Kaupthing Edge CHAPS Transfer

dag_2

I've had one of the emails, word for word the same as mark99's too.

Can't think which transaction they mean. I did not make a withdrawal request at the time that KE was frozen and before it was taken over by ING. The only scheduled transaction which is already due is a BACS withdrawal, which was set up in advance, and which was scheduled to take place on Tuesday October 14th. There are, however, some advance scheduled transactions which I could still cancel.

I'm liiving off my savings at the moment, and I had intended for this withdrawal to pay my rent. So I would have made this same withdrawal anyway, regardless of whether or not the scares in the press had happened.

To be fair to them, though, although I would have expected it to reach my linked account on Thursday October 16th, it's still within the normal advised BACS timescales of four working days.

Clearly I'm not going to get my money any time soon, though, so I've decided I might as well put some of it in the 6-month fixed term deposits, to earn a bit more interest. I'm sure they'll have sorted it all out in six months' time.

Fortunately I do still have empty credit lines I can use, though, despite the credit crunch, including several credit cards and a Cahoot flexible loan - although the Cahoot flexible loan charges 17.9% APR - ouch! I probably have credit cards that are cheaper than that, though, I haven't yet checked them all. Point is, there's really no risk of me going without food as a result of this, provided that there aren't that many more major UK bank collapses within the next few months. Perhaps that's a dangerous assumption to make, though. But I do hope that no-one else is forced into a paycheck-to-paycheck existence as a result of this, and I hope that no-one finds that their home is put at risk because they can't pay their rent or mortgage either.

tintin52

Once you spot a TROLL just click on their name which will bring up their profile then click on "Add to ignore list" and then save list. Works a treat and removes all posts from your view of thread and leaves them posting into the ether.
To all genuine posters still awaiting their funds from KE/ING, hope you have some joy tomorrow.

musicman2004

just watched bbc24 hour news and the second item was that ING have taken a massive amount of money from the Dutch Government ... does this mean they are now in trouble too? Where does this leave us waiting from money from one bank to another to another to another? it's turning into a nightmare isn't it... can anyone give us some good news or are we all doomed to wait for months (to find out anything truthful). I'm incensed that ING have been sending what are really 'adverts' saying how good they are, when in fact, they sound to be having the same sort of financial problems that Kaupthing Edge had.... Gawd!

dag_2

Well, to be honest, it's hard for me not to be just an eensy bit resentful of people who I think have caused, or added to, a run.

But thinking like that is no use. Fact is, we're all in this together.

It worries me slightly that the email talks of having to work with the KE administrators. To my way of thinking, that makes it sound uncomfortably like ING are still trying to extract the assets out of KSF to cover the liabilities that they have taken on with KE. If that's really the case, then I don't blame ING for wanting to make sure they've got the cash in their hands first - but then, surely the FSCS would intervene? I'd have thought that the fact that the UK government decided that ING was going to take over KE meant that the UK government would have ensured that ING had the means to meet those liabilities, and if ING didn't, then the UK government would intervene to ensure that they had.

To put it another way, I'd have thought it would mean that ING would get preferential treatment by the KSF administrators over KSF's other creditors, and that ING would have to have been paid in full from KSF's assets before any other creditor gets so much as even a penny. Well - with the possible exception of the costs and wages of the administrators themselves. Unless, of course, the UK government has chipped in to pay ING a proportion of the liability, so as to let KSF off the hook for that amount.

But then, maybe I'm totally misreading the situation. Maybe it's got nothing to do with assets, liabilities and liquidity whatsoever. Maybe it's simply a question of getting the data right. But if it was really a case of the data being a bit wonky, then how did they know that I was one of the people with the missing transactions?

Please forgive me speculating like this, but my old theory is pretty much out of the window now. What can you do eh?

musicman2004

it's 1.30 and i've just checked back on the last three pages... don't see any information about ING so wonder if this has just broken on the BBC. Was on Sky too and is on the news web-sites..... have no idea what ING needing a cash - injection means for us lot. I'm going to have a very very large gin and tonic and try to get some sleep, but I guess I'll wake at 4 a.m. like this morning. ~Surely it is now time for some professionals - whether they be our MP's, solicitors, or the experts in the Financial Services departments to get their fingers out and give us some positive, accurate and helpful advice, help and guidance..... hic..... I'm waiting for £35K by the way and have been waiting 10 days. It's not even my money - it's my mother's and she don't know that it's missing yet. There is enough material here to make a TV mini-series.... strewth......

nigelinthai

0230 uk time. Nothing in nationwide account

tintin52

P.S. SHOULD HAVE MENTIONED THAT DESPITE HAVING BIG HEADS TROLLS USUALLY HAVE LITTLE BRAINS AND TEND TO GIVE THEMSELVES AWAY. TO GET RID OF THEM DO NOT RESPOND TO ANY OF THEIR POSTS, AND FOR A MORE INFORMATIVE AND USEFUL THREAD ADD THEM TO YOUR "IGNORE LIST".

tintin52 wrote: »

Once you spot a TROLL just click on their name which will bring up their profile then click on "Add to ignore list" and then save list. Works a treat and removes all posts from your view of thread and leaves them posting into the ether.
To all genuine posters still awaiting their funds from KE/ING, hope you have some joy tomorrow.

tintin52

I wouldn't be too alarmed. I think the news re ING requiring a capital injection is like RBS, HBOS and Lloyd last week here. In the present climate there is a lot of uncertainty surrounding most of the banking sector worldwide, but I think ING are definitely in the "too big to fail" category.

musicman2004 wrote: »

it's 1.30 and i've just checked back on the last three pages... don't see any information about ING so wonder if this has just broken on the BBC. Was on Sky too and is on the news web-sites..... have no idea what ING needing a cash - injection means for us lot. I'm going to have a very very large gin and tonic and try to get some sleep, but I guess I'll wake at 4 a.m. like this morning. ~Surely it is now time for some professionals - whether they be our MP's, solicitors, or the experts in the Financial Services departments to get their fingers out and give us some positive, accurate and helpful advice, help and guidance..... hic..... I'm waiting for £35K by the way and have been waiting 10 days. It's not even my money - it's my mother's and she don't know that it's missing yet. There is enough material here to make a TV mini-series.... strewth......

Edgeyboy

No money received this morning into my Lloyds Account.
Payment was done by CHAPS Wednesday 8th am.
I phoned Ing CS Saturday AM and was assured the money would be there first thing Monday morning.
I am going to speak to my lawyer.

Edgeyboy

tmvc2007 wrote: »

We're now on £3.9m and 127 transfers. I still think that the CHAPS will come through tomorrow but if they don't start appearing then at what time do you all want me to start 'making a fuss' with all the details?

Lack of email from ING bothers me not at all as CHAPS are not manual transfers, some people who have sent me their details were aware that they had 'asked twice' and were having to wait.

Please, as soon as anyone receives a CHAPS initiated transfer - make the post.

Sleep well (irony)

I am waiting for £45K CHAPS initiated on the 8th October at 10am. I was assured by ING CS on Saturday AM that the money would be there first thing Monday morning which it is not, so please start making a fuss as that is what I am about to do.