Icesave-please help/advice!!!!

Annpan

lewianbra, couldn't agree more. You can't get blood out of a stone. They have lied to us regarding the security of savings our fault was in believing them. Especially in recent weeks when it was obvious Iceland was in deep dodo.
I do think that they should be held to account and made to repay UK government a refund of stumped up compensation when they get back on track. Even if it's so much a year, they should not be allowed to get away with it.
I saw an interview yesterday with an Icelandic lady saying, "oh, we'll get through this, we always get through problems." Didn't think it would be with my money!

Editor

update-logged in & the amount 'missing' is back-& also the refund on the CHAPS fee. So that's one thing.

1st one to get the linky to the compensation form etc get's the mega thanks!

Cheers you all. Thought I was in big boy's trouble.

claratastic

Thanks to everyone who let me know about their login successes - I've managed to get logged in and get my print outs. One thing less to worry about!

Scooby64

Editor wrote: »

update-logged in & the amount 'missing' is back-& also the refund on the CHAPS fee. So that's one thing.

1st one to get the linky to the compensation form etc get's the mega thanks!

Cheers you all. Thought I was in big boy's trouble.

There won't be a link to the form - the FSCS will get all our details from Icesave and contact us directly. It's possible they could do this by email but my guess is it probably has to go through the post (to do with legal issue of effecting service which email doesn't guarantee).

Just make sure your correct address is in your contact details with Icesave

wt7881

Does anyone know whether in this instance, or generally, the FSCS pays out interest owed on account balances? I had opted to receive interest annually, and therefore would have about £4k of interest owed. Now clearly getting my money back is great and I'm pleased that AD has guaranteed all amounts above £50k (on top of the FSCS guarantee up to £50k), but it's not clear to me whether this includes interest owed.

trickys77

Have you seen this?....

Treasury announcement on Icesave

HM Treasury confirmed this morning that if, as expected, Landsbanki is soon declared in default, the Government will make sure that no retail depositor will lose any money as a result of the closure of Icesave.
The Treasury have also confirmed that arrangements are being put in place to ensure that all ISA customers of Icesave will continue to benefit from the tax free status of their accounts.
FSCS is working closely with HM Treasury, the FSA and the Icelandic compensation scheme on arrangements to get people their money back.
Please watch this page for further updates.

<Extract from:
http://www.fscs.org.uk/consumer/
>

PintoPotts

In my experience of dealing with the FSCS through my work I would say interest will be paid up to the date the bank ceased trading.

This is only my opinion, so we will have to wait and see.

trickys77

wt7881 wrote: »

Does anyone know whether in this instance, or generally, the FSCS pays out interest owed on account balances? I had opted to receive interest annually, and therefore would have about £4k of interest owed. Now clearly getting my money back is great and I'm pleased that AD has guaranteed all amounts above £50k (on top of the FSCS guarantee up to £50k), but it's not clear to me whether this includes interest owed.

All speculation at the moment, but I would suggest that it's like closing an account to move to another bank. They would need to pay the interest based on the time that it was held in the account for at time of closure. I'm sure interest would be included in the statement "the Government will make sure that no retail depositor will lose any money as a result of the closure of Icesave.", but has not been explicitly comfirmed as yet.

wt7881

I've answered my own question. The link below is useful; it says that interest up to the point the bank goes bust will be paid, but nothing for the time taken to process the claim. Of course, we'll have to wait and see whether in this instamnce where AD has guarranteed all deposits, interest is in fact paid out or not becuase AD has already gone further than the FSCS was obliged to in any case.

http://www.fool.co.uk/news/your-money/savings/2008/09/29/the-facts-about-the-savings-guarantee.aspx

W

northern5

Well technically icesave is still trading so we're still earning interest.

If, when its gone, the FSCS have to write to us, it sounds like the whole process will take some time.

So... if someone at Northern Rock wants to get their hands on the money, why don't you make your rates attractive and suggest the FSCS pays our money straight into an ISA there.

Ps.. logging in is back!