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

alanwsg

BC News: Alistair Darling specifically said ALL money in ICESAVE will be guaranteed by the government.

IcesaveSteven

I can't find any link to this promise in writing on the BBC web site - and he specifically said 'all'? not just 'funds'? I am in Asia so sorry can't get newslike you guys - I PRAY this is true

sly_dog_jonah

Further to cornubian's post above about what the icesave website said in Sept 2007, here's what it said in Feb 2008 (according to the wayback internet archive: http://web.archive.org/web/20080213070930/www.icesave.co.uk/financial-protection.html)

financial protection

Deposits made with Icesave are protected under the Icelandic Deposit Guarantees and Investor-Compensation Scheme (details of this scheme may be obtained from https://www.landsbanki.com/legislation). Payments under this scheme are limited to the first €20,887 (or the sterling equivalent) of your total deposits held with us.

You have further protection from the UK Financial Services Compensation Scheme (https://www.fscs.org.uk). Payments under this scheme are limited to 100% of the first £35,000 of all your deposits with us, less any payments made under the Icelandic scheme. This means that the maximum claim amount as at October 2007 is £35,000.

The total financial protection given to you under both schemes is no less than you would receive if your deposit was only protected by the UK scheme. Further details about both schemes can be obtained from our web site or by post, on request.

I've picked out the important point in bold. In the failure of iceland to pay out, they stated that FSCS would pick up the tab. I expect the UK goverment to honour this pledge, since they allowed icesave to operate with this statement on their website for months. They have changed the page (http://www.icesave.co.uk/financial-protection.html) since February, but that doesn't change what was there back in the past.

cornubian

Thats right, he said that these were exeptional circumstances and that in this unique situation the UK Government was prepared to guarantee UK savers all their Icesave deposits. He said that the UK Government would be pursuing the Icelandic Government [presumably for some sort of return on its unforseen expenditure] and that an announcement in Parliament would be made at about noon today.

sly_dog_jonah

Hopefully GovUK will step in:

http://news.bbc.co.uk/1/hi/business/7658417.stm

lilmismayhem

I waited about 20 mins in the queue whilst they told me though pre-recorded message that "due to high demand for their accounts" the lines were busy but hey I got there in the end.

Managed to unlock my password so I can at least see how much I've got in there. I have a small sum plus a monthly payment of £200 that left my account on/around 1st October which is apparently sitting in my account but not cleared. Apparently as Icesave is not a clearing bank it takes more than 7 day to clear funds, wish I'd known that before. So am now trying my bank to get that stopped.

They confirmed that they were not insolvent. I asked how long they can stop me getting my money when they are not insolvent, after she went away to get confirmation she then read out a line from the terms and conditions which said that due to circumstances out of their control such as industrial action they can suspend certain services such as withdrawals. I asked if they can do that forever and she initially said yes, then changed her mind to say that I would need to keep checking the site to see when I can withdraw. At least with my new password I can be first in the queue to move my money out.

Just got off phone from Halifax, my normal bank, they said they cannot ask for money back once it's left them. They said Icesave cannot just let the money disappear and it will either clear in my Icesave or bounce back to Halifax at some point. This could take 14 days to come back.

I now wait to see what Beaker confirms to the house this morning about guaranteeing Icesave accounts - I need some clarity and promises right now.

finchy

They took my £500 deposit this morning that i had set up through my bank on monday, let's see if they pay in my interest which is due in the account on Friday,which will prove if our money will continue to pay interest whilst this mess is sorted out. Here's hoping!

cornubian

Following the UK Chancellors promise this morning to guarantee all savers in Icesave their deposits, the BBC has just reported a comment made by him:

"The Icelandic government, believe it or not, have told me yesterday they have no intention of honouring their obligations here," said Mr Darling.

Darling is hopping mad and no doubt will be thinking about freezing Iceland owned assets in the UK.

We got lucky this time but I will never invest/save abroad again.

Brett

john1950 wrote: »

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.

COME ON...this is not a time for blaming anyone,we need to stick together on this and if the Government/Governments dont act reasonably in this situation,we are definitely going to need each other. You,like me have followed Martin's advice freely and without any pressure. He like the rest of us doesn't have a Crystal Ball and I'm sure as things develop,he will be doing his best to advise us as to what to do next...hang in there!

IcesaveSteven

Thank God! and Alistair! what a Darling!