Martin told you Icesave had a "dodgy compensation scheme"... his comment on 4 News

silentfox

He did not constantly warn against Icesave but did do so from April, I posted a thread against Icesave in April but while in fairness to him he did take it on board others were acting like icesave groupies!

http://forums.moneysavingexpert.com/showthread.html?t=834073

Richard1976

No Martin has always made it clear what the risks were. He did a detailed article on it.

You criticise Martin's site now but whose help will you be seeking if /when you try to claim compensation. I've got £10,000 at stake but I'm calm about it because I know Martin will guide the way for us.


Rich

StuHolmes

Not once did he describe the passport scheme as "dodgy", did he really say that tonight?

StevieJ

He advised it as a good buy, and flagged up the potential limitations of protection scheme. No problems with Martins advice.
There were a few people trying to shoot down anyone who was trying to nail down the compensation scheme (e.g. would the UK govt step in if Iceland scheme failed?), almost like they were plants from Icesave.

SouthCoast

This website is based on journalistic research. It does not constitute financial advice. Any information should be considered in regard to specific circumstances. All tips are followed at your own risk and should be followed up with your own research .

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spike87

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.

fieldofdreams

My take on it was that the passport scheme would be more hassle to get your money back, I didnt actually think it meant that you may not get your money back at all, maybe I didnt read the small print...

BarryPseudonym

When I signed up to the IceSave instant access account a few months ago, I'm pretty sure there was just some vague detail saying that it was covered by the FSCS. I could be remembering wrong, but I don't think it had the detail of, or link to, his April blog post. It wasn't until recently that I saw that (and came to the decision that it was pretty safe anyway).

Either way, I think the risks were understated, and Martin needs to learn from this, and realise that a lot of people take his advice at face value, without checking the facts.

That said, we're all ultimately responsible for where our money goes - and are perfectly capable of looking into things ourselves - so can't really blame anyone else. I'm reasonably sure we'll be covered in the end anyway. OK, more hopeful than anything.

31May2008

Richard1976 wrote: »

I know Martin will guide the way for us.

Rich

He's not the messiah - he's a very naughty boy!

amcluesent

The adverts were clear enough, they kept saying "Mug's gone to Iceland!"