'Icesave... angry, frustrated and upset...' blog discussion

john1950

MSE_Lawrence wrote: »

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.

Read Martin's 'Icesave... angry, frustrated and upset...' Blog.

Click reply to discuss below.

Lewis has distanced himself in a manner you might anticipate of someone who feels a bit guilty. The guy is just not as bright as some here seem to think.

Advice on what to do about credit card debt is easy because usually it is obvious if you have any common sense, but such advice is his speciality and he receives praise for his insight (of the obvious).

Kaupthing Edge* is still his "best buy"

This site should be used with discretion as should the reccommendations of Mr Lewis. He may say he is feeling a bit "emotional" at the moment re. Icesave recommendations etc. but infact this guy makes a living out of you people.

Caveat emptor if that is the right spelling seems appropriate.

He knows that the people using his site actually need proper advice. He may think that to provide the details of the compensation scheme regarding Icesave is sufficient to relieve his concience, but to not give the "context" yet to actually know the context, well that is unforgiveable.

I for one put money in Icesave on the back of Martin Lewis's reccommendation and I am not best pleased with Mr. Lewis. What he had to say at the time about the compensation scheme seemed fair enough until you yourself looked into the Icelandic financial situation. What he said was not the entirity of what you should have been considering and if he is so clever why did he not point to the underlying context.

I have fixed rate bonds maturing next year so that money has gone.

Thank's Martin, you are a brick or something that sounds like that.

passau91

Almost all of us are in a similar position and, of course, I feel really sorry for those who have in excess of £50k with Icesave. I suppose it is only natural for some to vent their frustration, but really until there is concrete news of whether Icesave goes bust, what measures will then take place to kick start compensation claims etc. everything else is just speculation and will only serve to make everyone else even more upset.

Personally, I'm going to adopt a wait and see approach, principally because I don't see a realistic alternative.

An aside to Martin - you're anxious on our behalf and naturally it upsets you when people take their frustration out on you (you wouldn't be human otherwise). Your updated blog has already answered one of my questions (that compensated ISA savings will probably keep their ISA status going by what happened with Northern Rock) and I'm sure you'll keep plugging away to get the answers we need going forward. Keep your chin up because the majority of us are grateful for you championing the consumer's cause.

sjohnson57

Martin - as you can see there will be a few sleepless nights as a result of the events of today - me for one. I know from posts i have seen on your site before you do take this personally. Perhaps as one saver has suggested we need to group together and ensure this does not get buried along with all the other bad news and the plight of 300,000 savers does not fade with the one week attention span of politicians. You might want to think about being the champion/advocate/voice of the 300,000 savers who need to come together and challenge what i believe to be an illegal act on behalf of the Icelandic Government. As i have said previously, if the boot were on the other foot there would be a long line of Government Chancellors queuing outside No 10 demanding reinstatement of the savings of their constituents. Hope you are still awake like the rest of us fretting about this!

Jolly_Roger

Nationwide sent me a letter on Monday confirming that my ISA with them had been closed and a cheque containing all my savings transferred to Icesave as I had requested. What awful timing!
Anyway, Iceland's PM said on TV that we would get our money back, so I think we probably will.
However, an ISA is a UK product, isn't it? If the UK government lets a foreign bank offer such things over here then god help it if those savings then disappear. As somebody pointed out previously, there are now an awful lot of us waiting to see what will happen and 300,000 people represents a HUGE lobbying group. Furthermore, if Martin Lewis came after me, I would feel pretty scared, so the Icelandic PM is hopefully shaking in his shoes!

oakthorpe7

I appreciate info given on this site is provided with pros and cons. However, in common with many others, I feel totally let down and baffled by current global financial downward spiral.

Still none the wiser as to whether or not I can retrieve my modest, recent investment in this outfit's mini-cash ISA. What difference does it make to any of us whether the bank is "declared" insolvent or continues to "operate".
Reality is: they have our dosh and (as yet) we have no means of retrieving/claiming it.

