Icesave-please help/advice!!!!

john5001

I have my account locked also. I cannot get through but if we cannot get a statement, then what happens; I have my ac number and userid.

lilmismayhem

I had my password locked and managed to get through at the height of the crisis after about a 20 minute wait. Woman was very nice and gave me first 4 characters of new password over phone. Then I had to wait 20 mins or so for the next 6 on an email. Don't call them within about 30mins of the office closure time as you'll hang on and on and eventually it will say they are closed.

Hope this helps.

By the way in case none of you knew Icesave has now been declared in default by the FSA which has triggered the compensation scheme. The FSA and FSCS websites both say they will publish the process by close of business on Friday (tomorrow).

Scooby64

northern5 wrote: »

Now if I don't get interest for a few month, I'm loosing money as a result of the closeure of Icesave

Well - that's true, but under the scheme the other poster is correct, you don't get interest once the bank is liquidated.

That said, you don't get anything over £50K back either, so it's possible that they may pay all interest, but personally I doubt it.

I'd bank on interest up to the time they go bust (which hasn't happened yet) and a payout in 6 - 8 weeks

EagerLearner

I would love a payout in 6-8 weeks that'd be great - in my mind I am expecting 16 weeks but here's to hoping. 8 weeks means a loss of around £180 in interest but better than zilch x

Scooby64

TBWG wrote: »

Hi

My first post! I have been following this thread with interest and I am pleased to hear everyone will ultimately get their money back.

But a couple of points that so far I don't think have been mentioned (have not read all 40 odd pages so may be wrong)

Whats all the talk about an ING rescue .. Is this likely to happen?

Secondly anyone who has been less than truthful with the revenue about their investments could now find that they (The Revenue) will have a complete database of interest received!

TBWG

Hi (& welcome!)

I doubt ING will want to take over the Icesave accounts - unlike KE (another Icelandic bank) which they have taken over, Icesave is already in default and the whole mess is going to cost someone a lot of time & money to sort out.

KE is still trading, isn't insolvent, and with the right guarantees from government should be able to trade out of its problems (it just takes time shich Icesave didn't have)

As far as declaring stuff to HMRC - sorry to burst your bubble but they already get all the details of your interest etc direct from the banks. If you're a high rate tax payer and have forgotten to declare the income & pay the extra tax that's very naughty. If they haven't caught you, it's because under Self Assessment they only pick a saelection of returns to examine - some are chosen at random, and some because you have triggered one of thei "warning indicators" - for example, if you declare £2K interest one year and £25K the next, it triggers an enquiry into where the capital came from that you have this year but didn't have last year. It could be legit (eg because you sold your house and are now renting) but they just seek clarification.

If you only pay basic rate tax it should have been deducted by Icesave, and anyway nothing in the rescue/FSCS is likely to cause HMRC to notice anything they may not have noticed.

Finally! - don't do it - there are millions of ways of legitimately reducing your tax bill, and the extra few quid you get by failing to declare stuff isn't worth the sleepless nights;)

Scooby64

EagerLearner wrote: »

I would love a payout in 6-8 weeks that'd be great - in my mind I am expecting 16 weeks but here's to hoping. 8 weeks means a loss of around £180 in interest but better than zilch x

That's the way to view it!

Under EU regulations, payouts are supposed to be made within 12 weeks.

BUT - 2 important considerations
1. Christmas is coming
2. The Torries want payouts to be made within 7 days so Labour will want to avoid them point scoring.

To be honest it's one hell of a lot of work to do in 7 days (or even 6 weeks) but I think that's why FCSC are already working on the admin now, even though Icesave is not yet in what we would call receivership (Icesave is in what Iceland call receivership but we would call administration).

I think they'll make payouts in 6 - 8 weeks, and probably in stages

All the ISA people will have to nominate a new provider and the funds will get transferred direct to them (easy to do, minimal security checks etc - could be done within 4 weeks)

Secondly the Small deposit people (the majority), and the Over £50K people might get a first payout in 6-8 weeks and have to wait longer for the balance over £50K while they perform extra checks on identities (under the money laundering regs) and the source of the funds

EagerLearner

Scooby64, you have cheered me up immensely :beer: The thought that the IceSave cash may be with me prior to Xmas (in time to pay £3,700 of in tax return back to the government in January ) is my main hope.

I now just have to decide where my usual savings from wages for this month etc will go - either First Direct or Bradford & Bingley...

PS: Should I open an ISA now, with say Natwest, so everything is ready?

~Chameleon~

Are you sure about opening one with Natwest? I'm not confident about them at all with the way the shares have been falling

I haven't yet looked at any of the 'best buy' tables for top paying accounts and to be honest I'm thinking of putting 'safety' over grabbing that extra 1% at the moment, but you might want to have a look at Egg or ING for instant access savings


Just had a quick look at ISA's on moneysupermarket and ironically Kent Reliance are showing as one of the top rates and they're the ones I transferred out of to go with Icesave earlier this year :wall: :rolleyes:

I'm tempted to use Post Office to have the Icesave ISA transferred to and HSBC for this year's money as I've yet to open one for this year.

EagerLearner

Maybe not then... maybe easiest is for me to stick with HSBC, low risk and I am already with them. I wanted hassle-free and safe, and as I am with FD and B&B already thought one of those for normal savings? Then probably either of those to transfer my ISA to when IceSave pass it back to me.

Scooby64

EagerLearner wrote: »

Scooby64, you have cheered me up immensely :beer: The thought that the IceSave cash may be with me prior to Xmas (in time to pay £3,700 of in tax return back to the government in January ) is my main hope.

I now just have to decide where my usual savings from wages for this month etc will go - either First Direct or Bradford & Bingley...

PS: Should I open an ISA now, with say Natwest, so everything is ready?

I don't think you'd be allowed to open an ISA yet - they'll need to set up some mechanism to flag it as a "transfer in" otherwise as soon as they enter your NI number it should trigger a refusal if you've already opened an ISA this year.

If you go First Direct, be careful if you also have funds in HSBC as they have a common registration (ie only £50K of cover between them)

Bradford & Bingley are OK (I've just renewed 2 six month bonds with them) but remember they share a registration with Abbey so again only £50K of cover between them

Not really sure about Nat West - Part of RBS whose shares are through the floor, but £50K is covered anyway