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

CathieG

I've notice that the Icelandic PM has issued a statement saying they will pay the compensation - here's hoping
From the Prime Minister of Iceland

Written 10/7/2008 at1:34 PM


In a press conference today Iceland's Prime Minister, Mr. Geir H. Haarde, said that if needed the Icelandic Government will support the Depositors' and Investors' Guarantee Fund in raising the necessary funds, so that the Fund would be able to meet the minimum compensation limits in the event of a failure of an Icelandic bank.

The Icelandic banks have top up agreements in the following countries:

• United Kingdom
• The Netherlands
• Norway
• Finland
• Sweden

sjohnson57

Like many posts on here I am both shaking with fury and very worried. If someone broke into my house and stole £16k... £50k... or more from me the police would have no problem declaring that a crime and going after the thieves. And yet the Icelandic Government can take my savings, refuse access to my money (which by the way hasn't been laundered, hasn't been acquired illegally, but has been earned with all tax due paid in full) and then (potentially) refuse to pay me all of it back .... and do so with complete impunity. Is Gordon Brown, Alistair Darling, my MP or anyone else speaking to the Icelandic politicians and demanding our funds back?!? I am sure if over the last few years that Icesave has been operating if the Icelandic Government refused to release the tax due on the savings to the UK Government they would have reacted a little quicker than they have done today!! :mad:

warmasice

i must be one of the few idiots to have opened and transferred funds into icesave in recent days. i had transferred £10,000 into their a/c, and they asked for the funds twice. now my balance shows as £20,000 with icesave. this has caused my UK bank to go overdrawn and bounce the 2nd set of £10,000, thus occuring me charges. i assume the icesave balance will go back down to £10,000 in the coming days. but WHY did they ask for the money twice? now im £10,000 out of pocket till i (if ever) get my money back, AND i have bank charges for going overdrawn and the direct debit being called twice and bouncing. and all these technical problems with their website?.. yeh right.

i just wish i wasnt so greedy just looking at rates, and i did read the article on the passport scheme, so cant blame martin, but i wouldnt have known about icesave if it wasnt for this site. oh well, i will keep my chin up.

OOPS

its not a time to panic........i have £50,000 in ' processing ' with icesave..........what that means is anyones guess but its not the time to panic and FEAR ..........at worst you will end up like most of the people in the REALWORLD........with no savings and no money.Maybe its a wake up call for us all.The truth is this whole system and greed and even this site stinks when you look at the way the world is and the Love of money , ' Accumulation of wealth to keep us feelingsafe ' ......we all save and build and consume and compete as were all so damn lost .Its not the time for fear and not the time to panic but to look at whats real and what counts - Were all going to die........even the billionaires.....its time to look at whats real.You will get upto £50,000 back i wopuld say unless the whole banking system collapses worldwide and uk plc goes insolvent.


I personally have alot to lose - thats my inheritance and all i have Accept LOVE and the belief that the love of money is the root of all evil......

its time people started to value whats real and not money maybe and arnt we being taught this ? what you notice is that NO ONES in control of this , .........FEAR is dominating this via stock brokers and money men who fear not making bonuses to pay HUGE morgages......i hope we all learn from this but please dont fear for lose of money , there is so much more to life ( and i stand to lose £50,000 or maybe scrape it back but i believe that what matters is that i dont lose the plot and remeber whats real.......money isnt , wealth isnt , whats real is what we share , memories , love for other people and above all what we believe.

If your one of those who see nothing but money / accumulation / fast cars and desire then maybe its time you asked yourself who you worship ?

http://en.wikipedia.org/wiki/Mammon

invest in a little more love , sharing and above all trust in life.......it ends very soon for us all and lets hope we get some cash back but do not sell your soul to the fear of not.

Everythings perfect./

swhxd06

Okay guys, let's all just settle down.

• Yes, I too have money "invested" with Icesave.
• No, I do not blame Marin Lewis for any of this
• Panicking is not going to get me some/all/any of my money back
• For God's sake, give Gordon Brown a chance - he has to address the problems with our own banks before declaring war on Iceland!
• Deposits/withdrawals have been suspended for a very simple reason - if this hadn't then everyone would be scrambling about to withdraw all of their investment - a bit like when there is even the slightest hint of a problem with the wheat harvest or something, people pop off to Tesco an try to buy a hundred loaves of bread.

Don't get me wrong, this is a very unsettling time I know, and for me too. However, to quote from Dad's Army:

DON'T PANIC!

:eek:

finchy

I will no doubt get my money back eventually, but what about putting it all straight back into another isa account when the yearly limit is £3600, and the interest i will lose while all this bloody mess gets sorted out, i'm not Mr money bags, i have worked my socks off for my savings.
Thanks for the great tip about icesave Martin!

tomterm8

carlsimon wrote: »

i put £9500 in an icesave Isa just 2 months ago. and now i don't know if i will get my money back. 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. So will it go through to my normal bank account in 4 days or not?????
thanks carl.

I think it's gone through. All you can do is wait. In any case, even if it didn't go through, you will get all your money back up to £50k - it will just take a little time.


AFAIK People will be able to transfer the money into a new ISA.

pistolpete180

In view of recent developments isn't the name of this website in breach of the Trade Descriptions Act? Why recommend a bank that isn't 100% covered by the UK authorities when the differences in interest rates it offered were minimal? What's 0.25 - 0.5% when the bank clearly isn't as safe a bet as one fully covered by the FSA? No matter how he tries to console himself it's a shoddy recommendation and should've been avoided.

Martins_A_Fraud

blim wrote: »

This has been an inevitable consequence. Whilst many have no doubt taken advantage of the Martins' bank charges blag and voucher loop-holes, when it comes to investments and savings Martin is no Mary Archer.

Agreed!Martin Lewis is a fraud! He tells people to apply for credit and move their debt around and not actually tackle their debt problems.Martin Lewis was caught out on LK today this morning with his Finacial advice, I laughted my head off, His advice is so questionable it is almost unbelievable.Some of his advice breaks by-laws (look on the railways advice page he did) Martin got the most revenue from recommending ICESAVE, It might not have been the most secure bank but Martin recommended it because it come with the biggest kickback. The MSE'rs who fell for his poor advice are the ones loosing out, It is entirely Martins fault, He says this site is not for profit but he makes his cash from this site, he makes a living from this site and this is ment to be not for profit? hmm....

stoneyard_2

I don't think Martin has anything to regret in his behaviour and recommendations. We all had enough enough reminders of the level of compensation available.

The Governments of UK and Iceland however I do hold responsible for this debacle.

I have £70k in a one year bond than would have redeemed at the end of this month, so I am going to lose £20k or £36k on money that I have worked for and paid taxes on.

I would like to know why savers with Northern Rock have been treated with a greater degree of protection than us savers with Icesave (A UK registered bank). This is inequitable.

I also understood from Icesaves web-site last week, that they were a solvent institution. Therefore, can we expect to be paid the balances of our accounts once all liabilites (presumably loans to companies) are unwound? Or, as I suspect, will this all disappear into the ether. In which case, I would expect to see the fraud squad invloved.