Icesave-please help/advice!!!!

fieldofdreams

I'm pleased for those who managed to withdraw their money in time but I dont think now is the time to be "lecturing" others on doing more research etc

In many cases, these are peoples life savings we are talking about here - I've "only" got 10k in there and while I dont need it straight away I have worked hard to save this money over the last few years

Icesave has been splashed all over the best buy tables in the newspapers,
advertised to the hilt on moneysupermarket, and has been championed by many "experts". In a perfect world we would have all researched the ins and outs of the icelandic financial system, but we lead busy lives and most people just havent got time to do more than the bog standard "read the papers, watch the telly" etc etc

Hopefully it will be alright on the night and we'll get our money back, though these are worrying times

Scooby64

casper_uk wrote: »

They haven't been sound for a very long time.

so why hadn't the price fallen before?

FYI RBS got downgraded today so something did change.

that's chicken and egg - the shares crashed so it was down graded as it's market cap was half what it was

now it's idiots and rumours..... fundamentals haven't been good in a long while, the only thing keeping everything up is blind faith"

Agreed, but that's true of the entire financial services industry

gordy_2

MARTIN - PLEASE DO NOT ABANDON US!!


I like many others trusted your site to provide clear information on all aspects of our money, for this I thank you.


I read your balanced articles on Icesave and ensured I did not have more than 35k saved with this company.


I have no doubt I will receive my money back, eventually!


Please, please champion a fight to save our ISA tax wrapper with the compensation due. Many of us have many years of ISA allowances at stake.


You know that many people who use your site are Icesave Isa savers and your representation would carry a fair amount of weight.


Gordy

Scooby64

Scooby64 wrote: »

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

Not playing Rachman - if you can't answer the simple stuff you lose any shred of credibility you may have remaining

cs15

"some prat made a comment about Porsches"

yes you did yourself! Started banging on about your Porschy Worshy Nigel.

Youve gone all grumpy now.

I like most people came on here as Icesavers looking for information and some hope and that we havent lost money amongst all this worry. And we are faced with smug people like you telling us we were stupid and foolish for following pretty standard advice in putting money into a Scandinivian backed bank. I know the risk if I put money into shares and yes whilst I knew about the differences in Icesave I think most people felt it was a small given the balance of information available. Most of us took care and invested in the best buy recommended and highlighted by the market. No we did not listen to mavericks like you - but why should we? So we feel pretty let down by all this when we havent done too much wrong, and looking for some reassurance and hope, we are faced with your "you negligent fools" line, well dont expect us to greet you with open arms. Get lost.

Rachman_2

Scooby64 wrote: »

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

When I've done enough reading on it and understand it better than I do today (which I will freely admit I know not enough about at the moment) I will... promise....

but back on point and not ad hominem, do you not agree that this thread could be better guided towards what to do now as much as what's happened already ? For those on here with money elsewhere, for Christ's sakes look at where it is and look at the circumstances surrounding the entity - so you don't get stung next time (because sure as eggs is eggs (no, I don't mean them !) this is not the only one going this way....).

tim30577

pessimist wrote: »

Savers may get nothing. The Icelandic government may not declare the bank insolvent. If that is the case the FSA scheme does not come into play. And all deposits will be lost.

I'm not sure where you got this information, perhaps you would care to tell us? Take a look at http://www.tryggingarsjodur.is/QA/

"Cases are only addressed by the Fund when the Financial Supervisory Authority has declared that the member company has become insolvent or when the member company has requested bankruptcy proceedings."

Surely, if Icesave is not insolvent or bankrupt then it has stolen your money. If Icesave is declared insolvent or bankrupt the fund is triggered.

I do not understand how it could continue to operate as a bank but not be insolvent or bankrupt??

Also, for what it's worth. I chatted with a really decent guy at the FSA. He warned me about reading to much press... although it's hard not to!! He said Icesave.co.uk would be sold off and purchased by another bank. The transition would be seamless and the Icesave website would operate as normal. In the event that a claim would need to be made, then I get back in contact with him and he deals with the claim on my behalf. He gave me no cause for concern and was very reassuring. I do not deal with anyone in Iceland the claim is dealt with by the FSA on these shores. I asked the “what if Iceland cannot refund me?” question, to which the response was, then funding will come from one of the other countries involved in the scheme.

I just could not help myself and look at this forum. Glad I spoke to the FSA first!!

cheekykid

Am afraid that Icesave is beyond recovery. The moment they allow withdraws again I can foresee 99% of britsh depositors to take their money out of there. That in itself "may" deliver the final blow to Icesave.

mybrainhurts

EagerLearner wrote: »

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.

A meeting at Downing Street at 5 pm followed by a statement has been trailed in the media since early afternoon. The meetin has happened but the statement will now be "before the markets open" tomorrow. Why? Is it because Darling and Brown get a valuable extra 12 hours dithering time this way? I have always been vaguely against them on general principles but only in the last 24 hours has this crystallised into real contempt. I've seen more leadership in a dead donkey.

dappodan1

Please can someone answer the following questions as I feel the government bail out is inequitous

1) why wasnt there a bail out for the "Dark skinned" Britains life savings when BCCI collapsed?

2)Why Wasnt there a bail out when previously individual pensions funds collapsed. Is having your current account wiped somehow worse than old age without an income.

3) as a taxpayer that is completely unaffected by this why should my tax money go to bail out people, who will in all likelihood take there money overseas etc and plunge the economy further into recession

4) Read the fine print you numpties, I cant tell my mortagage company that I do not wish to pay my mortgage, simmilalrly your deposits were unsecured so deal with it