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

Fella

silentfox wrote: »

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

It has to be said, you called that exactly right.

luvpump

ed123 wrote: »

...my impression re the Iceland compensation scheme re Martins site was that it was as good as the FSCS and not that "it was a dodgy scheme"...if I had known that I would not have put money in Icesave...

Agreed, I dont blame Martin, But to now say the Iceland scheme was "Dodgy" is a cop out, plaine & simple

luvpump

Richard1976 wrote: »

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

Have you ever seen "Downfall" ??

TehJumpingJawa

Having just watched the interview all I can say is, I feel for Martin; Channel 4 struck a low blow by wheeling out the invalid who stupidly placed more than £35k in a single institution. Though tbh all it did was embarrass Channel 4 IMO.

I don't think we're being fair on Martin by focusing on his one (unfortunate) use of the word "dodgy", everything else he said was consistent with the information given on this website.

I think we're worrying about nothing; the icelandic compensation scheme will undoubtably cough up.
On a side-note I find it amazing that icesave had almost as many UK savers, as the entire population of Iceland!:eek:

john1984

This event is really to do with how much day to day capital the banks all over the world have. They lent too much out thhinking the times would always be good but now can't raise the money they need by lending to each other. This affected their shares and has brought them to the brink of bankruptcy. Look at the banks in the U.K.-HBOS and RBS. Should savers with them also be branded by some of these people in this forum as greedy. This whole problem is international and today is a taste of worse to come. Don't think that we're necessarily safe in the U.K. as savers.

luvpump

TehJumpingJawa wrote: »

Having just watched the interview all I can say is, I feel for Martin; Channel 4 struck a low blow by wheeling out the invalid who stupidly placed more than £35k in a single institution.

I don't think we're being fair on Martin by focusing on his one (unfortunate) use of the word "dodgy", everything else he said was consistent with the information given on this website.

I think we're worrying about nothing; the icelandic compensation scheme will undoubtably cough up.
On a side-note I find it amazing that icesave had almost as many UK savers, as the entire population of Iceland!:eek:

I have too agree, i would be quite upset if i were him reading these Threads, I am sure he feels the pain like the rest of us !!..... He has sinlge hadedly transformed aspect of u.k finance, & for that he deserves our respect !!

m.smith14

zaccy wrote: »

Does anyone know how much Martin earned from each Icesave clickthrough?

I doubt very much, if at all. I hadn't noticed on the cashback websites recently which would indicate that he was genuinely offering it as a best buy.

In any case, I would imagine with the volume of traffic this site handles a large proportion goes towards that. I also notice that on occasion he has donated to disaster funds (e.g. 50p per new user subscribing to his newsletter).

At the end of the day, Martin's advice and direction is better than none and the warnings regarding the limits of the compensation scheme were clear for all to see.

Leon_W

I've just had my mum on the phone.

Apparently they had not a small amount of savings in Icesave ! I didn't know about this but it transpires that it is their life savings , and believe me when I say this, they are both not wealthy and on a state pension.

Now, both of them are nearly 70 and my father has a lose grip on all things internet so would have never visited this site to see any warnings whatsoever.

I asked my mum what had made her do this and she said that "the man on GMTV" said it was paying the best rate.

I think it unfair to "blame" Martin as it is completely out of his hands, but he finally has to see that the financially not so savvy are just going to take his word for it and not way up the pros and cons.

earlgrey_3

zaccy wrote: »

Does anyone know how much Martin earned from each Icesave clickthrough?

Hard to say but I noticed recently that the clickthrough kickback from Moresave motor insurance was £65 (which you get paid to yourself instead of the site owner if you use a site like Quidco).

The Moneysavingexpert site itself obviously earns a vast amount and has made him a TV star. Although it's hardly in the league of Facebook, as a very saleable asset the site is probably now worth millions so a very clever business model.

I remember when many of us were pointing out the risks back in April and it would have been helpful if he knew the risks to have backed what was said as balance against the vociferous Icesave Fan Club.

He was happy to make several posts here calling Premium Bonds a scam around that time even though they were backed by the government, completely safe, and well understood by those who buy them. Some of that time, and perhaps some of the profits from this site, could have gone into a closer look at the pitfalls in a bank like Icesave.

m.smith14

TehJumpingJawa wrote: »

Having just watched the interview all I can say is, I feel for Martin; Channel 4 struck a low blow by wheeling out the invalid who stupidly placed more than £35k in a single institution.

I did find this a little strange, especially as the guy should have known better being a retired solicitor, having dealt with regulation for most of his life.