Icesave Slams the Door Shut !!

WTF?_2

blisk wrote: »

Your experience sums all it up.

So many people don't believe how bad it's going to get until it's too late.

People are going to lose thier shirts if they don't watch it.

I agree that this is going to be very bad indeed and that people are being very complacent in thinking that because they have been leading very comfortable lives to date, it'll all stay that way. There are going to be a lot of very shocked people in the next few years.

But let's face it, the vast majority of us don't have the wherewithal to do much about the situation other than avoid taking on debt, accumulate savings in as safe a source as possible and hope for the best.


If I had cash at my disposal I'd buy property with enough land to be self sufficient, have the whole thing off-grid and lay in a year's supply of food. As well as fortifying it.

However, like most I have to work in a normal job to make a living. I'm lucky enough to have made some decent savings and have taken some steps like putting my cash in NR/NS&I, a bit of Gold and have ended up with foreign currency too as a result of circumstances (got lucky with a lucrative long-running contract job).

Like everyone else, I just have to hope for the best at this stage. At least I can console myself with the fact that I didn't get roped into masses of credit card nor personal loan debt and didn't buy an overpriced house and be saddled with property debt at a very dodgy time. I can look at my savings and know that at least I have options - but if we see the government pump money into the markets to try to revive them who knows how much use savings will be? And if I lose my job I'm not really going to be happy about it no matter how well prepared I tried to make myself.

ad44downey

Zammo wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1200773

I suggest everyone read this thread posted a few days ago. It's a prime example of the terrible advice that's given out by the ((((hugs)))) crew. A poster asks for guidance on what to do about their parents cash in Icesave, someone advises to get it out, and the usual coterie of morons start piping up with "Stop spreading rumours, you'll start a bank run, your money will be fine, don't listen to the news". Then, loads of people saying it'll all be okay, followed by much hugs and "my thoughts are with all our ICEsavers at the moment (((((:o:o:o:o:o:o:o:o:o))))))" type comments.

I have been pilloried on here for giving honest and sometimes brutal advice, but I have been proved correct every time, without exception. Listening to the hugs people rather than taking a bit of harsh preventative medicine will ultimately end in tears.

It depends. Panic feeds panic. No bank could survive a run on deposits like that. Talk of failure became a self-fulfilling prophecy with everyone rushing for the exit at the same time

zoehassall

I have only just heard a little bit on TV about ICESAVE problems. I have a 6 month saving bond of £8,400 which is supposed to mature on the 25th of this month, this is inheritence from my father and is all i have. Could any1 give me some info on what is happening, am I likey to get my money back? what do I need to do?? :eek:

WTF?_2

Chris2685 wrote: »

The radio today was debating whether it really is as bad as the media makes it out, or if it is not quite so bad... Well in my opinion, the media makes it sounds even better than it really is, never mind them making it sound worse!

The fundamentals have been rotten for years but the media ignored that and looked the other way. Anyone who gave an opposing opinion up until about 9 months ago was labelled as a tinfoil hatted doom-monger

Now they are really going to town on it but they are missing out on a lot of the issues in favour of sensationalist headlines to sell papers/airtime.

Plus, they are still peddling the myth that the various measures represent a comprehensive answer and that there is actually some sort of 'right' way out of the crisis, to safety. There isn't. We are in for years of pain. We just have to try to make out way through, best we all can.

Californication

zoehassall wrote: »

I have only just heard a little bit on TV about ICESAVE problems. I have a 6 month saving bond of £8,400 which is supposed to mature on the 25th of this month, this is inheritence from my father and is all i have. Could any1 give me some info on what is happening, am I likey to get my money back? what do I need to do?? :eek:

You are guaranteed to get all of your money back, either from the Iceland government or from the British protection scheme.

http://www.fscs.org.uk/

--C

misskool

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to the savings and investments board, where it should get more replies. If you have any questions about this policy please email abuse@moneysavingexpert.com.

francolini

Ithought I was OK as I set up a withdrawal last weekend and it was actually processed on Monday 6 Oct , a day before the collapse.

However I smelt a rat when funds were not received into my bank account. On checking the Icesave website today I find they have recredited my icesave account on 8 Oct marked ' Correction '