Martin Lewis apologies thread

stebiz

buyerbeware wrote: »

'Martin is a journalist'

No, Martin Lewis is a publisher with income from advertisers. My guess is the majority of his income does not come from editorial commission so it is misleading to think of him as a journalist, better to remember his income comes predominantly from the companies he writes about.

No he doesn't. The site is free from ads.

QUOTE

Articles are written purely from a ‘what's the best way to save money' stance. Yet, once they're finished one of the team has the job to see if any 'affiliate links' to the top products can be found. While these look and work the same way as normal links; if someone clicks through, the link is tracked and it may generate a payment to the site (sometimes for the click, per user, per application, per accepted application or any combination).

Doesn't this compromise the site?
No.
The MoneySaving articles are written, then totally separately, paid links are looked for. If no paying link is available, absolutely nothing in the article changes. Nothing. Ever. If the best is the best and doesn't pay, it stays the best. The link used is simply a ‘non-affiliated' i.e. non-paying link. Financial considerations do not impact articles.

However, product rates and best buys change all the time, as do the top products with available affiliate links. This means at different times, different articles do better; so, of course, we like to remind you to read those then as it helps the site.

I like to think of it as not-profit-driven as the key concern isn't making money, but simply the best ways to save people cash; yet in-spite of that, the site is comfortably in-profit so it's the best of both worlds

earlgrey_3

zzzLazyDaisy wrote: »

Could I make a suggestion...

Those people who think Martin has given bad advice, and who think this site is to blame for Iceland's apparent bankruptcy...

You seem to have completely misunderstood, or perhaps you could direct us to a post where someone has suggested such a thing. :rolleyes:

leviathan

earlgrey wrote: »

Fair enough. But I was a little surprised and disappointed that he dishonestly pretended on Ch 4 news that he had been warning people all along when the truth was quite the opposite.

He explained the risks quite well. People just didn't bother to read them or figured they'd be safe. Greed over looking prudence.

What hasn't helped is quite a lot of people on here saying don't panic and leave your money where it is.

Instead he was posting here claiming that National Savings premium bonds were a scam - which is a little ironic.

He's right about them being a bad investment. No one said it was a scam.
I've got a lot of money in PB's against Martin's advice.

Wow, a British person who can think for himself !! :rolleyes:

ltimately we all have to take responsibilities for our our actions rather than rely on self-styled "Experts" or the tax payer to bail us out, which was why I and many others avoided Icesave.

Yes. But people who rather blame those they put on the pedastool when it all goes pear shaped.
Better that than themselves...

earlgrey_3

stebiz wrote: »

I like to think of it as not-profit-driven as the key concern isn't making money, but simply the best ways to save people cash; yet in-spite of that, the site is comfortably in-profit so it's the best of both worlds.

I think this is rather off the point but just for the record can we get away from any idea that no profit is involved.

This site is now worth millions even though most of the content is written by the users and the mailing list with millions of email addreesses is probably worth as much. The person who runs it now has a lucrative TV career as a result. Good luck to him, it was a great business idea, but let's not pretend that there is not a great deal of financial reward.

cowbutt

giles wrote: »

I can't believe that my 17K in Icesave was, frankly, so close to being lost! I don't believe Darling had to make the pledge to savers though I do know that he has just found himself 300,000 voters for the next election! (As opposed to some really terrible PR towards an election loss).

Speak for yourself! There's been enough rot in this Labour government since 1998 (RIPA, ID cards, detention without trial, WMD) for them to be unable to win my vote. However, I do plan to deposit my Icesave savings in NS&I when I eventually get them back; one good turn deserves another.

JohnnyW_3

earlgrey wrote: »

Unfortunately, now every British taxpayer is involved. It looks as if those who had more sense are going to have to stump up to compensate those who ignored all the warnings, including those from Martin Lewis if he's to be believed.

The people who took heed of the warnings and pulled all their money out helped create this situation. Please don't pretend you're taking a higher ground and please don't ignore the larger financial situation.

stebiz

earlgrey wrote: »

I think this is rather off the point but just for the record can we get away from any idea that no profit is involved.

This site is now worth millions even though most of the content is written by the users and the mailing list with millions of email addreesses is probably worth as much. The person who runs it now has a lucrative TV career as a result. Good luck to him, it was a great business idea, but let's not pretend that there is not a great deal of financial reward.

Can I just say that the quote you have used, is one of Martins, not mine. I do however agree with most of your points. All I would say is that I don't 'think' Martin is to the type of guy to sell his 'members' down the river, in search of a quick buck.

Stebiz

Pyewacket338

I fail to understand why people blame others for their own bad decisions!
I read the infomation on Martins site daily, though his advice I have split my savings between three banks, each one seperate from the other and eachone covere by the FSA, if one goes bust, as my saings are below £50,000 I'll get it back, I also know getting it back will take time, therefore I have my other savings to fall back on...... it's not rocket science!
I choose to place my savings where I feel is best, if I take advice from someone, that's my choice and I have no one to blame, I certainly wouldn't be screaming for someones head served up on a plate!

Martin Lewis is blamed for giving bad advice, I think he gives sound advice, it's been clear for months on his web-site that Icesave wasn't fully covered by the FSA, do people just see the interest rates and not read any further!
I should have sold my house a year ago, but I kept putting it off, I'm now in a position where the value has dropped and buyers are few and far between..... but that was my desicion and I won't be looking to apportion blame, I'll accept the facts and make alternate decisions.

isofa

edwinac wrote: »

And we should single you out, in particular, isofa, <snip a raft of libellous nonsense> You can shoulder some of the blame for her loss.

I'm immediately linking this frankly libellous post from edwinac to this important note from the forum manager:

http://forums.moneysavingexpert.com/showthread.html?t=1206397

I have taken advice from the MSE team regarding these posts.

apt

I don't think Martin Lewis is to blame as adults are themselves responsible for what they do with their money. But he certainly does not deserve an apology either as he has been mistaken about the Icelandic banks from beginning to end. The small interest rate premium was never worth the extra risk. The content of his 8 October 2008 newsletter still recommending Kaupthing Edge suggests he hasn't learnt the lesson yet. The attitude that it's fine to put upto £50,000 in a risky bank because of the FSCS compensation scheme is ridiculous. It won't work for individual savers who risk having their savings frozen for months without interest. Plus it could put an unsustainable burden on the compensation scheme. Given the UK taxpayer and more responsible banks and savers are going to have to pay for the Icesave bail-out the very least Mr Lewis should do is donate the income he got through Icesave to charity.