Icesave UK defaults - FSCS system triggered

steve_hill

Thanks to Chris Howarth on another post for picking this up from the FSA site. Icesave UK has gone into default now and the FSCS has been triggered.

http://www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html

cwcw

I posted this earlier: http://forums.moneysavingexpert.com/showthread.html?t=1207387

I'm kind of glad it's happened instead of being in limbo about when or if it would actually default (even though it was obvious it would).

altocumulus

More details FRIDAY....

steve_hill

cwcw, sorry I hadn't seen your post. Thanks. I know I have been wondering how long it would take to finally go under and whether the Icelandic government were going to play games with us even more than they already have. This clarifying of the situation equals some sleep tonight!

IT_nerd

I'm investing all the compensation I get into the stock market.
I figure i've been lucky so far! No need to give up on a streak.

ed123_2

...I rang the FSCS today and they are already printing the forms to go out. They said they did'nt know the timescale and they will be contacting people ie they won't take my details.
Another point Darling says no depositor will lose any money, not strictly correct, they will lose interest re the time taken to pay out. (up to 6 months per FSCS website).

gowgowuk

ed123 wrote: »

...I rang the FSCS today and they are already printing the forms to go out. They said they did'nt know the timescale and they will be contacting people ie they won't take my details.
Another point Darling says no depositor will lose any money, not strictly correct, they will lose interest re the time taken to pay out. (up to 6 months per FSCS website).

God, I really hope it's not going to take 6 months: I really need some of this money in about 3 months time!

cwcw

ed123 wrote: »

...I rang the FSCS today and they are already printing the forms to go out. They said they did'nt know the timescale and they will be contacting people ie they won't take my details.
Another point Darling says no depositor will lose any money, not strictly correct, they will lose interest re the time taken to pay out. (up to 6 months per FSCS website).

Losing interest isn't ideal, but at this time yesterday I thought I was about to lose nearly everything I had.

Like steve_hill says, I will be getting some sleep tonight! I have a lot to catch up on. This last few days has been the 3rd worst period of my life so far.

br1anstorm

ed123 wrote: »

...
(edit)..
Another point Darling says no depositor will lose any money, not strictly correct, they will lose interest re the time taken to pay out. (up to 6 months per FSCS website).

Give us all a break! Compared to the predicament of those people who were facing the nightmare prospect of losing most if not all of the capital sum, or life savings, that they had placed in Icesave, the loss of a few weeks' interest is a pretty minor price to pay.

We really do need to be thankful for the UK government's decision to cover the full amount of people's savings, and not fret too much over the odd few quid in interest.

br1anstorm

Swipe

My fixed rate wasn't due to mature until jan 2010 anyway so 6 months is fine with me. TBH, I'm happy just to get my money back at the time of the collapse, I couldn't care less about the interest from this point onwards.

SephirothX

I stand to lose a full year of interest if interest isn't back dated because my annual interest payment was due next week.