Icesave-please help/advice!!!!

Reaper

goingforbroke wrote: »

My brother and his wife have (despite the publicity over the last few days) misguidedly deposited £70k in ICESAVE which is obviously now in serious danger of being lost. My question is this, the money has left Barclays and is apparently in the ICESAVE system somewhere but hasn't as yet reached their new account. Does anyone know if there's a way of reversing the process or is this impossible?

You can't stop it yourself, but Icesave have said to some that recent withdrawals over the last couple of days have been stopped and will end up back where they started. There is at least a chance that the same thing could happen to deposits. Cross your fingers.

cs15

this is the advice people followed on this site in April. As it was backed and should still be by the Nordics we were not dealing with cowboys here and if Iceland cannot pay the Nordics need to, or the EEC should, not UK. I just want the money quickly as they promised below.

"" In the unlikely event of problems; how would the passport protection work?
This is something we’ve raised with Icesave; below is its response, which was backed up by a document from the Icelandic Financial Services Association; confirming the legal strength of the info.
“Icelandic banks pay into a fund which is set aside to be paid out for compensation should it be needed – the UK scheme doesn’t have this and could therefore technically take longer than the Icelandic scheme!” (Note from Martin: The UK scheme is set up to call money in if needed, rather than work on a pot of money system).
All talk of compensation schemes is purely hypothetical because they have never been used, but given the above, there is no reason to assume that the Icelandic scheme would be any more complicated or take longer.
In the extremely unlikely event that the Icelandic government wasn’t in a position to meet all claims, all the Nordic countries have an arrangement where they will step in and help any one of the participating countries that are in trouble so there is an additional layer of reassurance and cover.
If you could make it clear that Icesave customers are fully protected up to £35k the same as customers of any UK bank and that they will be paid as quickly I’d be very grateful!” ""

goingforbroke_2

Reaper wrote: »

You can't stop it yourself, but Icesave have said to some that recent withdrawals over the last couple of days have been stopped and will end up back where they started. There is at least a chance that the same thing could happen to deposits. Cross your fingers.

Thanks. Fingers crossed it is then!

betheebee

pessimist wrote: »

I think its highly unlikely any UK depositor will get one penny back.

Its not in the UK banking interests its not in the Icelandic governments interested.

Most likely out come is that in 10-15 years you may get your deposit back with out interest in devalued money. Because the Icelandic goverment will put the bank into something similar to the USA chapter 11 rather than admit the bank is insolvent.

Well PESSIMIST, (Apptly named) as you wrote ''I think it's highly unlikely'' blah, blah. You are not stating a fact it's your thoughts on the situation.
Yet another negative comment. Back up your comment with facts.

nicholbb

goingforbroke wrote: »

I'm not sure if this is the right place to post this message - I've not actually done this before, but I do need some advice.

My brother and his wife have (despite the publicity over the last few days) misguidedly deposited £70k in ICESAVE which is obviously now in serious danger of being lost. My question is this, the money has left Barclays and is apparently in the ICESAVE system somewhere but hasn't as yet reached their new account. Does anyone know if there's a way of reversing the process or is this impossible?

If there is a chance - what do they have to do?

Well, the only thing they can do is wait - probably one of the most unnatural things to do in a situation like this but is all they can do.

They can at least work out the odds of what will happen. If they sent the money by BACS (this is free and so the likely option) then it takes 3-4 working days. If the money was due to arrive today (i.e sent around Wednesday or later) and it's not there then it will probably be returned to their linked account in a few days (not sure what effects a round trip takes).

If the money did clear and is in the Icesave account then once the bank goes into liquidation (not happened yet as far as I know) the FSCS will be informed and they will automatically send out application forms and letters explaining the next step.

You say the money is probably lost, this isn't actually true. If the money went into a joint acount they should be covered up to £100K if they just put it in one persons name then they will be covered up to
£50 (the other £20K would depend on creditors and other issues so can't be counted on and that would probably be lost).

People are talking about the Icelandic compensatin system being unable to pay because the government is broke, but it is backed up by the Scandinavian banking system.

tim30577

pessimist wrote: »

From that site one can only hope that the Icelandic authorities does the below
as this is most likely to have a positive out come for UK depositors.

"If, as expected, the Icelandic authorities put the firm into insolvency proceedings, this is likely to trigger a default under the Financial Services Compensation Scheme (FSCS)."

If they Icelandic authorities do some thing else as they could do all bets are off.

