MARTIN LEWIS on "It pays to watch" says we may NOT be paid interest (ICESAVE)...

MissMoneypenny

meester wrote: »

All the warnings?

You mean the ones where a lone poster said Icesave were unsafe, then numerous people mocked and ridiculed them, and told them to stop being nutty conspiracy theorists, stop running Iceland down, and the one where Martin Lewis said in the 'Safe Savings Guide' that 'Accrington Stanley were more likely to win the FA Cup than a bank go under'?

You're very wise after the event aren't you? Didn't see you commenting before.

Threads like this you mean?
http://forums.moneysavingexpert.com/showthread.html?t=1200773
The media had warnings too.

As for your "You're very wise after the event aren't you?" I was wise before the event as I didn't put any of my money in there. A look at the terms and conditions and a quick google search, persuaded me that it wasn't worth the risk.

Some people will learn from this and do their own research before investing and now take a balanced view of what is being reported. Others won't and will still prefer to blame others.

bryanb

ChloeRadshaw wrote: »

I for one am not happy about this,

I will be out of pocket by at least 3K as a result of this and I expect to be compensated - I m not a troll but a senior creditor to Icsave (which is fully regulated by the FSCS)

I was within the 35K protection limit - How are they allowed to do this>?

If you can lose £3000 on less than £35000 investment they are paying you a better rate than they pay me!

MissMoneypenny

nanker wrote: »

. The first warning was from C4 news in early March (before Martin warned us on here). I shifted some at that time and some more a couple of weeks ago. So, clearly, I check, read the papers and listen to the news.

As for it being high risk, well, no one thought that until a few Months ago. Indeed it was rated AA by our Government, that's why so many councils were happy to invest in it.

Why did you only move some of it when you first saw a warning 5 months ago?

nanker wrote: »

It would be cruel of me to hope your council has lost millions and therefore you would pay higher council tax bills, so I shan't

Yet you wrote it, so were obviously thinking about it. Sorry to disappoint you, but I won't be paying higher council tax bills, but if that thought makes you happy, a lot of people will have to pay higher bills and others might lose out on services.

brightonman123

are any bank MD's facing arrest, not just the sack, for this massive bailout malarkey?

captainkevos

I just thought I'd reiterate this (now ironic) info from Martin, upon which I partly based my decision to use Icesave. Did anyone else read this back in April ? In the current context, it just seems like I've been conned !!

Where are all those "Nordic" countries when the Icelandic PM needs them ?

I know the point is probably irrelevant now, as our savings are safe, but I still feel so annoyed at the Icelandic authorities about their dishonesty. (I took out a 12 month fixed rate bond, so I've been "stuck" since then, in spite of subsequent "warnings")

I know (now) that I should have done more of my own research and I'll put all this down to experience (including any lost interest) ....

"In the unlikely event of problems; how would the passport protection work?
This is something we’ve raised with Icesave; below is its response, which was backed up by a document from the Icelandic Financial Services Association; confirming the legal strength of the info.
“Icelandic banks pay into a fund which is set aside to be paid out for compensation should it be needed – the UK scheme doesn’t have this and could therefore technically take longer than the Icelandic scheme!” (Note from Martin: The UK scheme is set up to call money in if needed, rather than work on a pot of money system).
All talk of compensation schemes is purely hypothetical because they have never been used, but given the above, there is no reason to assume that the Icelandic scheme would be any more complicated or take longer.
In the extremely unlikely event that the Icelandic government wasn’t in a position to meet all claims, all the Nordic countries have an arrangement where they will step in and help any one of the participating countries that are in trouble so there is an additional layer of reassurance and cover.
If you could make it clear that Icesave customers are fully protected up to £35k the same as customers of any UK bank and that they will be paid as quickly I’d be very grateful!”

Dreamez

Absolutely agree with the last post. What the hell happened to the nordic countries!!

Reaper

Yes, particularly as the Icelandic PM said how helpful the Nordic countries had been and how unhelpful certain others (ie UK).

Not helpful enough to give them the money they promised it seems.

M00NST0NE

Well said captainkevos.

I am relieved that I will get my savings back and possibly some of the interest too (not sure as it was due to be added annually and my fixed term isn't up yet)

More worried about how my pension fund will be affected - and my NS&I savings that are linked to share values.

I have been a saver all my life, lived frugally, planned for a comfortable retirement.

If I had known what a "high-risk" lifestyle I was leading I might have spent my money on foreign holidays instead.

DavidAC

This suggests we will get interest up to date of default.

http://www.guardian.co.uk/money/2008/oct/11/savings-banks2

Ivana_B_Rich

At this stage I care very little about the interest. However, I do care about actually getting on with whatever claim process is required.

I'm very glad I'll be getting my money back, but frustrated that there is still no process in place.