OK guys, who`s getting angry?

Zammo

I had 38K in Icesave.

As soon as Glitnir was nationalised I pulled my money out. The cash arrived in my current account safe and sound on Friday.

Thank Christ I trusted my cynical instincts...they have saved the day yet again. :beer:

chewmylegoff

amcluesent wrote: »

If you have debt, expect it to be inflated away.

good luck with that, but the wage inflation that you need to inflate away debt isn't going to happen.

unfortunately what is going to happen (/already is happening) is that everything apart from wages is going to inflate, thus people will have less money with which to service debt, not more.

Gangstabird

Pobby wrote: »

I don`t think this thread should be about lashing out at others. In my Op I mentioned that imho everyone will be affected one way or another. Are not most people carping their selves right now? This was the purpose of the thread to a degree.

We live in a country where, due in part to house prices, the gearing is incredibly high. Goodness me, I wouldn`t want to pay the rents that they are asking where I live. I live in a county that has poor wages but massive property prices. I have posted before that my own place went from trough to peak 400% in an area that £20k per annum is a good wage.

I think our county will be interesting as there are many second homes here, many of which, I suspect have been bought by mewing.

I can tell you this. The last recession was very bad for people. I cannot even think that if we go into another recession what it will be like. One thing is for certain, there is a ton of debt compared to the last time.

Good luck to everyone.

I thought your OP was very honest and, I do feel sorry for people who are going to lose out. There but for the Grace of and all that. Just before I became pregnant with our daughter I was tinkering with a BTL. But didn't. Thank goodness. I am not being smug, I am really sorry for everyone. It's a rubbish situation and as you said...

Good luck and I wish everyone well.x

GracieP

Pobby wrote: »

I don`t think this thread should be about lashing out at others. In my Op I mentioned that imho everyone will be affected one way or another. Are not most people carping their selves right now? This was the purpose of the thread to a degree.

I'm frightened about the future, but I'm also hopeful that I've managed to ensure that my household has a fighting chance of coming through this without too much impact. Obviously it depends on my husband's ability to keep working, but the film industry traditionally does well in recession and he also has a background in documentary and rolling-news to fall back on. And we console ourselves that if worse comes to worse and he can't work, we can move home as we might as well be unemployed in Ireland as in London.;)

But we have no debts and good savings (as long as we don't lose them) so we can afford to live on one salary and start a family. Once we have a baby our lifestyle will change anyway, so if we can't afford to eat out anymore it won't matter. And after 6 years of managing charity shops I'm great at finding second-hand bargains.

On a general level I'm very angry for my generation. Too many of my friend's have bought homes in the last 3 years. Usually in horrible areas, and in most cases properties which are not suitable for raising a family in. They just wanted to buy a home, not make a fast buck, and they were at an age where it felt like time to do that. Now they are stuck at the bottom rung of the ridiculous "property ladder" and the majority now have reason to fear for their jobs.

My little brother was made redundant a couple of months ago, and so far there hasn't been a single job in his field for him to apply for. On the plus side for him he is 22 and just a year out of uni, he lives with our parents, has no debts and really good savings for someone of his age. But he can hardly spend the next decade living at home. Well he can but that would be a crap way to spend his 20's and he refuses to sign on. He really doesn't want to move from our home city but right now he is left feeling he has to move although he doesn't know where, as jobs are thin on the ground all over.

I remember how crap the 80's were (in Ireland anyway) and I can't believe that we have let ourselves get into an even worse state now.

dopester

neverdespairgirl wrote: »

We have £35k in Icesave - OH, with more emotion than facts, was talking about "theiving Viking barstewards" today. He's not happy, really.

OMG. Heavy duty. I truly wish you both good luck, with a fast and fair outcome with the clear-up of all this.

All these Icelandic savers here.. it near defies belief. It only seems a blink of an eye ago that Iceland declared official war on us. Iceland only has a population of 320,000, scant natural resources and not exactly any real military power, and pretty new to the whole banking setup.

scousethife

Is their any link to this and that scouse bird with the fat tits whos was Iceland advertriseing face going banckrupt

Kerry nice pair kitona?

dopester

Gorgeous_George wrote: »

When the banks were being bailed out some people on these boards were saying that they should be left to go under.

Why should the UK FSCS compensate those savers who chose to invest in foreign banks?

If they had a wide UK retail presence with branches I could understand it. It just defies belief to me that anyone would save with Iceland banks which are relative newcomers, from a country thet not long ago was pretty damn poor.... and for good reasons.

They enjoyed the US being stationed there during the Cold War for their economy... they acted strongly against the UK in the Cod Wars.. with some violence.. and then declaring official war on us. Few natural resources, low population, and far far away where it is cold.

That said I hope savers don't lose out... but chasing these high interest rate returns on deposits. Higher interest rate = higher risk to me.

And the FSCS system for recovery/compensation is so wishy-washy sounding, that I just hope it doesn't turn in to a decade+ wait for compensation, whilst the value of the capital erodes.

WTF?_2

Gorgeous_George wrote: »

When the banks were being bailed out some people on these boards were saying that they should be left to go under.

Why should the UK FSCS compensate those savers who chose to invest in foreign banks?



GG

Because the FSCS clearly covered specific foreign banks too. Icesave was somewhat ambiguous, as highlighted by MSE, but the bottom line is that 35k was guaranteed even if it was split between Iceland and the UK. Those were the rules.

Personally, I never wanted to get involved with FSCS compensation as it is sure to be stressful and long-winded, denying the claimant access for possibly months to their savings. That's why I went with NR and NS&I despite the rates not being as good (not nearly as good with NS&I but has tax advantages).

But so long as you stuck to the FSCS 35k limit then you have every right to expect that you will be compensated to the full extent of your savings, those were the rules.

dopester

!!!!!!? wrote: »

Personally, I never wanted to get involved with FSCS compensation as it is sure to be stressful and long-winded, denying the claimant access for possibly months to their savings.

It could be years and years. There are only guidelines. There is no set period of time. I can't imagine it is any less complex with a foreign bank, and the FSCS not having particular open access to their books for funds which are there to be recovered, and reliant on what they are told from Icelandic authorities and the bank(s) involved.

That is the first process for compensation... is trying to get funds back that are recoverable (as I understand it). Not just immediate compensation payouts from some giant fund or tax-payers... unless UK Gov bows to political pressures.

Whilst there was no real depositor protection scheme to speak of, keep in mind it took liquidators 23 years to wrap up their investigation and recovery of an IOM bank, which implies to me it can be complex.

Pobby

I will let you know how the e-mail to my mp goes. To !!!!!! to send it tonight but will do tomorrow. If it goes the same way that my last mail went, i will get a response. Might, at least, give us a laugh.