I attempted to withdraw 95% yesterday, 6 October 2008, but find an email from Icesave Customer Service today stating that: "...you have insufficient funds to complete this transaction, or you have changed the designated bank account". Neither is true and certainly Icesave had no difficulty in withdrawing £300 via Direct Debit from this designated bank account on 1 October 2008.

Under the bed would be safer, but nothing left to save.

gailey_2

Martin if you reading this

you are not to blame you give sound warnings and precautionary advice only other week on your programme you said split your money so you are protectedin fact everyones saying that so baffled why people havent really I guess time is an issue and the dowfall of some institutions could not have been forseen!
I saw you getting hard time on c4 news tonight and can see its personally upset you and that you do care and u had no financial gains yourself for reccomending certain companies unlike bias comparsion sites or comparision tables in paper.
As for whats gona happen need a crystal ball!
It does sem like public kept in the dark saw interveiw with icelandic primeminister very odd he seemed to be hinting that he asked uk governemnt for help and they did not but still not sure.
Like everyone else I wondered if icesave was uk or icelandic bank and what was covered.

The most sensible thing labour could do now is asure all savings.
If I had money which i dont have savings and am kicking myself now i would go to irish bank as no longer trust the government to protect us.
It appears northern rock and postoffice accounts hard to open but relived my£11 in national savings is ok.

The crisis seems to worsen daily with no warning.
I dont know if media paint a worse picture but people I know and our family are struggling we switched our suppliers started shopping at aldisb uying own brands its hard to no what else to cut back on.

My worry about thsi rescue plan bank of england giev banks more money to improve liquidity problem and gat markets moving.
However teh sceptic in me reckons the bank will atke money but still refuse to lend to each other and have tight lending to businesses and individials the normal person wont see the benefit which means
we wont get better rates on morgages and loans
savers will get poorer deals too
Current debts will vontinue to rise as apr higher.
Hardly anyone be able to buy house as not enough saved or no immaculate credit rating.
My mate owns flat borrowed from northern rock his morgage gone up from £800- to £1200 because fixed term deal at an end.
Rang round other lenders wont touc him as in neg equity
cant sell as in neg equity and no buyers
RANG NOTHERN ROCK AGAIN(STATE OWENED BANK) best they can do is £1100 pm but thats by increasing morgahe from 21years to 40 and paying god knows how much interest. Dont know where they find extra £300?

It people who lent with nothern rock/bradford and bingly taht will be at more risk as were leant more than they could afford and now risk losing everything.

john1950

What sort of idiot posts "Martin you are not to blame" ??

Do you actually think that this guy actually takes the time to look at these posts??

He is, just like a politician. looking for ways to defend his previously defined position which has proved to be seriously wrong.

Martin Lewis, talk to me, I dare you, talk to me directly. I have things I want to say to you.

mjmoore0

john1950 wrote: »

What sort of idiot posts "Martin you are not to blame" ??

Do you actually think that this guy actually takes the time to look at these posts??

Have you seen post #60? Or are you just on here to vilify and blame someone else for this?

DogDave

Martin I really think your conscience should be clean. You gave everyone as much information as you could and certainly as much information as they needed to make a decision on Icesave. No-one could have predicted it would fail, the same as no layman could have predicted HBOS, Northern Rock, B&B, etc etc. I hope this doesn't stop your work on the site.

mjmoore0

Just pulled the following from the International Nordic News website (http://www.icenews.is/index.php/2008/10/07/iceland-economic-update-full-analysis/):

As it stands, Glitnir bank remains a functioning and independent commercial bank with the government as probable 75 percent stakeholder. Landsbanki is not owned by the government, but as of this morning it is under government control for an unspecified period of time, and its board has been dismissed. While the government has insured all savings in Iceland and remains optimistic on Landsbanki’s domestic operations, the fate of its British savings bank, IceSave remains in doubt.
IceSave is not allowing deposits or withdrawals for the time being – but whatever happens, UK savers’ money is insured up to the value of GBP 50,000 even if IceSave folds.