Icesave-please help/advice!!!!

MoneySavingNovice

Welliesorter wrote: »

One thing that makes the Northern Rock solution plausible is that Icesave's UK offices aren't a million miles from Northern Rock's

I found out an interesting thing, Icesave's UK offices in Newcastle are actually the Newcastle Building Society - Icesave outsourced the management of these accounts, including the computer systems call centres web site etc.

See website:-
http://www.nssl.info/sm_success.aspx

This makes me think that Newcastle Building Society might be prepared to take on these accounts if and when the government raise enough money to fund the deposits.

My suggestion to the government would be to provide Newcastle Building Society with the cash and then get Newcastle Building Society to provide a loan back to the government for this amount to ironically fund the original cash to un-freeze the accounts.

The government could then have some time to get the money back from Iceland which will then be owed.

The Icesave customers would then be depositers with Newcastle Building Society, and everything else could remain the same.

Wishfull thinking perhaps - but it might work!

BigDunc

Same here, just over an hour on hold but finally got through and had my password reset.

Scooby64

jp01 wrote: »

Oh really
How?

Please send your answer to Geir Haarde.

Crates of pickled Herring until 3010 seems likely:D

Seriously though we do have international law and Iceland has to abide by it. We've had a delegation there today and it is no coincidence that there are more lawyers than everyone else put together.

We've also used anti-terrorism laws to sieze assets in the UK, and I'm sure they are looking into ways of taking back loans made to UK companies and then capitalizing them into shares in companies such as Iceland

Meadows

http://www.guardian.co.uk/business/2008/oct/10/banking-creditcrunch

Britain went on the offensive. "What happened in Iceland is completely unacceptable," said Brown. "I've spoken to the Icelandic prime minister, I have told him this is effectively an illegal action that they have taken. We are freezing the assets of Icelandic companies in the UK where we can. We will take further action against the Icelandic authorities where necessary to recover the money.
"The responsibility for this lies fairly and squarely with the Icelandic authorities, and they cannot simply default. The Icelandic authorities are responsible for this, and we are demanding the money is paid back to the local authorities, and we are prepared to consider all forms of action, including, as we did, attempting to freeze assets."
It also emerged yesterday that the 300,000 UK personal savers who had accounts with Icesave would be lucky to get their money back by Christmas.

Well, it looks as though as though we won’t see our money back for sometime, and while I don’t need my money right now (it’s meant for when we retire), and will just be very glad to get it back, I sympathize with any savers that need their funds within the next few weeks.

Paul_Herring

f_@_w_y wrote: »

And as per FSCS, it may take upto 3 months to get your money back.

Not sure who's FSCS site you've been looking at, but the UK's FSCS says they aim for 6 months max, but there's no guarantee on timescale.

Paul_Herring

Scooby64 wrote: »

Crates of pickled Herring until 3010 seems likely:D

I wouldn't mind living until then.

I'd rather pickle my own liver though, TYVM

Pescatore

It looks like the government was trying to mount an ING-style rescue package for Icesave. The Guardian is speculating that it might take 2-3 months for our money to be refunded.
http://www.guardian.co.uk/money/2008/oct/11/savings-banks

betheebee

I closed my Icesave account on Tuesday 7th as well as 2 Kaupthing Edge accounts and 1 ING acccount, as ING have taken all the money from KE we have 94K floating about somewhere:eek: :eek: anyone else in deep sticky stuff regarding K Edge. I've looked for a thread on KE but can't find anything, any help appreciated:o

bryanb

bryanb wrote: »

I withdrew my ready money from Icesave this morning (CHAPS) no problems. Left in my investment cash (fixed rate account) I know I couldn't withdraw this anyway, but I wasn't counting on it till the end of term. Things should be clearer by then.

24 hrs later the money reappeared in Icesave, even though it had been "processed" and CHAPS fee deducted. Things are not really much clearer yet, but there is hope.

Happysaver_3

Scooby64 wrote: »

I don't normally pass on rumors, and I want to stress that this is all it is (but I soooo hope it's true!)

I heard from a friend that one of the options the FSCS are considering is to use the account data from Icesave to open new accounts with Northern Rock.

The advantages being:
1. No one has to make a claim - eligable Icesave savers automatically get accounts opened using information they already hold
2. FSCS can make a single payment to Northern Rock (not 300,000 individual cheques)
3. The "cash" from FSCS can be phased as some/many Icesave savers may decide to leave the money in Northern Rock, but obviously if you want to transfer it you can do
4. Any paperwork (relating to transfers) would then be handled by Northern Rock staff, where there is excess capacity as they aren't doing much mortgage business.

IF (and I stress again IF) true, payouts (at least on paper) could be achieved in a couple of weeks instead of months!

I really hope they do!

Fantastic if anything along those lines occurs , it would make the whole process quicker thats for sure !