Icesave-please help/advice!!!!

Scooby64

homer_J123 wrote: »

Would you care to share some advice on here and what you've been doing to mitigate your risks in terms of savings and investments?

Spread it ! - mixture of term deposits & instant access, nothing more than £45K in any one institution under a single account

Meadows

lizg wrote: »

Just wondering how funds can bounce back to accounts that are officially closed??

:mad: ? I was told the accounts would be re-opened when the funds came back?:mad:

barberboy

hello,

ive never posted on this part of the forum, i hope one of you guys can shed some light on my question.

My wife and I both have icesave easy access isa's, collectively we have around £14k (around 7k each)

From what I have been reading the the icelandic version of the financial service compensation scheme pay the first £16k per person then it goes to our FSA.

My question is, what if the icelandic compensation scheme couldnt pay out or only paid out partially? I can tell you right now this is only speculation but my guess the majority of the 300000 icsave savers will be in this catagory Would this mean that people like my wife and i would lose everything? I spoke to the FSA earlier and the girl was not to forthcomig, she hinted that FS compensation would 'top up' any shortfall but is this only for anythng over the £16k? I also spoke to the icelandi cFSA today and they ended up passing me onto a lawyer who i could make niether head or tail what he was talking about.

Would love some1 to set me straight please

cheers

Scooby64

barberboy wrote: »

hello,

ive never posted on this part of the forum, i hope one of you guys can shed some light on my question.

My wife and I both have icesave easy access isa's, collectively we have around £14k (around 7k each)

From what I have been reading the the icelandic version of the financial service compensation scheme pay the first £16k per person then it goes to our FSA.

My question is, what if the icelandic compensation scheme couldnt pay out or only paid out partially? I can tell you right now this is only speculation but my guess the majority of the 300000 icsave savers will be in this catagory Would this mean that people like my wife and i would lose everything? I spoke to the FSA earlier and the girl was not to forthcomig, she hinted that FS compensation would 'top up' any shortfall but is this only for anythng over the £16k? I also spoke to the icelandi cFSA today and they ended up passing me onto a lawyer who i could make niether head or tail what he was talking about.

Would love some1 to set me straight please

cheers

In theory yes, you wouldn't get anything

BUT - that's only a theoretial possibility - It won't happen unless:

Iceland (the country) becomes bankrupt,
the UK/EU do nothing to rescue it
Scandinavia refuses to honour the cross guarantees it has with Iceland.

If all of the above happens get a shotgun and retire to the basement!:rotfl:

Meadows

cs15 wrote: »

yeah but that it why should we take the lesson? when people have put in all the hard work to save this money it feels like being cheated big time - and we were being frugal we dont need to be more frugal, we were being frugal! Saving our money. We followed fairly standard advice. If we were naive it wasnt really deserved for the hard work we put in, and as someone said above we followed media advice and the fact the scandinavians would back this (this should still happened) in the event of problems..... so why should we lose thousands of pounds any more than anyone else, so I dont accept at all we should lose this. Most of us are normal working people.

I whole heartedly agree, we work hard and have been told to save, look after our selves put something away for when we get older. We haven't sought huge profits, we have just looked to get a good rate.

Why should tax payers not help us now, well if we don't get help a lot of us are going to need some sort of benefits as we get older, as we will have no savings to fall back on!

Lets face it Iceland have been more than happy to take our money to help boost their shares!

pessimist_3

Scooby64 wrote: »

In theory yes, you wouldn't get anything

BUT - that's only a theoretial possibility - It won't happen unless:

Iceland (the country) becomes bankrupt,
the UK/EU do nothing to rescue it
Scandinavia refuses to honour the cross guarantees it has with Iceland.

If all of the above happens get a shotgun and retire to the basement!:rotfl:

There are other scenarios where depositors will not get their Money at all. Remember Icelandic government is a sovereign state and can bend the rules to suit them.

Could just freeze accounts indefinably

Peter

confused1

edwinac wrote: »

My thoughts are with those invested in Kaupthing, now, Vichy..

Surely, the writing-is-on-the-wall for that bank, too.

Study some of the players involved with Kaupthing. The fortunes of one financier came from the Iranian Royal Mint which was looted at the fall of the Shah.

Colourful people!

Does it give great glee to some to rumour monger more fear and jitters to those already wrought with worries? Try and spread a bit of compassion around at a time like this, please.

barberboy

Scooby64 wrote: »

In theory yes, you wouldn't get anything

BUT - that's only a theoretial possibility - It won't happen unless:

Iceland (the country) becomes bankrupt,
the UK/EU do nothing to rescue it
Scandinavia refuses to honour the cross guarantees it has with Iceland.

If all of the above happens get a shotgun and retire to the basement!:rotfl:

Thanks, i dont mean to sound stupid, but basically, it would be hightly unlikely then that they would not honour this £16k? Should i be worried about this or should it just be a matter of time before we get our cash?

thanks again

Scooby64

pessimist wrote: »

There are other scenarios where depositors will not get their Money at all. Remember Icelandic government is a sovereign state and can bend the rules to suit them.

You're definately a "glass half empty" kind of guy

They could, but not if they want to be allowed to continue to trade in Europe, and without that they'll be trying to sell fish to the seagulls, which is all they'll have left

pessimist_3

barberboy wrote: »

Thanks, i dont mean to sound stupid, but basically, it would be hightly unlikely then that they would not honour this £16k? Should i be worried about this or should it just be a matter of time before we get our cash?

thanks again

I do not think anybody can say. Its not often a country gets into financial trouble.

My view is that if you get any money back all well and good if not there is not much you can do about it.