IceSave

saint76

This is a dangerous website. I put £100,000 into IceSave on Martin's advice, as it was a high interest, reliable institution. Later advice about putting only £35,000 into any one bank was too late because by then my money was tied for a year.

Now, it looks as if I have lost £50,000.

Thanks Martin. Although I can get two for one pizzas!

S

ps I know its not exactly Martin's fault but I am a tad depressed and am basically 'sounding' off because I have lost half of my entire savings.

marc.faulkner

Ever heard that saying about eggs and baskets?

Martin has never advocated holding all of your savings with any one institution, and for precisely this reason!

Obviously I'm sorry to hear that you've potentially lost £50k, but it could have been avoided so easily...

savemoney

This is unprecedented times few of us could predict what tomorrow brings. Perhaps keeping money under mattress is the best place right now

Hope you do get all your money though

Debt_Free_Chick

Are you sure Martin gave you advice?

And did you notice his advice about the Icesave compensation scheme?

David_Reed

I've just instructed Heritable Bank to re-invest £11K of a maturing bond for another 3 years and already have another bond for £16K. Is there any point in trying to get the £11K out?

saint76

Mark

You are right about eggs and baskets of course but as 'savemoney' hints at, putting money in a bank has never been considered a risky investment. In fact it has always been the investors equivalent of putting it under your mattress; boring but safe. Until the recent problems I would bet that the vast majority of people in this country only had one deposit bank account.

Somewhere on here there is a 'who saved the most' thread maybe I should start a 'who lost the most' thread. Because actually I didn't have all my eggs in one basket. Unfortunately the other baskets had even more holes. I have some shares which have lost an incredible 90% of their value since I bought them. Also, the one risky thing I ever did, I bought a property (off-plan) in Spain. The builders went bust (massive company too). Despite guarantees etc it looks like I've lost that as well.

All in all, down about £200,000. Can anyone beat that?

Clive_Woody

Chancellor Alistair Darling has said he will ensure all UK savers with accounts in the closed Icelandic internet bank Icesave get all their money back.

http://news.bbc.co.uk/2/hi/business/7658417.stm

magicdogsbrain

I just dont understand how there are people out there that are clever enough to have made £100 000 but then stupid enough to put that much money into one institution.

What a great country we live in, where the hard working, careful person has to pay for the mistakes of a few who are not careful and don't bother to read the small print.

I have known about the compensation scheme long before this crisis started - and I am obviously not wise enough to have made 100K - what is going on?

I think we should not bail these people out.

magicdogsbrain

And to blame this website and ML personally for bad advice. He does not give financial advice. Please read the bottom of the page.

This site is as dangerous as every paper with a financial section, every financial website and every financial magazine.

Its you that is dangerous, not this website. Where do these rich idiots come from?

janb5

Does anyone know what happens when we get our money back as we wont be able to open a new ISA in this tax year?

Gareth56

saint76 wrote: »

This is a dangerous website. I put £100,000 into IceSave on Martin's advice, as it was a high interest, reliable institution. Later advice about putting only £35,000 into any one bank was too late because by then my money was tied for a year.

Now, it looks as if I have lost £50,000.

Thanks Martin. Although I can get two for one pizzas!

S

ps I know its not exactly Martin's fault but I am a tad depressed and am basically 'sounding' off because I have lost half of my entire savings.

More fool you for not doing your homework and putting all your money in one FI.

It's also not Martins fault whatsoever so stop trying to blame someone else for you lack of foresight. Eggs & Baskets springs to mind.