Martin Lewis roasted for giving "diabolical" advice on C4

ThrobsBlackHat

Twice since 7pm "Reality Check" and "Martin Discredited" have posted within 3 minutes of each other.

They both joined in the last two days.

Surely a quick IP trace would clear the suspicion they are the same person up?

Gwhiz

ThrobsBlackHat wrote: »

Twice since 7pm "Reality Check" and "Martin Discredited" have posted within 3 minutes of each other.

They both joined in the last two days.

Surely a quick IP trace would clear the suspicion they are the same person up?

Better than that... just ignore the ignorant !!!!!/trolls!

geysergeezer

GeorgeHowell wrote: »

I think the arguments have already been levied if you had taken the trouble to read them yesterday, or prior. Basically everyone has to use their own common sense and judgment in deciding what to do with their money. After Northern Rock there was plenty of reason to be cautious and plenty of information around that foreign based banks, and Iceland in particular, could be dodgy.

Yes, but equally there was plenty of information, actually empirical evidence that many other places - the UK included - were equally 'dodgy' at varying times. So, whilst you're not wrong, neither are those that deposited under their own cognizance. Especially those that did so using (and within) the accurate, and vital information re the various compensation scheme amounts/accounts, etc.

The importance being that they did so under their own cognizance. If they did so at the behest of a website, a newspaper article, etc, etc, then they are rather foolish, and equally rather fortunate.

As a postscript: the C4 interview is blatant, and smacks of bleeding-heart liberalism. If Martin made a mistake, then it is in trusting the journalistic impartiality of C4, for he made no other.

crazy_guy

Martin made the situation with the protection system clear when i decided on my ISA. Due to the article i actually chose against ICESAVE and went with a bank a few % lower but with the protection I required.

At the start of the cheap interview you could tell Martin wasn't impressed or looking forward to the onslaught. Bet he won't be going back to ch4 in a while!

Stavros_3

ThrobsBlackHat wrote: »

Twice since 7pm "Reality Check" and "Martin Discredited" have posted within 3 minutes of each other.

They both joined in the last two days.

Surely a quick IP trace would clear the suspicion they are the same person up?

:T absolutely

fudgecat

I have money in Icesave - money that we cannot afford to lose. We put the money in because it was a good rate and recommended on several websites and money magazines as having one of the best interest rates for instant access (Oh the irony...). Martin`s recommendation was probably the deciding factor because other advice given on this site has been so good and saved us hundreds over time. The "warning" about the compensation scheme and the risks that Martin refers to on the Channel 4 programme, I took to be advice of a slightly more cumbersome compensation system in the event of things going wrong - but then who could have forseen the global financial meltdown that was to happen? Experts - yes (and I don`t mean Martin - no sarcasm intended), but most domestic punters likie me try to make informed choices and I for one had no idea that the situation in Iceland was less than secure.
This is not blame or an apology for my actions - we made a choice, a bad one as it happened. Is Martin to blame? No, we acted and made the decision to invest my daughter`s wedding money ourselves. Could Martin`s "warning" about potential risks have been more strongly worded? In all honesty - yes, and it might have affected our decision. Do we feel anger or bitterness at taking action on what we felt was advice? No. I am sure that over the years Martin will save us more money than we will lose. Martin has always stressed spreading money around, and we have done that, even with our tiny savings. At the moment it seems we will not lose our money, but of course we cannot access it when we need it.
Those who attack Martin, either professional journalists or so called trolls on this site do a great deal or harm to a basically well-interntioned individual. I would like to think that they will not succeed. Certainly not in this household.

codger

Thinker wrote: »

Upon reflection I see that the Martin was correct in all the advice and information he gave - there is no doubt. However, on KE he missed a legal eventuallity Yes, your money is FSCS guateeed BUT if the bank were to sell or transfer assets this would become worthless if that insitution lies outside the UK. I was convinced that the FSCS guarentee would be honoured despite the move to ING - I was wrong and this is a legal matter. My advice to Martin, with respect, would be to have the 'what ifs' checked out by a coporate lawer before despensing your advice. Not enough homework done on this occasion by Martin I'm affraid.

Sorry, but I really am getting tired of this kind of rubbish.

What if Britain gets hit by an asteroid and is wiped out?? -- that's Martin Lewis' fault for missing "a legal eventuality"?

Or, another "what if?" which "should be checked by a corporate lawyer": what happens if the funding of a compensation scheme is nicked overnight by Internet hackers?

Yeah. Right, Martin. You're really a very naughty person because you have failed to hedge every piece of information given on this site with qualifying remarks about the eventuality of alien invasion or likelihood of global earthquake.

Checked by "corporate lawyers" indeed: it's not them who need to satisfy themselves that what Martin Lewis or anyone else is saying on the Internet. It's YOU because it's YOUR money.

As for other blatherers on here about the now old-old-old-old-old story of Martrin on Channel 4 news, well, here's the news for you who seem capable only of tuning into the juvenilia of something called YouTube:

1) Jon Snow was no different with Martin Lewis than he is with anyone else;

2) Martin Lewis is bright enough to have known before -- BEFORE - he went on C4 News that Jon would be Jon, so Martin would have to be Martin. And he was: nothing to apologise for at all;

3) the title of this forum is not about Martin Lewis as a bloody expert but about everyone helping everyone else towards becoming an expert.

Thank Gawd when the dust finally settles so many posters on this thread will vanish.

They had nothing to contribute to MSE before this happened and I'm pretty damn certain they'll have exactly the same level of contribution to make in future.



* PS: to save anyone taking the expensive advice of a "corporate lawyer", here's what Martin might have said if he'd had a crystal ball and so could have foreseen any and every eventuality where KE is concerned, viz:

"In the event of KE's online customer base being acquired by, for example, a bank like ING Direct, then please note that your savings will be protected to a level which is considerably higher than that offered by the UK compensation scheme."

Well obviously, a major cause for concern. No wonder we need corporate lawyers. Please also note:

I have not included the 6,000 additional paragraphs Mr Lewis would be required to provide to cover the taking over of KE by every other kind of financial institution located in every possible place from Timbuktu to Fairbanks, Alaska, nor the eventuality of the Prime Minister of Iceland being exposed as a Martian, as distinct from a Martin.

swiss69

What I dont get is why people shop around for rates when they are only investing a couple of hundred quid? What does it matter if you get £8 interest a year or £10.

vbrindle

Here here codger.

I cannot believe the crap Martin Lewis is getting for this. He's being used as a scapegoat. Do all you moaners know what a scapegoat is?

Here's a link
http://dictionary.reference.com/browse/scapegoat

For those who invested more than £35k have only themselves to blame as Martin has mentioned it millions of times and the question has been asked on this forum millions of times, so much I get fed up of seeing the same question asked over and over again despite it being in the banking/saving guide.

I thank Martin Lewis for creating this site. I wasn't money savvy before know a lot more now and it's made me think more about what I'm doing with my money.

Believe it or not we are in the middle of a credit crisis, or didn't you know.

I think it's time for you to find another scapegoat and leave Martin alone. How about the greedy bankers for a start! They caused all this.

stamfordblue

I think it's disgusting that Martin is being given so much stick.
I agree in that he is being made a scapegoat.
He ADVISES people on what are the best deals.

Why not start blaming the various councils as well, who invested in Icelandic banks?
I suppose they'll be next in blaming him!!

I see that ING have now taken over Kaupthing Edge accounts
Ironically that's who I originally transferred from to Kaupthing..lol
Good to see they have assets of over 1 Trillion pounds