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

LGG_2

well im due some intrest next monday and ppl are posting that they are still gettig intrest added onto their account now so hopefully aslong as the site is still up and running there might be a chance of getting some. i earn around 7K a year so £1500 intrest makes alot of difference. i hardly call that being gready. anyway i thought the comp scheme covered intrest anyway.

LGG_2

anyway no wonder darling has stepped in when theres load of UK councils with accounts with them. thought there would be some reason

jm104

I agree with jetfighter - why are we greedy? I mean this site encourages people to get the best return for their money. Icesave must have been a respected bank otherwise county councils wouldn't have invested in them as had half the high street. I had about £30000 - most of our savings and boy we worked hard to get them. Having been stuffed in the past with negative equity, failed insurance plans why shouldn't the average person try to do the best for their family? I think those that call us greedy are smug self righteous prigs!!

Dealmad

I know let Martin Lewis pay you all back considering he recommended it to eveyone , yeah yeah he didnt see it coming :rolleyes: If i counted myself as a money savings expert then i wonder why i didnt.

I know for one that when i wanted to try and save i looked on the so called money savings expert site to expect to get great advice and i did see Icesave as being recommended , no warnings , nothing.

Im glad i never went with Icesave though in the end , but if i had and i lost it all and the Goverment didnt bail us out then i for one wouldnt be happy with a so called money savings experts advice.

ray123

Dealmad wrote: »

People like you just make me wish you lost it all , no clue at all , smell the coffee and get a grip
That will never happen because of the compensation scheme.

So lets all deposit out money aboard then lets bail out everyone out when the banks aboard fail , seems like a great idea quick lets all deposit our money out of the UK , wow seems like a great idea :rolleyes:
Why are you still here, I though i told you to jump off a bridge.

People throughout this country (well the majority) work hard. We get paid and then pay tax on our wages. We put the money in the bank and we pay tax on that. Then we die and can end up being taxed on inheritence... The point is, I am losing my money as it is filtered through the system!!!

If I could start all over at the age of 16, I would find a girl have lots of kids and sponge off the state. But no, I was silly enough to get a job and stay on the straight and narrow...

What gives you the right to judge these people and say that they do not deserve their interest?

Dealmad

ray123 wrote: »

People throughout this country (well the majority) work hard. We get paid and then pay tax on our wages. We put the money in the bank and we pay tax on that. Then we die and can end up being taxed on inheritence... The point is, I am losing my money as it is filtered through the system!!!

If I could start all over at the age of 16, I would find a girl have lots of kids and sponge off the state. But no, I was silly enough to get a job and stay on the straight and narrow...

What gives you the right to judge these people and say that they do not deserve their interest?

So do most people , be we dont all put our money into Iceland and then expect the Goverment to all bails us out when it fails :rolleyes:

You took the risk then its your problem why should people pay higher tax to bail out people who wanted to put money in a non uk bank to gain higher interest

Your just lucky youre getting anthing back at all , yet you stil find something to moan about e.g interest , its laughable indeed

apt

How is putting £30,000 in a risky bank doing the best for your family? Iceland was a financial bubble which - unlike America - would never have the size and resources to cope when the bubble burst. The small interest rate premium was never worth the extra risk. As for the argument that it must have been safe because some councils put their money (or more accurately their council tax-payers' money) in Icesave, that's laughable. The minority of councils that did this were just repeating the BCCI blunder. Next time split your money up into even smaller bundles and put it somewhere more solid than an Icelandic bank.

jetfighter

Dealmad wrote: »

So do most people , be we dont all put our money into Iceland and then expect the Goverment to all bails us out when it fails :rolleyes:

You took the risk then its your problem why should people pay higher tax to bail out people who wanted to put money in a non uk bank to gain higher interest

Your just lucky youre getting anthing back at all , yet you stil find something to moan about e.g interest , its laughable indeed

:rolleyes: Some people never learn. We didn't put our money "into Iceland" - this excellent post explains things much better to those of you who seem unable to "get it":
http://forums.moneysavingexpert.com/showpost.html?p=14827245&postcount=12

ray123

But i did not take the risk, there is less thatn 10% of my money exposed to KE (which is cover under UK compensation scheme and has UK banking license)...
I agree with you about the bail out, especially over 50k (people would have been lucky to get this as the bank actually stopped trading on Monday. 35k limit was increased on Tuesday - please correct me if wrong!).
My major issue is for the interest accrued to be paid - the majority of customers from UK followed Martin's guidelines and those set out by the law, and so should not be punished...
But how much money has the gov pumped into the banking sector over the last year?

meester

GiusCo wrote: »

LOL, I was reading the forum yesterday and sincerely hoping you all icelanders got your money back, and it is... ordinary joes cannot be said greedy, life is a bit*h and we all try our best shot... said that, alas and !!!!!!, how can some of you moan about interest after being hommaged of a total refund?

Because I have 11 months rolled up interest due at the moment, it's my money, every bit as much as the principal, it just hasn't been added to the account yet. Otherwise I will have less money than I put in, because of inflation.

Exceptional times, exceptional moves... probably time to donate part of your luckily reappeared bankroll to charities, as a grateful gesture to the taxpayer.

The government is supposed to regulate and protect private savers, via the FSA and the FSCS. They allowed Icesave to trade with an insolvent compensation scheme. They are to blame for allowing private savers to get into this.

I have lost far more than my lost interest in stockmarlet losses, I'm not complaining about that, because that was risky, I took on the risk knowingly, but my interest was from a UK-regulated bank that should be safe within the parameters set by the government of £35k per account holder.

And btw, I wouldn't pay too much attention to what Martin says, he spent at least a year telling us Icesave was every bit as safe and regulated in the same way as any other bank, so I wouldn't treat what he says as infallible.