.. and Id love a guarentee right now..

i suppose they have to be careful of being too quick to guarentee the full 50k, otherwise Iceland will just use it... and British taxpayer pays.

vishy01234

wkt54 wrote: »

Are you watching the mother of 4 on BBC24 who has over £200,000 in Icesave.

Surely the government can't allow people to lose their lifesavings.

Yes I saw that ... and the woman lived off the interest from the £200,000 life savings, and felt compelled to fax the Prime Minister. She seemed like a very decent, reaonable an well educated person. They surely can't allow this to happen ...

Scooby64

Still no views on Standard Life bank then Rachman, or why you weren't posting warnings about Icesave BEFORE today?

northern5

wkt54 wrote: »

Are you watching the mother of 4 on BBC24 who has over £200,000 in Icesave.

Surely the government can't allow people to lose their lifesavings.

£200k in one place.. Well that's just daft! People might try and lay the blame on Martin (which I totally disagree with) but every post he has ever written always warned about having too much money in one institution etc. etc.

Just watching the news, our banks are in a mess!

mr_xyz_2

Having transfered 30K into Icisave last week, mainly through advice written on this forum, and an appealing interest rate, it looks like I've landed mysefl in a mess. What I've quickly realised is that following advice from these type of forums and media hype is the worst way to safe gaurd your money. Taking comfort in the FSA compensation scheme is foolish. These schemes seem plausible and effective when drawn up within a sound economic structure. Polititians and Forums rant and rave about the security they offer but in effect they only have usefullness when the global economy is structured. No one could have predicted the last few months mayhem and I believe these schemes will collapse under the sheer weight of claimants. Don't expect 'cross boarder collaboration' to exist in any form. If this situation continues to worsen all countries will place emphasis on their own. Wind this forum forward 6-12 months and look at the threads for people chasing their claims.
To all the other people with money in Icisave (and other over exposed banks) say good bye to it. Next time you watch the TV , with smug faced politicans pronouncing the achievements of finance and industry, the safe gaurds to protect consumers, the 'it could never happen here' brigade. Just remember we voted these fools in......

EagerLearner

Darn I missed it all and just switched over to C4 as it finished... Allistair Darling pland to make an announcement tomorrow before markets open (8am) to reassure us all re banking in general, I am hoping something re IceSave will be said too.

Rachman_2

vishy01234 wrote: »

Yes I saw that ... and the woman lived off the interest from the £200,000 life savings, and felt compelled to fax the Prime Minister. She seemed like a very decent, reaonable an well educated person. They surely can't allow this to happen ...

Vishy, do you think this woman has just had her head in the clouds, it's been all over the papers you all apparently believe about levels of guarantees and the like. If you were putting a fifth of a million quid into something would you not take your time and work out the risks ? Even the redtops have been on about this - if this woman has just ignored the obvious in the press and not spread her risk, there's not a lot you can do. Had she done even the basics, she'd have had £35K tied up at most (given the £50K only came in the same day give or take). Everybody knew to spread the risk.

Do I feel sorry for her, desperately (genuinely), but at the same time, hello..... you can't help some people if they won't help themselves ?

meunier

In the latest Independent article, it states:

Q: What is happening to Icesave?
A: Icesave has a message on its website telling consumers that it is not processing any deposits or any withdrawal requests on its internet accounts. The company is not giving out any information beyond this.
There is speculation that the website may have been shutdown as the Icelandic government is in the process of selling the business, but this is only speculation.
Does anyone think their speculation is correct - that they may still be trying to sell it to achieve more cash to be repatriated. Surely that would be the best case scenario for all - like the Santander agreement for the savings deposits for Bradford & Bingley.