Icesave/Kaupthing - is Martin to blame?

Captain_Mainwaring_2

chattycathyuk wrote: »

get a life!

I'm posting at 8.30am enjoying a nice cup of tea whereas you are posting when only prostitutes and cat burglers should be active.

Captain_Mainwaring_2

popmacca wrote: »

The downside is that "normal" worthy account holders will pay the price for all of these reclaiming tactics.

Your so correct ..... people you took a little time to ensure their accounts didn't go unath overdrawn & used their accounts responsibly will end up paying more.

Everyone seems to forget that when credit card companies were forced to reduce their late payment fees to £12 the mojority then imediatly increased their interest rates to cover the shortfall........ that was great wasn't it, penalise the majority so the selfish minority who couldn't be bothered to ensure their payments got there in time aren't too put out :rolleyes:

That's one of mine !!

And how true it is. Perhaps people are really so stupid that they cannot run their lives without "payday" loans and unapproved OD's?

Insurance companies work on contracts of "utmost good faith" so even if a question isn't asked you are required to provide information.

The sooner the banks are allowed to enforce contracts based upon good faith instead of allowing some little weasel to wriggle out of it because of some tiny contractual flaw, the better.

People knew exactly what they were signing up for.

NonGeographicalMan

opinions4u wrote: »

He always said to remain under the £35k.

But now it turns out the first £16k of that £35k is not covered if Icesave goes belly up as it is only covered by the Icelandic compensation scheme.

Before I lost access to nearly all my cash savings today I was totally unaware of that point.

Martin Lewis is not our friend at all. All he actually cares about is making himself rich through click thru revenue. You may recall that he has even aggressively promoted the blatantly dodgy ICICI on numerous occasions. Icesave looked much less dodgy on paper than Icesave and that was how I was lured in because of their apparent respectability as part of the oldest bank in Iceland.

Martin Lewis is not actually our friend at all. All he cares about is making himself rich. Of course he will now delete these comments or ban me from the forum.......

KingL

NonGeographicalMan wrote: »

But now it turns out the first £16k of that £35k is not covered if Icesave goes belly up as it is only covered by the Icelandic compensation scheme.

Before I lost access to nearly all my cash savings today I was totally unaware of that point.

That was always the case, maybe you should have read all of the information provided for you, rather then just the first line!

.

Captain_Mainwaring_2

chattycathyuk wrote: »

you know what makes me sick about some people, is there up for it if when theres something in it for them!

Martin isnt god! hes trying to make this world a better place, took time out to help you and some of you are pulling him down because it went tits up!you know what make your own decisions, if you take someones advice well its a gamble. least this guy tryed to help, if you only take well dont expected to get anything back.

makes me mad!:mad:

noones fault its called greedy! next time why dont you pay for advice and take it out on them! no you wouldnt do that might cost you!

take take take give nothing back!

Hehehe. Let's join hands and sing "Ebony and Ivory"

He is "In it" for himself. Don't kid yourself different. He was adept at finding a couple of ways to get money back and a whole industry fell off the back of it.

And I can assure you that many people who have followed some of these tips will pay for the advice they received very dearly indeed.

NonGeographicalMan

Captain_Mainwaring wrote: »

He is "In it" for himself. Don't kid yourself different. He was adept at finding a couple of ways to get money back and a whole industry fell off the back of it.

And I can assure you that many people who have followed some of these tips will pay for the advice they received very dearly indeed.

Anyone who has seen him on that vile daytime tv show he started will know precisely what kind of self promoting and self important self publicist they are dealing with.

Martin Lewis is only looking out for one person as this sorry episode makes clear.

Him saying the quality of a bank does not matter and only the rate of interest matters is ridiculous. Would he recommend the cheapest grade of petrol if it was proven to ruin your engine in only a few thousand miles?

Captain_Mainwaring_2

NonGeographicalMan wrote: »

But now it turns out the first £16k of that £35k is not covered if Icesave goes belly up as it is only covered by the Icelandic compensation scheme.

Before I lost access to nearly all my cash savings today I was totally unaware of that point.

Martin Lewis is not our friend at all. All he actually cares about is making himself rich through click thru revenue. You may recall that he has even aggressively promoted the blatantly dodgy ICICI on numerous occasions. Icesave looked much less dodgy on paper than Icesave and that was how I was lured in because of their apparent respectability as part of the oldest bank in Iceland.

Martin Lewis is not actually our friend at all. All he cares about is making himself rich. Of course he will now delete these comments or ban me from the forum.......

Well OK, I wouldn't fall for his old waffle, but that aside, the number of people who say "Martin this, and Martin that, and Martin is trying to make the world a better place", prove that he has got people on the hook, and ultimately he does owe people a duty of care.

I wonder if anyone from that banking and CC industry would care to guess just how much financial damage Martin's advice has done the industry?

baby_boomer

Given the drift of the "no panic" posters and their dominance on this section of the site, maybe Martin should put a disclaimer on the top of the Savings section:

"Please don't be influenced by any online discussion of bank solvency, because the vast majority of our savers have a proclaimed vested interest in preventing panic and this site is too big for them to permit free discussion as it could trigger a bank run."

On the subject of cause and effect, here's what the new boss of Landsbanki has to say:

"Mr Kristjansson said: "[The withdrawal of savings] by itself caused additional problems on top of everything else. There are so many interwoven factors. That wasn't the main problem, although it was very big."

Chi_2

Gotta love the trolling.

NonGeographicalMan wrote: »

You may recall that he has even aggressively promoted the blatantly dodgy ICICI on numerous occasions.

So, out of interest - why are ICICI "blatantly dodgy?" Sure, their online account management is mickey mouse, and they were unable to cope with the volume of new accounts when they were first recommended, but the bank is fully FSCS registered in the UK, and have an office in London.

I had an account with them for a year or so, and only switched away when I found one with a better interest rate.

NonGeographicalMan wrote: »

Icesave looked much less dodgy on paper than Icesave and that was how I was lured in because of their apparent respectability as part of the oldest bank in Iceland.

"Apparent respectability" means diddly squat, and it is naïve to rely on such superficial aspects at the expense of doing real research ("oh, but he looked like such a nice man!").

Baring's Bank was the oldest merchant bank in London, but look what happened to that in 1995.

popmacca wrote:

Everyone seems to forget that when credit card companies were forced to reduce their late payment fees to £12 the mojority then imediatly increased their interest rates to cover the shortfall........

Isn't that how it *should* work - people pay a transparent and fair price for the service, rather than subsidising it by overcharging those who are in financial difficulties with unfairly high penalty charges ("unfairly" as in "making a profit from it" rather than "recouping costs incurred by the bank for the action that incurred the penalty")? A business model relies on late payment fees is inherently flawed, in my opinion.

Banderman

I think some bitter people who were quick to criticise Martin yesterday have egg on their faces today. Before you shout your mouth off engage your brain first