Icesave-please help/advice!!!!

darude

Dreamez wrote: »

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 . . .

Agreed, I check news pages and forums everyday after work waiting/hoping for any progress. But there's nothing, almost like they've forgotten all about us! As patience as I am, this is frustrating by the day.

OOPS

i think all you can do is wait.Seriously , you could geta nice surprise or it may take a few months .My gut feeling is it will be in a few weeks , the sad thing is the cash is their , the bank of england ( or government )is bailing out the icesavers ( retail) and so the money you will get is already in a bank or gold stocks or something.The delay is simple logistics.1000.s of accounts and people to contact and forms to print and the a system to devise that works and its a serious amount of work i imagine hence delays.I think the delays will be based on this and not the uk trying top get 'cash ' off ' iceland ' .Thats not how this will work , the idea is simple - uk bank of england to bail out savers and then get money back later / via frozen assets.

The icelandic load by uk was a gesture of goodwill and part of a mechanism . . . its all smoke and mirrors designed to appease icelandic feelings , create goodwill and also make it look better.

Facts are simple.........

the uk government have guranteed ALL savings in icesave banks for uk 'retail ' or personal accounts FACT!!!!!

They have not done this for councils yet or isle of man and offshore savers.

The money is being paid back when they have the mechanism in place . . . .
i think if your after a job in admin the fscs might be a good place to head !!!!!!

qamwc1

The FSCS/government have to pay otherwise would people trust the FSCS? If people don't trust the FSCS then would any of the other UK government guarantees mean anything?

Remember that only up to £16K is the Icelandic responsibility and the balance to £50K is that of the FSCS (who are underwritten by HMG). We have HMG promise that all monies i.e. the Icelandic bit and the tit above £50K will be paid to us.

What is a shame that they don't see the need to issue to keep the affected public informed.

innovate

qamwc1 wrote: »

What is a shame that they don't see the need to issue to keep the affected public informed.

That's not entirely fair. They have provided updates on the FSCS website as promised, and their current promise is that they will provide a further update by the end of this week ("We will post a further update on our website as soon as we can, and expect to be able to give you firm news by the end of next week. But there is no need to take any action at this time.")

Worth remembering that it is the first time ever that they are exercising an FSCS guarantee, with the added complication that a passport scheme is involved.

Give them a bit of rope, it's humans who need to work out all the details, and they need a bit of time to finalise them.

carlsimon

hi all well if you are worried about your money. please go and read this page. It has the most uptodate info on our icesave accounts.
http://www.moneyfacts.co.uk/community/blogs/rumbels/archive/2008/09/22/icesave-are-my-savings-safe.aspx

happy reading all.

EagerLearner

Thank you carlsimon for the link - the important bits, for me, are in bold:

"15th October: Icesave – latest update from HM Treasury and Icelandic Authorities

UK Treasury officials have met their Icelandic counterparts and significant progress was made on retail depositors of Icesave. Arrangements have been agreed in principle for an accelerated payout to Icesave depositors.

A spokesman from the Financial Services Compensation Scheme has said that they have been inundated with customers wanting to know if they have to make two separate compensation claims, one to Iceland and one to the Financial Services Compensation Scheme. They remain hopeful that Icesave customers will only have to make one compensation claim through the Financial Compensation Scheme. A further update is expected by the end of the week. [17th Oct 08]

The HM Treasury continues to give reassurances to Icesave customers that their money is safe and secure.


13th October - Icesave compensation forms to be sent out

Icesave’s UK customers should be able to find out on Friday [17th Oct 08?] about how they will be able to reclaim their savings. A spokesman from the Financial Services Compensation Scheme has said that Icesave’s UK customers will receive application forms for compensation for their lost savings in the next week. [by 25th October 08?]


Icesave’s UK customers should have received the first €20,887 from the Icelandic compensation scheme with the Financial Services Compensation Scheme topping up the rest to £50,000 per person per institution. However, Alistair Darling has said that the UK Authorities would guarantee all savings for Icesave’s UK customers. It’s also likely that Icesaver’s UK customers will only have to complete one compensation form to reclaim their lost savings."



So this *seems* to indicate the following timescale:

17th Oct - Update from FSCS
25th Oct - All forms to have been received by UK Icesave customers
27th Oct - Estimate - Customers start to return forms to FSCS for processing

The item in red is confusing - any ideas? Maybe they mean 'should receive'

cwcw

qamwc1 wrote: »

i.e. the Icelandic bit and the tit above £50K will be paid to us.

HAHAHAHA :rotfl:

Sorry, I'm immature. :money:

LGG_2

so why is isnt this info on the FSCS site? is it offical or just more presumptions?

any ideas? Maybe they mean 'should receive'

well i guess its because we should have received the first 16k from iceland but as we know they have claimed not to have the funds.

captainkevos

Icesave’s UK customers should have received the first €20,887 from the Icelandic compensation scheme with the Financial Services Compensation Scheme topping up the rest to £50,000 per person per institution. However, Alistair Darling has said that the UK Authorities would guarantee all savings for Icesave’s UK customers. It’s also likely that Icesaver’s UK customers will only have to complete one compensation form to reclaim their lost savings."

Yes, we should have received the first £16K via the Nordic Passport scheme last week, but we were told by the Icelandic PM last week that he had no intention of honouring his commitment to us, that's why Alistair Darling froze Landsbanki assets in the UK as security against that debt under Anti-terror laws, until we get paid. And rightly so, in my opinion !!:mad:

qamwc1

innovate wrote: »

That's not entirely fair. They have provided ....

All you points are valid but Joe Public isn't that rationale, is he? From the "worry" expressed in other posts it would be helpful if more "information" came out - surely that is what press offices are for and it can't be difficult to issue another bland but positive statement.

After all isn't this about us mortals having confidence in the system but that can only be as result of information not silence - silence breeds doubt, suspicion etc.

I'm thinking that rather than the cumbersome claims process (which I'm sure would cost a few million), they actually manage to re-activate Icesave (which might cost less especially if Iceland sign up for the cost - perhaps that is what some of the £100m secured loan is for.) That must be feasible as Newcastle Building Society did the backoffice work.