We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Martin told you Icesave had a "dodgy compensation scheme"... his comment on 4 News
Comments
-
as for the guy in the wheelchair on the channel 4 website, what a naive plonker putting 150K into sodding Icesave!!! Did this guy not need the warnings?! In my opinion, it serves himself right....
He should have got better advice, but given his condition I wonder if it was practical for him to surf the web, checking out different ways of minimising the risk.0 -
I have tried over the last few weeks to remove my money from Icesave but as my husband died in May and we are still waiting for Letters of Probate, I have not been able to do anything.
To say I am worried in an understatement. I have some savings but not a huge amount and as I am now widowed, my income has dropped considerably. I don't blame Martin. The decisions were made having read all the evidence. After all if it had made huge profits, I would have been thrilled and congratulated ourselves on a wise decision.
The amount invested was £15,000. Who knows what we shall get back! I'm expecting nothing.0 -
Scrapmouse wrote: »I have tried over the last few weeks to remove my money from Icesave but as my husband died in May and we are still waiting for Letters of Probate, I have not been able to do anything.
To say I am worried in an understatement. I have some savings but not a huge amount and as I am now widowed, my income has dropped considerably. I don't blame Martin. The decisions were made having read all the evidence. After all if it had made huge profits, I would have been thrilled and congratulated ourselves on a wise decision.
The amount invested was £15,000. Who knows what we shall get back! I'm expecting nothing.
You are likely to get back all £15 through the Icelandic compensation (ignore people saying Iceland is broke so you won't get anything, even if this is the case the Nordic countries will jump in and pay up).
You will make your claim via the UK Financial Services Compensation Scheme (FSCS), who will automatically send out an application form when the bank formally goes into liquidation (it is only at this point they can get involved). You still need to gather all your legal documents (Letters of Probate) and be prepared that the application will probably be in your late husbands name.
You may want to contact the FSCS tomorrow to ask about what documents you will need in the event that the bank does go into liquidation. You may need to spend some time getting through to them becuase of the amount of calls they are getting (some reports say so many that their phone system crashed)0 -
I was fully aware of the risks when I opened an account. I just never in a million years thought this would happen. Only a few weeks ago they were saying they had no financial difficulties and that the demise of XL would not affect them in the slightest.
That's the point though. "They"- Landsbanki - were making those claim themselves.
For all their faults, the press - specialist, broadsheet and tabloid alike - were reporting serious problems in the Icelandic banking sector for many months.
I've got an article here warning of impending disaster, published in the Daily Telegraph, March 12 2008. That is a long time ago!
What has everyone done with their cynicism here?"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
The fact is *any* bank going bust was unthinkable 14 months ago
BCCI? Johnson Matthey? Barings? Providian? Bear Stearns?
Big names.
Not to mention the 14 most recent bank failures in the USA over the last few months.
Expert economists, those not on the payroll of the City and Wall Street banksters, have been predicting this financial blowout for years.
Have a look at what Lyndon LaRouche has to say. For at least a decade, he has warned of this crisis.
LaRouche says it is a deliberately engineered Depression on a scale not seen since the 14th century collapse of the European Lombardic banking system.
Yesterday, LaRouche was interviewed on Russian state TV Rossiya stating exactly that. Vladimir Yakunin, Russia's Transport Secretary and a long-time ally of Putin, openly agrees with LaRouche.
The amount of worthless and unpayable toxic commercial paper in the system - nominally "valued" in quadrillions of dollars- the product of the slime-mould derivatives traders - has bankrupted the entire world's financial-monetary system.
The only solution is to nationalise the whole system and put it through bankruptcy reorganisation.
The British Chancellor is being surprisingly candid in that respect. The financier oligarchy invariably kills politicians who run policies that are counter to their wishes, so maybe even they are admitting the system is beyond fixing."If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
I too read what Martin said about Icesave's compensation scheme over the last year or more, and I put my money in Icesave on that basis.
Because I'd read Martin's explanations of the scheme, when I saw last week that Iceland was going down the pan it was clear to me that my money was not safe, so out it came.
So how is it Martin's fault that some of you failed to come to the same conclusion as me from the same information?Je suis Charlie.0 -
amcluesent wrote: »The adverts were clear enough, they kept saying "Mug's gone to Iceland!"
:T .......:rotfl: .........:T0 -
Stop press -Darling guarantees 100% of Icesave deposits(not just £50,000)0
-
Jon Snow's job is to interview and not to let people get away with porkies.
It isn't his job to have people on to plug their website as happens too often elsewhere in the back-scratching world of TV. We need more like Jon Snow.
It wasn't so much an interview as to let's see if I can stick the blame on someone during prime time TV. He didn't listen to any of the replies Martin gave and kept pushing with more 'why did you - Mr Money Saving Expert - kept recommending Icesave on your website'.
To be honest it sounded as if the 300,000 savers that use Icesave originated from the MSE website and that Martin was the only one who recommended this account!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards