Kaupthing Edge CHAPS Transfer

poodlediva

...and to all the Pollyanna Happy Clappys out there, if you are not concerned then why add to the thread? You can go back to waving your tambourine and rejoicing in the 'fact' that your money will arrive....eventually.

Those of us who are worried are not worried for the sake of it. There are very good grounds. I would love to believe the propoganda, but sadly it is not consistent and they are not fulfilling their promises. If money is flowing, where the hell is it flowing to?!!!

brydlesmansteve

SueSue wrote: »

Just got off the phone to Vicky at KE (after a 23 minute wait on an 0845 number, nice little earner) who cheerfully tells me that ING can give no confirmation of when transferred funds from the 7th will arrive into the other account but stated that it might not be this/next week. Asked if that possibly meant next month/year she said she couldnt rule it out.

She said that compensation would be paid for lost interest. I asked "so that will be from the 7th when it shows as leaving the KE account up until 3 days before it actually reaches the nominated account?". She said no, ING hadnt given the actual details of what they would be prepared to pay. Asked about them covering fees charged by other banks for funds not reaching those accounts in time to cover direct debits etc and she said customers can try writing in asking for charges to be covered (think that means "dont hold your breath")

To all people who dont know what an 0845 number is, IT IS A LOCAL RATE CALL COSTING 3p a minute. KE dont make money off the calls! If it was an 0800 number KE would pay for the call and therefore would not be able to offer the good rate.

It is your choice to call them!

fudgie1980_2

I love the British ability to face testing times with humour!!!

I'll have a tall skinny decaf latte with double choc muffin if that's okay. And if I don't get it within 7 days, I'm going to get you all arrested. Fact.

goodethernet

Yes, coffee. Looks like Decaf would be best for some people.

I think that the order of magnitude of the transactions that are stuck is in the tens of thousands, so it will take some time to unwind. I am waiting for money (CHAPS 7/10) but would rtahre be waiting for it from ING in the coming days than waiting for an FSCS clsim form to come etc etc.

If (unthinkable I suppose) ING takes longer to sort this than the FSCS takes to sort Icesave, then that would be a PR disaster for them but I can't see that happening.

Fundamentally, I do think the money is safe with ING but can understand peoples' frustration casued by the uncertainty and vague communications.

Locoblade

poodlediva wrote: »

....The official ING / Kaupthing line is that they are systematically working their way through the backlog. This is clearly not the case as no payments have been received by customers for nearly 4 days now. One thread on the moneysaving expert site has some 92,000 hits from anxious savers who have lost their funds.

.... Online calculations reveal that there are 10s of millions tied up in 'the ether' as I write and ING have simply stopped releasing funds.

....Presumably they are also earning a very nice sum of interest on this which we will never see as the funds do not appear in any of our accounts.

I know its a difficult time, but if you're going to write to MPs etc, you really do need to get your facts correct first. To start with, "no payments have been received by customers for nearly 4 days" is wrong, so far it's been one working/banking day since any activity. I agree its not acceptable that there wasn't any payments yesterday, but it's not been 4 days.

What online calculations show there's tens of millions missing? The only one I know of is the poll on here of how much each person has missing, which if added up to its maximum (i.e. over-estimating) amounts, was around £3.5m. That was after about 105 votes so it may be slightly more now, but possibly not as some who voted will have had their money returned on Friday. Obviously there will be more people out there that aren't members on here, so the figure may well be tens of millions, but if you're going to quote figures you need to back them up with more than a guess.

Regarding them earning interest on all this, ING have also said that everyone WILL get their lost interest. Don't believe them if you choose to, I wouldn't blame you, but at least give them the chance to default on that promise before making such statements.

I know ING haven't dealt with some of this in the best way possible especially on the communication side of things, and it was extremely disappointing and suprising that they didn't continue yesterday where they left off on Friday, but I do feel that some on here are letting it get to them a bit too much so are looking at all the negatives and ignoring the positives, which there are some. As others have said, however bad it seems right now, it would for certain be a LOT worse if ING hadn't taken over and we'd needed to go through the FSCS like IceSave. Those of us with less than £50k may be waiting weeks or months to see the money, those with over £50k would be facing the very real possibility of losing a large chunk of their savings forever. I know it doesn't seem like it now, and I know its perhaps easier for me to say now I do have my money, but I think we should try and keep this thread a bit more positive if we can, for the time being at least. :beer:

TypeR

Just spoken to a manager at ING who says he'll escalate my case to board level.

