Icesave-please help/advice!!!!

Scooby64

Delegations of Iceland and the United Kingdom have met in a friendly atmosphere in Reykjav!k to discuss issues of mutual interest related to the current financial crisis, with the objective to reach a mutually satisfactory solution on the issues concerned.
Significant progress was made on retail depositors of Icesave with arrangements agreed in principle for an accelerated payout to depositors. The delegations agreed to work closely on the other remaining issues over the coming days."

From the FSCS web site - positive noises so hopefully not too long to wait

dangermouse123_3

Yeah best solution seems for the government to underwrite the money and move it to a safe household name like nationwide, because a lot of people would not withdraw it and they would have plenty of time to sort out the issue with the icelandic compensation scheme or sell assets from landsbanki.

JamSpongeCustard

Update from Icesave Website :

Update on the status of Icesave

11 October 2008

Dear Icesave customer

On 7 October 2008, the Icelandic Financial Supervisory Authority (FME) took control of Landsbanki Islands hf, the parent bank of Icesave. Landsbanki has been put into administration and as a result Icesave is not processing any deposits or any withdrawal requests through Icesave internet accounts.

In a statement on 9 October 2008, HM Treasury stated that the chancellor has put in place arrangements that all retail depositors in Icesave will receive their money in full. HM Treasury and the Financial Services Compensation Scheme are working with the Icelandic Authorities to clarify the position of Icesave. Delegations of Iceland and the UK met over the weekend of 11-12 October. Arrangements were agreed in principle for an accelerated payout to depositors. At this time it is, however, unclear how long that will take or what immediate steps Icesave customers should take. Customers are advised to follow all updates that will be posted on relevant websites, in particular www.moneymadeclear.fsa.gov.uk and www.fscs.org.uk


My Highlights......

vadek

JamSpongeCustard wrote: »

Customers are advised to follow all updates that will be posted on relevant websites, in particular www.moneymadeclear.fsa.gov.uk and www.fscs.org.uk

I've been monitoring these sites (and others) for a few days now using www.changedetection.com

innovate

To wonky123: in case you won't get your Icesave money back by the time you have to repay your 0% credit card, have you considered applying for another o% crad (assuming they are still on offer)? I am no expert in stoozing, but may be the folks on the stoozing board or stoozing.com have some ideas for you. Good luck & fingers x-ed.

EagerLearner

Really frustrating to still have no real update as to a timescale... so nervous as to my tax bill, due by end of Jan!

f_@_w_y

EagerLearner wrote: »

Really frustrating to still have no real update as to a timescale... so nervous as to my tax bill, due by end of Jan!

Yes.... you are right! I come to these may be 20 times a day to see any development.

Things are very slow.... I wonder what these FSCS ppl do in stable economy days???

~Chameleon~

EagerLearner wrote: »

Really frustrating to still have no real update as to a timescale... so nervous as to my tax bill, due by end of Jan!

Yes, it is rather frustrating, and worrying, not to have heard anything at all yet. A simple letter or email to say that they have our details and are working on getting the money back to us within [x] weeks/months would suffice for now so at least we'd know the cogs are turning.

I'm in a slightly better position in that I don't actually need the money any time soon, and I'm sure I've read somewhere that fixed term accounts won't be paid until they were due to mature anyway, which in my case isn't until next June.

Just a thought, but would it be worth contacting the HMRC to explain that your tax funds are tied up in the Icesave fiasco therefore leaving you unable to pay the bill until they are returned? I'd have thought in such circumstance they might apply a little leeway, but then this is the government you're dealing with

GWEPM

Last week we were told that private investors would get their Icesave investments back.
We were told that the process would operate through the UK FSCS. And that the FSCS would contact all account holders, so we just sit back and wait.
But, as I understand it for the FSCS system to come into play first the bank has to be insolvent/ bankrupt / liquidated or whatever the correct term is.
Then we hear that the Govt. is "lending" Icesave £100M - presumably so that it doesn't become bankrupt. So what then about triggering the FSCS process?
And then on the news last night Gordon Brown said "there is a good chance that investors would get most of their money back". I thought that it was ALL guaranteed?

Somewhat confused!

Dreamez

I am completely confused - I just hope they actually make some sort of announcement on Friday. Because I can not sleep. I'm not too bothered about interest, I just want to feel assured that the money will come back and hopefully before Christmas.:T