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

MoneySaving_Ex_Spurt2008

I have been reading Martin's pages on savings avidly for the last 6 months in order to help my recently retired parents decide where to put their savings. As a result they considered and icesave but decided against. If we had gone for ice save we would have done so in full knowledge of the regs.

cvd

with respect, hindsight is a wonderful thing,

"With respect", you should not accuse someone of something unless you know it to be true, but it appears you do not believe in that principle.

I have been following my rule 1 for years and I know at least one other person who independently decided to do the same. It does not just apply to bank failures - sometimes there are bank !!!!-ups, we have identity fraud etc etc. Rule 1 helps guard against these things also and I do admit these other reasons were the main reason I adopted it.

If you bother to read my post, you will see that I am attempting to make a CONSTRUCTIVE suggestion.

ThrobsBlackHat

d.edna wrote: »

To be fair on Martins weekly e-mails it did say this
So Martin in effect is a IFA am I right?
Here is his registration on the FSA site
http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=157907

Nope.

This is what is in every single email:

"Disclaimer: This e-mail is based on journalistic research. It does not constitute financial advice. Any information should be considered in regard to your own specific circumstances. All tips are followed at your own risk and should be followed up with your own research"

And then the terms and conditions of moneysavingexpert, linked to on the main website, and every single email

3.1 The information we provide does not address your individual requirements. In particular, our information does not constitute any form of advice, recommendation, representation, endorsement or arrangement by us and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Given that the impact of any information expressed on our site can vary widely based on your particular circumstances, you should always carry out your own research into the product that is of interest to you.

tomterm8

cvd wrote: »

"With respect", you should not accuse someone of something unless you know it to be true, but it appears you do not believe in that principle.

I have been following my rule 1 for years and I know at least one other person who independently decided to do the same. It does not just apply to bank failures - sometimes there are bank !!!!-ups, we have identity fraud etc etc. Rule 1 helps guard against these things also and I do admit these other reasons were the main reason I adopted it.

If you bother to read my post, you will see that I am attempting to make a CONSTRUCTIVE suggestion.

No, Sir, you are not making a CONSTRUCTIVE suggestion.

My opinion is and remains that your post was entirely based on hindsight until you provide me evidence that you gave this "advice" to Martin BEFORE THE ICESAVE problem. Until you provide me with such evidence, I will remain in no doubt that there is little further value responding to you. I have consequently placed your name on my ignore list.

judege

We have never had ISAs before, and I was so thrilled to be getting tax-free interest, so I will be very sad if we don't get any (though obviously relieved to get the original deposit back). Only opened ISAs earlier this year and opted to be paid interest annually. Am I right in thinking you earn the same interest overall whether you opt for it to be paid annually or monthly? I'm not sure why I opted for annually, but I now wish I hadn't, as with the monthly option, at least we would HAVE some interest in the account by now.

d.edna

Why are people crying about not receiving interest. You should be happy you are covered by the goverment and will get the deposit back. To be honest, be greatful!

judege

d.edna wrote: »

Why are people crying about not receiving interest. You should be happy you are covered by the goverment and will get the deposit back. To be honest, be greatful!

Why should I feel greatful (sp)? To whom? My husband and I, as taxpayers, are contributing to this rescue plan like everyone else, and the money in Icesave is ours! The Treasury says "no retail depositor will lose any money as a result of the closure of Icesave." but if we don't get the interest I consider that losing money.

d.edna

judege wrote: »

Why should I feel greatful (sp)? To whom? My husband and I, as taxpayers, are contributing to this rescue plan like everyone else, and the money in Icesave is ours! The Treasury says "no retail depositor will lose any money as a result of the closure of Icesave." but if we don't get the interest I consider that losing money.

Because you could have lost everything! Jeeze Interest is money you NEVER even had so you made NO loss!

I am a Bradford and Bingley Shareholder, I am not moaning about that Ive lost all my shares, it was effectively FREE money I have lost nothing

mjmoore0

judege wrote: »

Why should I feel greatful (sp)? To whom? My husband and I, as taxpayers, are contributing to this rescue plan like everyone else, and the money in Icesave is ours! The Treasury says "no retail depositor will lose any money as a result of the closure of Icesave." but if we don't get the interest I consider that losing money.

In fairness, the government didn't have to:

a. step in and pay for the first £16,000 or so which Iceland has defaulted on, but it has.:o
b. step in and pay for the amount above £50,000 which it isn't obliged to do.:T
c. do it so bloody quickly to stop us all panicking.:j

So why should they pay interest?

The compensation scheme is simply that it compensates the money that is held in your account at the time of default. The compensation scheme doesn't have an APR rate, it doesn't pay, match or fulfil any interest which in effect hasn't been accrued, nor (in my opinion) should it.

Look at it another way, when Northern Rock was nationalised, using your analogy, the government should have given all the shareholders more money for their shares. And before you say ah well they are shareholders, a shareholder is a type of investor just like you and I have invested in Icesave, whenever you invest in ANYTHING you accept some form of risk and that's how it goes.

This time yesterday we were all panicking that we were going to get our capital back, we can now sleep much better tonight knowing that we will.

Expecting the UK government to pay interest on behalf of an Icelandic bank which it has little obligations in respect of, is quite frankly taking the p*ss.

jammie5057

[quote=carlsimon. Just b4 8am this morning i took the lot out by BACS but it takes 4 days to clear and it says processed and the balance in icesave is 0. so i wanna know if my money will go in my bank account i transferred it too.?? just after 8am they said you could not take out any money and my account in icesave still says 0.
thanks carl.
Hi, I tried to take my money out of icesave last Friday, the site stated the 2 amounts wouldn't go out till Monday. Both sums were processed and the money removed from my account on Monday and Tuesday. Today the two sums of money are back in my Icesave account. It says processed correction. Sorry I don't know if this will just make you feel worse. Surely there is no way they should be able to do this, I would have thought if it isn't illegal it should be..... but what can we do about this? Any comments would be much appreciated.