I think it very unwise to second guess what authorities will do. even if you are the FSA.

OK, I'll come to you for an accurate opinion then. Do you not see the irony of your post?

You have no legitimate reason to suggest anything else will happen. Where as the FSA clearly state insolvency is "expected".

There will be a lot of newbie’s looking for accurate information here. I find your opinions factually inaccurate. You have no reason to worry innocent people without cause.

Quite simply the facts surrounding any compensation are being discussed behind closed doors are not yet publicly available.

goingforbroke_2

nicholbb wrote: »

Well, the only thing they can do is wait - probably one of the most unnatural things to do in a situation like this but is all they can do.

They can at least work out the odds of what will happen. If they sent the money by BACS (this is free and so the likely option) then it takes 3-4 working days. If the money was due to arrive today (i.e sent around Wednesday or later) and it's not there then it will probably be returned to their linked account in a few days (not sure what effects a round trip takes).

If the money did clear and is in the Icesave account then once the bank goes into liquidation (not happened yet as far as I know) the FSCS will be informed and they will automatically send out application forms and letters explaining the next step.

You say the money is probably lost, this isn't actually true. If the money went into a joint acount they should be covered up to £100K if they just put it in one persons name then they will be covered up to
£50 (the other £20K would depend on creditors and other issues so can't be counted on and that would probably be lost).

People are talking about the Icelandic compensatin system being unable to pay because the government is broke, but it is backed up by the Scandinavian banking system.

Thanks for this. I've checked with my brother and it is a joint account and the money left Barclay's on Thursday so I really hope that the money will be bounced back to them. They could do with a bit of luck at the moment! I've called him and he may sleep a little easier tonight....

EalingSaver

goingforbroke wrote: »

My brother and his wife have (despite the publicity over the last few days) misguidedly deposited £70k in ICESAVE which is obviously now in serious danger of being lost. My question is this, the money has left Barclays and is apparently in the ICESAVE system somewhere but hasn't as yet reached their new account. Does anyone know if there's a way of reversing the process or is this impossible?

If there is a chance - what do they have to do?

While I'd love to have your families deposits adding to the pool backing up my and my OHs deposits, that would be an immoral thought.

I would URGENTLY check when they made the transaction, and contact Barclays NOW. IceSave is officially 'not taking deposits or withdrawls'. Depending on when they initiated it, if you get on the phone to Barclays, and don't stop at the first call centre person but keep elevating it, you may be able to make a case that since they are not officially receving deposits, they should be pulling out the stops to cancel the transaction. If you don't ask, and persist, you won't get. Being a long standing customer etc. etc. may help you to get higher up the foodchain.

pessimist_3

tim30577 wrote: »

Quite simply the facts surrounding any compensation are being discussed behind closed doors are not yet publicly available.

I hope they are.

Put end of the day all the prep will only swing into action if certain conditions are fulfilled. I am not saying the will be I am not saying they will not.

I do not believe anyone knows outside Icelandic government . We are in the hands of a foreign government and they will behave how they behave.

I just believe its dangerous to assume anything. The motto of the time being i believe Plan for the worst hope for the best.

renard_2

Richard_Cocks wrote: »

I guess the moral is that if you're going to panic, panic EARLY!

Those that did so in time to transfer their ISA allowance from Icesave obviously have come out the best.

Those that in a panic CHAPS transferred their ISA into a current account lost their tax-free shielding which could potentially be worse than simply waiting for compensation.

And those that waited until Friday to panic and have their funds not showing in any account are probably the most worried of anyone!

The moral is, either panic early or stick it out! Just work out your attitude to risk and pick one.

Well said!
Unfortunately, I waited until Saturday to panic . . .
Up to then, I was lulled by all those very clever people on here who kept repeating, "Don't panic, don't scaremonger, don't withdraw - your money is 100% safe."
Also, Martin's website was still recommending Kaupthing as the best place to put money, so surely Iceland was safe . . .
Well, thanks a million, fellas!
My wife and I rely upon the monthly interest from our Icesave savings to prop up my pension.
Now, it appears that we may have to wait months before getting that income again, if ever.
As I said much earlier in this thread, had I pulled my funds to a safe haven last week, when it was becoming clear that Iceland was going down the Swanee, would I have been a "wise investor" or a "panicking scaremonger"?
A plague on those who were saying the latter, even as the storm was breaking round our heads over the weekend! :mad: