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

Paula1

PaulS43 wrote: »

Can I just say that if and when you get your capital back underwritten by me as a taxpayer, please be grateful that the Govt will have done this for you. Demanding lost interest removes you from my "sympathy" column to my "cake and eat it 'greed'" column!

If you get your money back (and I think it's right you do) don't take liberties with the charity expected of the rest of us!

Oh come on. At the end of the day we are all taxpayers and we all require different services at different times i.e health, education, income support etc. Personally I am just relieved to know I should receive my money back but the person who wrote the above 'quote' is only normal (and probably still in shock) and was probably saving as best he/she could just like the rest of us. If the interest wasn't important we might just as well keep our money under the floorboards.

passau91

PaulS43 wrote: »

Can I just say that if and when you get your capital back underwritten by me as a taxpayer, please be grateful that the Govt will have done this for you. Demanding lost interest removes you from my "sympathy" column to my "cake and eat it 'greed'" column!

If you get your money back (and I think it's right you do) don't take liberties with the charity expected of the rest of us!

Just to say that I have heard a similar sentiment expressed to me today, but you seem to forget that as a taxpayer, I am one of the "rest of us" and the same could be said of anyone who banks with Northern Rock, B&B, RBS/NatWest, Lloyds TSB or Barclays. We are all in the same boat.

PoorLittleKelly

This is such a horrible situation to be in. I graduated uni 2 years ago and I have managed to save up £3k, which I put in Icesave last tax year. To some of you who are losing hundreds of thousands it might seem like spare change but to me its everything I have. I worked so hard for that money and its so upsetting... I just want it back...

Two weeks ago, I had the feeling it was time to move the money out of ICESAVE so I applied to Natwest for a transfer ISA, this morning I have been in the bank and I have a 0 balance, they tell me "oh but it could take up to a month" - this is so unfair, I did my best to move that money and they've not done it in time.

All that said, nobody should be blaming martin, he has always told us fair and square, and i wouldnt know half as much of what goes on if it wasnt for him and this site. Keep posting martin, we are relying on you and your information to get us through this.

lewisdog

PaulS43 wrote: »

Can I just say that if and when you get your capital back underwritten by me as a taxpayer, please be grateful that the Govt will have done this for you. Demanding lost interest removes you from my "sympathy" column to my "cake and eat it 'greed'" column!

If you get your money back (and I think it's right you do) don't take liberties with the charity expected of the rest of us!

Maybe not underwritten by the tax payer at all:
The Treasury has frozen Landsbanki assets in the UK:
http://www.bloomberg.com/apps/news?pid=20601102&sid=aarH9BaUZJZY&refer=uk

and subsequently
http://uk.reuters.com/article/topNews/idUKTRE4977RV20081008


I will still be very greatful to see my capital back and would gladly sacrifice the interest.

Chrismaths

Just wanted to say tough break to Martin on that Channel 4 interview/mugging. I thought Snow was out of order and putting you next to a disabled bloke who had gone over the FSCS limit and was on the hook for a large amount was a cynical ploy to tug on the heart strings.

Chin up...

Pandini

Regardless of all the warnings on this site, consumers - like bankers - are greedy and will read the bits that they want to read and gloss over the bits they don't.

Martin Lewis has spent many years cultivating the MSE brand. He's always been "Martin Lewis from MoneySavingExpert.com" whenever he's introduced. He has created a huge online community,many of whom treat him with Jesus-like reverence, and who act on his every word.

As well as offering thousands of ways for people to pay less money in their day-to-day lives (which should, I feel, be the sole purpose of the site), he has also gone onto more risky advice, such as advocating credit card stoozing, and stating that it is ""extraordinarily, unthinkably, ridiculously unlikely" for a bank to go bust.

Finally, he has allowed his advice to be mixed in with the MoneySaving Forums where anyone can be a financial expert and give further advice based on nothing more than opinion. (Check out all the "There's nothing wrong with IceSave" posts last week - right up until Monday)

Put all that together and you get a huge group of people who will see Icesave as the number 1 saving account, get told that everything is fine, and put their life savings into it, together with the 15k they've stoozed. Martin Lewis didn't tell them to do it, but he created a strong brand with huge community support that has, essentially, got out of control.

Yes, people should do their own research, and yes, he has simply listed "best buys" like every other site does, but on the back of the brand, he needed to realise that there were a lot of people taking exactly half of his advice without really understanding the risks. He is seen as a guru. A Martin Lewis Best Buy comes stamped with all the trust and brand authority that he's spent so long building.

Perhaps now is the time for this site to continue with its pioneering work by finding a new way of recommending investing - one that takes risk into account as well as interest rates.

This site has been almost guilty of giving the message that "yes, this is a riskier investment, but banks never go bust, so don't worry".

Perhaps the advice should have been more along the lines of: "If the bank holding your savings did go bust, and you were unable to access those savings for, say, 6 months, how would this affect you? Is it worth the extra 1% interest that you'd earn?"

I'm a massive fan of the MSE newsletter and site. But you can't get this popular without taking some responsibility.

gomeraman

I have £35000 in a 3 year bond but 1 year is not up till mid December so no interest has yet been added. Do you suppose it's worth changing the way interest is added to monthly rather than yearly in the hope that we do receive some interest? - Or do you think it's too late and we've lost over £2000.

On another point, don't blame Martin. He's doing a great job and Caveat emptor should always be considered. We didn't HAVE TO invest.

jackhawkins

Stop blaming Martin - lets take responsibilty for our own actions.

We have 35k in Icesave. After todays announcement I believe it's a matter of when rather that if we get our money back.

Had to join the forum today to have my say.

gonlan

I'm sorry Pandini, but I have to disagree with you.

Just because MSE is a big site, with a large brand, doesn't hold Martin responsible for the decisions people make based on ready only those bits of advice they want to read. The information and opinions provided have always been to the highest quality and very relevant to the financial decisions I've needed to make. If people don't read that information (and do their own research if they feel it's lacking), it's their fault for making a decision with their money without all the facts.

I also happen to disagree with your opinion that credit card stoozing is not appropriate for this site. It's another way to save money and beat banks at their own game. What risks it entails have always been (in my opinion) thoroughly explained wherever it's been suggested.

Finally, and perhaps most strongly, I don't believe that Martin should hold any responsibility over the content of the forums. Forums have always come with the same authority as 'the man down the pub' and this site's popularity doesn't change that.

What other best buy tables have you seen to include detailed information about the nuances of the FSCS and how it is applied to differently to different institutions?

For the record I have many years of isa allowance in Icesave, and a not an inconsiderable fixed rate bond with Kaupthing Edge. I have absolutely no hard feelings over this and continue to rate MSE as the best online resource for well researched financial advice across the broadest of spectrums.

finchy

PaulS43 wrote: »

Can I just say that if and when you get your capital back underwritten by me as a taxpayer, please be grateful that the Govt will have done this for you. Demanding lost interest removes you from my "sympathy" column to my "cake and eat it 'greed'" column!

If you get your money back (and I think it's right you do) don't take liberties with the charity expected of the rest of us!

What a pathetic comment from PaulS43, why should'nt the person expect their interest as well? that's the whole bloody point of saving, get a grip man!:mad: