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

dangermouse123_3

Hi Bozo,

Landsbanki apparently went into receivership at midnight on the 7th Oct, so all transactions after that were not valid. At least !!!!!! turpin wore a mask!

Mr Darling has put in place arrangements so no icesaver depositer will lose cash. So all your cash should be safe.

The FSCS are suppposed to be sending out claims forms within the next couple of weeks, but don't know for sure. check out the fscs.org.uk website for up to date detalis. has been quiet today, yesterday the government gave landsbanki a loan to help pay creditors and wind down their business, so worst case could be a few months for our cash, I hope.

juliep_2

I feel for all those people affected by this debacle but fortunately I had a lucky escape in that I opened an IceSave ISA account a few weeks ago, filled in the transfer forms (I was going to transfer 3 other ISAs) but actually didn't get around to posting them off.
I wondered if anyone knows if I will be allowed to open another ISA account elsewhere in this financial year?
Thanks

Dan_66

I think the FSCS (amongst others) has an awful lot to answer for.

This is the first time (to my knowledge) that the FSCS has ever been put to the test in such a major way. Whilst I appreciate its hands may be tied in many respects by the Treasury (and the secretive Icelandic discussions), it does appear to be totally unprepared to do the job it was designed to do!

I have seen some smug comments on this site and other sites whereby those using the benefit of hindsight have sought to criticise all of us who deposited in Icesave. Some question the wisdom of depositing money abroad whereby only part was protected by the FSCS-citing other 'UK' banks and building societies which have 'full' protection under the FSCS scheme, as a somehow 'safer' alternative.

All those detractors with savings 'protected' by the FSCS should look at our collective experience of the FSCS up to now and give thanks that we are testing the system that they have all put so much faith in. There but for the grace of god.......

Waiting to hear what the return arrangements will be and losing control of our cash for an unknown, undefined period, is a position anyone with deposits in a 'UK' account could find themselves in...bail-out or no bail-out.

PJL1

Dan_66 wrote: »

I think the FSCS (amongst others) has an awful lot to answer for.

This is the first time (to my knowledge) that the FSCS has ever been put to the test in such a major way. Whilst I appreciate its hands may be tied in many respects by the Treasury (and the secretive Icelandic discussions), it does appear to be totally unprepared to do the job it was designed to do!

I have seen some smug comments on this site and other sites whereby those using the benefit of hindsight have sought to criticise all of us who deposited in Icesave. Some question the wisdom of depositing money abroad whereby only part was protected by the FSCS-citing other 'UK' banks and building societies which have 'full' protection under the FSCS scheme, as a somehow 'safer' alternative.

All those detractors with savings 'protected' by the FSCS should look at our collective experience of the FSCS up to now and give thanks that we are testing the system that they have all put so much faith in. There but for the grace of god.......

Waiting to hear what the return arrangements will be and losing control of our cash for an unknown, undefined period, is a position anyone with deposits in a 'UK' account could find themselves in...bail-out or no bail-out.

So as Kaupthing had complete FSCS protection that was OK then? I read all the advice I could and had started transferring our savings from Icesave to Kaupthing!:mad:
The FSA should have let savers know how over extended the Iceland economy was,surely that's their purpose?

Dan_66

"So as Kaupthing had complete FSCS protection that was OK then? I read all the advice I could and had started transferring our savings from Icesave to Kaupthing!:mad:
The FSA should have let savers know how over extended the Iceland economy was,surely that's their purpose?"

I think you misunderstand the meaning intended by my post-I'm simply stating that this is the time when those relying on using the FSCS as a 'protector' of their funds should take a look at how they (the FSCS) are handling the ICESAVE situation and what this means in reality when things go t*ts up!

With respect to Kaupthing it's not the same situation (re the FSCS) as depositors accounts have been moved (to ING) and not frozen indefinitely.

Personally I would never trust a 'passport' scheme again and if i were a Kaupthing/ING account holder I would be moving it out of ING asap!

silvermatter

Luckily I had a few premium bonds to tide me over and the government paid our in 3 working days amazing!. Wish I had been more astute and taken my money out in June when on cleared funds on my nominated accounts Icesave took an additional 7 days before they would clear the funds 11 days in all, makes you wonder what they were doing with the money then

kiranj

I've dipped in & out of this thread over the past few days....and am stunned at the 'Well I wasn't so greedy for that extra bit of interest', or 'Serves you right', etc attitude that's come out. "you should have invested in a good British bank", etc etc etc.....
What a pile of crock!!! Everyone is so wise after the event....

I've kept out of the general debate that's been going on here, as i refuse to get embroiled in it all.

But....enough is enough!

To those of you that knew SO much better than the rest of us.....well, I say......if you haven't got anything positive / constructive to add.....then....get a life!! We don't all make perfect decisions.....stop being so blooming judgmental!

captainkevos

BREAKING NEWS ON SKY . Gordon Brown says FSA looking at proposals to increase the £50,000 guarantee ....

dangermouse123_3

I don't think you know what you talking about mate, why should the government have bailed out northern rock and bradford and bingley because they were taking very high risks giving mortgages out to BTL punters with no proof of income. At the end of the day this is regulator issue that they have falied to put measures so these banks operate properly and they should not have a allowed landsbanki to operate under a dodgey passport arrangement that the average joe punter does not know anything about.

It was greed across the board, and the private saver is the least greedy because they could have got a similar deal elsewhere, a blind eye was turned because lots of tax was generated from all this!

PJL1

Just saw on the Mail on Line that it could be more than 6 months before we get our money back! http://www.dailymail.co.uk/money/article-1077682/What-Icesave-money--We-answer-questions.html
I realise we're lucky to have it refunded at all but wasn't expecting to have to wait so long.:eek: