Icesave ( Again ! ) - Savers story

JBmoney

This is just my story and I know everyones is different.
Do not need any comments about my stupidity or lack of
foresight or lack of financial acumen. Thank you.
I am a working class individual who having received a large
family inheritance ( out of the blue ) looked around for some
place to put my sum. Unfortunately, in January of this year, I
found Icesave. I may regret that discovery for the rest of my days.
I am not a particularly financially astute person nor did I ever
in my wildest dreams envisage that placing even a quite large sum
in a bank ( any bank, anywhere, anytime ) could be problematic.
I have now lost what to me is an unspeakable amount of money and
am heartbroken and very depressed as I now feel I have stolen
something from the future of my 3 sons. All I read everywhere about
this situation is how to claim compensation and I`m afraid in my
situation this is very, very cold comfort indeed.
I am sorry to bear my soul to strangers but I absolutely had to put
my thoughts down. Can we as Icesave savers do anything to apply
pressure anywhere ? We`ve had other recent runs. Did large sum
investors / savers lose ALL their funds ? Once again sorry but there
are bound to be others in my situation. You perhaps could put your story
in this thread if it helps you in some way ?

emmarg

I agree and sympathise, we are all very much ordinary people, who have saved prudently (as Brown would say) to try and ensure a reasonable standard of living in retirement. I live mainly on the interest from my fixed rate account and have not gambled it on the stock market, but have been encouraged by the many "best buy " tables to placed it into a bank for safe keeping, with a rate of return to keep up with inflation. I may lose £23 k as I have £73 k spread over variously dated 1 year fixed rate accounts. I was physicaly sick today after hearing the news, a lifetime of work may be swept away in an instant. How can this happen in a supposedly sophisticated western country ?

amcluesent

I see that 300,000 UK savers had approx £4.5B in Icesave. Only 320,000 people live in Iceland.

cheerfulcat

JBmoney wrote: »

We`ve had other recent runs. Did large sum
investors / savers lose ALL their funds ?

No. No-one has lost any money in Northern Rock, B&B or HBOS. I have deposits in NR and HBOS and am perfectly confident that no government can afford to let savers lose out. It's a shame that the Chancellor has not given an explicit guarantee but imo an effective guarantee was given with the bailout of NR.

nachovx

I really do feel for you and hope at the end of the day your money is safe. The average man is not a financial wizard and assumes UK savers will be looked after by the UK government.

malky39

Why do people keep saying i have lost X amount of money, as yet no one has lost anything as landsbanki are in receivership not liquidation

crandy07

amcluesent wrote: »

I see that 300,000 UK savers had approx £4.5B in Icesave. Only 320,000 people live in Iceland.

Wow I didn't realise that. Now I can understand why the Icelandic government only announced 100% compensation for just Icelandic savers.

nouf

malky39 wrote: »

Why do people keep saying i have lost X amount of money, as yet no one has lost anything as landsbanki are in receivership not liquidation

whats do you expect the op to do??? his life any many others are in a state of panic

yes you are correct untill proven otherwise or a statement we are in limbo, but i have a very similar situation to the op

i have dependents, how can i look at them and tell them out, lives will totally be changed if this ends badly.

yes many can say things like this happen, what a bank run???? or a country possibly defulting further more in a western society????

i am at my wits end here and all i have read on various forums so far is "i told ya so" or "well some you win some you lose" screw that idea i have many that looks up to me that i have to worry for, i couldnt care less about myself but i do care for my loved ones much as many are, and if they are feeling like i am they are distraught and fearing the worse

i wonder why we bother in todays UK, i for one will feel very bitter towards life if this ends badly, its no wonder many turn to crime, as you work hard and "SAVE" in a bank and it potentially is life changing at any moment like a light switch

Fiat money will never be the same from now on

yes it can be worse, for me i dont care for what happens to me, i just care for making a difference in others lives, and sadly i fear at the moment it may end badly

i really hope not, but being prepared for the worse is also part of making changes

they say crime dont pay, well if this fiasco turns out badly, they will be a few less respondant to that idea

Ps i my life savings aretied up in this bank i am simple soul who just wanted to better the lives of many who look to him for guidance and support, now i potentially have those shatter dreams soon

how do you expect many to feel

Birdie100

my concern now is that the Icelandic government simply cannot free its money back to us. What I fear may well happen now is that Icesave will sit neatly as being allegedly "solvent" - since in fact Landsbanki is now not insolvent. But since it hasn't been officially declared insolvent, nothing compensation wise has to payout, and they've successfully blocked our withdrawals.

cos69

There seem to be about 15,000 of us faced with this problem of having investments above the £50,000 compensation ceiling. To raise the compensation limit to cover a further £100k will cost about £1.5B compared with the many hundreds of billions the government has given the banks .

Hillfly

All my savings and more importantly my sons savings are in ICESAVE. I sympathise with you entirely. I am lucky in so far as the sums involved are under the recoverable amount.

I have spent today stressing about my money. I now accept I can do nothing but sit back and see how it pans out. I can't be letting it get to me anymore as I have 2 young kids a busy job and a pregant wife. The bulk of the money I had stashed was from a remortgage and was to be used for an extension which I put on hold due to the housing crash.



For everyone out there that's lost money, stands to lose money or whose money is stuck or is even just worried about their funds have a big group hug on me - especially the OP.
I think after today quite a few of us could do with it!
:grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug::grouphug: