Credit Crisis FAQ

altocumulus

A brilliant thread, lots of sensible advice and points made that should help reduce some of the repetition in the rest of the forum :j ....keep up the good work.... :T

ladymiss77

ShelfStacker wrote: »

Look at ladymiss' post above, for god's sake; Alliance and Leicester may not be in the best position, but they're quite unlikely to go under; they still turn a profit and they were certainly valued highly enough to be bought out by Santander. Most likely she's just heard stuff about banks collapsing and got !!!! scared, knowing nothing more about the situation than that.

Long story short, I appreciate what you're trying to do, but I'm philosophically opposed to it.

Thank you for your advice reaper! It is difficult for someone like myself to know where to get reliable information as to what to do in this situation. I have been keeping an eye on share prices and it is true that A&L have been making a profit. Picking up on Shelfstackers point, perhaps a little knowledge is a dangerous thing, however isn't that what this site is for? That is, to provide people like myself with that extra information regarding financial matters.

MagicBurd29

ladymiss77 wrote: »

, perhaps a little knowledge is a dangerous thing

When you talk to some people, don't you feel a little knowledge ... would be a start !?

Daisymay_2

I've got the only £2,000 I've got with Icesave and now am wondering if I will get it back??????????

Daisymay

altocumulus

Daisymay wrote: »

I've got the only £2,000 I've got with Icesave and now am wondering if I will get it back??????????

Daisymay

If you have 2k with them, then it hasn't gone anywhere and it is still protected.....

silvercar

answer on small companies here:

I run a small business, what about me?
"The deposit protection scheme was set up primarily for private individuals, the FSCS says.

But small businesses get similar protection to savers if the limited company can satisfy at least two of the following three criteria:

A turnover of not more than £6.5m
A balance sheet total of not more than £3.26m
A total number of employees of not more than 50.
Partnerships - not the individual partners - could claim up to £50,000.

For a sole trader account, the sole trader could claim up to £50,000 in total, but can only claim for either personal or business accounts with each institution - they cannot claim for both. "

From BBC article here:

http://news.bbc.co.uk/1/hi/business/7482914.stm

Edinburghlass_2

RayWolfe wrote: »

Thanks Reaper. Excellent post. Let's now hope that people actually read it and stop asking the same questions over and over.

Users should never be "stopped" from asking their questions, to them it is new and important. If you have a problem with this then point the user in the right direction.

Martin's article is being updated throughout the day...

http://www.moneysavingexpert.com/savings/safe-savings#iceland

slowbob

Thanks, Reaper, for an excellent summary. A fairly simple question/thought (and apologies if it's already been covered in the time since I last searched!)...
has anyone any idea what would happen in the event of claiming compensation back from an Icesave ISA as to whether that lumpsum could then be reinvested in another ISA? ie. would it be possible to retain it's tax-free status?
(I guess I may be "jumping the gun" slightly, but I figured it doesn't hurt to ask!)

Reaper

People have been asking that question but it is not listed because the answer is unknown.

I see no particular reason why the compensation can't be paid in the form of a new ISA account with a new building society but there is no policy on it (that I am aware of) and we are in uncharted waters. It would seem the sensible thing to do but they don't always do the sensible thing!

EDIT: Details are now clear - you will get a certificate within 2 weeks of getting the money saying you are entitled to use it to open an ISA. It will be valid until the end of the tax yar (April 2009). I have updated the FAQ.

HappySad

Is money in Ing Direct protected by government savings protection? I believe this is a foreign bank.