If I don't get anything positive about what's going on today - then I'll escalate to the next level.

Where is Martin, what is he doing about this? Sadly his last update looks like his swallowed up the latest ING/KE spin about where our money is.

MARTIN - IT'S NOT HAPPENING, WE ARE NOT GETTING OUR MONEY BACK - PLEASE HELP US!

brydlesmansteve

poodlediva wrote: »

...and to all the Pollyanna Happy Clappys out there, if you are not concerned then why add to the thread? You can go back to waving your tambourine and rejoicing in the 'fact' that your money will arrive....eventually.

Those of us who are worried are not worried for the sake of it. There are very good grounds. I would love to believe the propoganda, but sadly it is not consistent and they are not fulfilling their promises. If money is flowing, where the hell is it flowing to?!!!

Is my money safe?
The deposits of Edge retail depositors are safe and have been legally transferred by the Treasury to ING Direct, a wholly-owned subsidiary of ING Group, which will operate the accounts from its UK branch. Edge retail depositor’s money is safe and secure. The Financial Services Compensation Scheme and the Treasury will provide funds to ING Direct, to back these retail deposits in full.
For more information about ING Direct please visit www.ingdirect.co.uk. If you have any other questions or concerns, please don't hesitate to contact a member of the ING Direct customer service team on 08451 31 32 34
What has happened?
On 8 October 2008 the High Court made an Administration Order in relation to Kaupthing Singer and Friedlander Limited. Maggie Mills, Tom Burton, Alan Bloom and Patrick Brazzill of Ernst & Young LLP were appointed as Joint Administrators of Kaupthing Singer and Friedlander Limited.
As Kaupthing Singer and Friedlander Limited is now in administration, its business is being run by the Joint Administrators. This does not mean that Kaupthing Singer and Friedlander Limited’s remaining business will be immediately closed down or sold.
Why was administration necessary?
The administration was necessary because of Kaupthing Singer and Friedlander Limited’s financial position in order to ensure that Kaupthing Singer and Friedlander Limited could continue to operate. It was also necessary in order to maintain the stability of the UK financial system.
Finally, we would like to re-iterate that your deposit is safe and that our key objective is to ensure business as normal. We will keep you informed as matters progress.
Tom Burton, Alan Bloom, Maggie Mills and Patrick Brazzill
Joint Administrators


The Insolvency Practitioners Association authorises Patrick Joseph Brazzill to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986 and The Institute of Chartered Accountants of Scotland authorises Thomas Merchant Burton to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986.

The Institute of Chartered Accountants in England and Wales authorise A R Bloom and M E Mills to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986.

The affairs, business and property of Kaupthing Singer and Friedlander Limited are being managed by the Joint Administrators A R Bloom, M E Mills, T M Burton and P J Brazzill. The Joint Administrators act as agents of the Company only and without personal liability.



Now, can you believe this?!

jrs101

This really is an absolute disgrace. Having phoned yet again, still the same, we dont when you will get your money. How can no person know ???!!!

What can we possibly do?

fredhaben

I am a little worried about the reference to KE's administrators. Why do they need to be involved in this if all deposits have been transferred to ING? Surely we're not being treated as creditors of KE??

Hmm... maybe some coffee will calm me down. I'd like a double espresso with whipped cream, please - what's called a "cafe viennois" on the continent.

brydlesmansteve

fredhaben wrote: »

I am a little worried about the reference to KE's administrators. Why do they need to be involved in this if all deposits have been transferred to ING? Surely we're not being treated as creditors of KE??

Hmm... maybe some coffee will calm me down. I'd like a double espresso with whipped cream, please - what's called a "cafe viennois" on the continent.

The administrators arranged the ING takeover.

We are not creditors of ING.

Speak to LuKeNuKuM about the coffee