icesave moneysavers action group

vagabond999

please count me in on any such group. I am outraged by this

Gilliana

I've got £500k with Icesave. Half is a fixed bond which was due to mature tomorrow. I am pig sick. Actually still in shock.

st

vagabond999 wrote: »

please count me in on any such group. I am outraged by this

back again ok who will help have to go out now back on line 7.30 am tomorrow

Polka_dot_4

Please can a mod help? Either by creating a group forum or blocking all other threads to do with Icesave and just having one for everyone to join in?

Pitlanepiglet

Count me in to an action group, mine is only £6.5k but it's all I've got!

isofa

simeyc wrote: »

I'm certainly in with the drilling up of interest in an action group. I stupidly put 170k in this 'bank' on a fixed rate and am looking at a minimum of 120k loss. This is on the basis that we are all instructed to save for our retirement and seek Mr Brown's swift action in reassuring us that all our money will be returned. We can only hope but I think we need Martin's help to add a lot of weight to our argument. Simeyc

That's a partial worst case simeyc, I'd echo what ad44downey posted here

"It's early days yet. Iceland bank could be sold onto a larger banking group like Bradford and Bingley was when it was nationalised. Then everyone, no matter what level of savings, would all get their money back"

That's the best outcome, not guaranteed of course, but we can all hope.

dinkle

I've been trawling Icesave's terms and conditions on their website and come up with this in respect of withdrawal requests already made but not completed

10f. In very exceptional circumstances only, to enable us to comply with
legal requirements and maintain appropriate liquidity levels, we may
temporarily cease or limit withdrawals from accounts for up to 60
days. This limitation on withdrawals will apply even if we have already
received notice of a withdrawal from your account. Money in your
account will still earn interest during any such period and we will follow
any instructions received during the period of suspension once this
period has finished.

and this in respect of compensation

10l. If we cannot pay any amount we owe you on your savings accounts, you
will be able to claim compensation. The maximum compensation is limited
to 100% of the first £35,000 of your total deposits held with us (the same
as every FSA regulated bank and building society in the UK). In the unlikely
event of a claim, any compensation is payable within three months.
The compensation itself is provided by two schemes (sometimes referred
to as a passport scheme) – the end result being that the total amount
protected is the same as if your savings were only protected by the UK
Financial Services Compensation Scheme. The protection works as follows:
The first level of protection is provided under the Icelandic Depositors’ and Investors’ Guarantee Fund. The maximum protection under this
scheme is 100% of the first €20,887 (or the sterling equivalent) of your
total deposits held with us.
The second level of protection is provided by the UK Financial Services Compensation Scheme. This scheme tops-up your protection so that the
protection under both schemes, is equal to 100% of the first £35,000 of
your total deposits held with us.
Under EU law compensation for any losses incurred due to the failure of a bank should be paid within three months - regardless of whether it is through a passport scheme or the UK Financial Services
Compensation Scheme.
Further details about both schemes can be obtained from our website or by
post, on request.

More information on the Icelandic guarantee scheme can be found here - http://www.tryggingarsjodur.is

Is there anyone here who has any relevant experience/knowledge who can spearhead any necessary action? There are a lot of people who are affected by this but without anyone coordinating any group I fear we will become one big jumbled mess of anxious savers.

stormCat99

Crwys911 wrote: »

There seems to be a lot of us with over 50K deposited. In my case, I deposited £90k three weeks ago in error (typing error). I immediately telephoned the bank to correct it and was told to put it in writing. I've written to them twice recently and had no replies at all. They totally ignored me. Crwys Jones xxxxxxxxxxxxxxxxxxxxxx[EMAIL="Crwys911@aol.com"][/EMAIL]

If I were you I'd remove your telephone number and email address as you'll be asking for lots of spam posting it on a public forum like that If anyone wants to contact you, you can ask them to PM you, that's a safer route. HTH.

On another note, I'd be keen to join any action group on here - although I'm not quite sure what can be done at this late stage?

GEOFFREYK

yer Ive gt more than 50K locked in would willingly join in any group

betws

Fella wrote: »

Perhaps ask Martin if he's interested in being involved?

Didn't Martin make commission on every Icesave account opened through this site? (He does with Kaupthing Edge). Perhaps he'd like to put that commission towards supporting this Action Group's costs.