Icesave-please help/advice!!!!

Dreamez

GWEPM wrote: »

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!

What he has now said "some" do you have a link. I hope they have not done a Uturn. I also dont understand the short term loan business to icesave from BofE is it in defaul or what????

I rang the FSCS and they said that everything would be refunded ....but then I keep hearing all sorts!!

f_@_w_y

Lets all b positive.... I know we all are in a state of panic.

I have the same kind of feeling. I can understand....

I believe... that if FCSC doesnt give us a strong n reliable statement on friday... shud we take some action or just stay quite??? hoping the government will help us.

Bare in mind... that the icesave matter is slowly going away from the News!! I hope it will not just die away....

EagerLearner

It is confusing - it almost sounds as if now the UK will lend Iceland this money so they can pay back the customers (UK and Icelandic customers?) - who knows... yes and the news have pretty much stopped talking about it and moved on to the general banking news / US deal etc.

Plasticman

Easy tiger!

GWEPM wrote: »

......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.

I think the term is "in default". They have been declared in default by the FSA so nothing to worry about there

GWEPM wrote: »

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?

I imagine that it will be a lot easier to pay back savers if they can keep the bank running to some extent in the short term. If the bank closed entirely, you would not have access to the Icesave website and it would make it more difficult to claim back the money. Keeping the Icesave staff at hand will make it easier to confirm & process claims.

GWEPM wrote: »

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?

It is for the likes of me & you - but not for the councils or businesses. You can still expect to get all of your money back.

GWEPM wrote: »

Somewhat confused!

Welcome to my world!!

Dreamez

Thanks Plasticman

I'ts good that you have made everything clear for us:o

I am going to try and boycott the internet because I keep searching for new news every three minutes...Its too excessive but Im obsessed with not missing anything important

Its going to be very hard!

GWEPM

Thanks Plasticman.
I am still confused, but maybe in a calmer sort of a way!

If you click on "latest News" on the FSCS web site its most recent offering is dated 3 October!! There are more recent entries but you have to search for them. I guess they are too busy to update the Latest News section.

Comfortably_Numb

Deleted - double post

Plasticman

Dreamez wrote: »

Thanks Plasticman

I'ts good that you have made everything clear for us:o

Not sure I've ever done that before :rotfl:

I still look at the news (and on here) at least three times a day to see if there is an update! I hope that we will get a proper update on the FSCS website by the end of Friday: http://www.fscs.org.uk/consumer/

I have a feeling that all it will say is "We will be sending you a form in the next couple of weeks". Still, at least it will be some progress!!

Comfortably_Numb

Dreamez wrote: »

What he has now said "some" do you have a link. I hope they have not done a Uturn. I also dont understand the short term loan business to icesave from BofE is it in defaul or what????

I rang the FSCS and they said that everything would be refunded ....but then I keep hearing all sorts!![/quote]

Surely that is the important thing. Have you heard anything from an official source to suggest what the fscs said is wrong?

Dreamez

Comfortably_Numb wrote: »

Dreamez wrote: »

What he has now said "some" do you have a link. I hope they have not done a Uturn. I also dont understand the short term loan business to icesave from BofE is it in defaul or what????

I rang the FSCS and they said that everything would be refunded ....but then I keep hearing all sorts!![/quote]

Surely that is the important thing. Have you heard anything from an official source to suggest what the fscs is wrong?

No I am just am a CRAZY Panicker - theres so much speculation its hard to see which source to trust even the mainstream media give such diverse oppinions.

Fingers crossed i'm sure everything will be ok! Just hate all this waiting around . . .