Martin Lewis roasted for giving "diabolical" advice on C4

Pendle_Gazza

funkey_monkey wrote: »

Just my 2p worth (as that is all I have access to at the minute)

Classic! :rotfl:

GeorgeHowell

"Now look what you've made me do, Martin !" appears to be the cry from some.

Such people do not deserve bailing out.

Chriswsm

Shame on C4 for pulling such a stunt.

Shame on anyone blaming anyone else for THEIR investment decisions.

I saw Kaupthing Edge on the site and thought mmmm 7.15% sounds good.
I invested £30k
I did it, I entered my details, I transferred my funds.
My fault.
I am not trying to move the funds, I will wait and see what ING get up to.

payless

I personally think that Mr Lewis probably got a "get out of jail free card" on this one because could you imagine the repercussions if good old Darling hadn't guaranteed the deposits ?

yeah but its the other banks ( shareholders) taxpayers and the rest of those of us that pay the levies that pays for these guarantees ...

Brain ticking ---
So if our investments ( accounts/ policies or shares) with other banks / insurers go down the pan ( or just under perform) due to these extra cost burdens ( which would appear to be more than the scheme allowed for) ... who do we complain to

emmamack

I would just like to say that my husband has about £8K of our savings invested in an Icesave account. He found the account as a direct result of looking on this website.

We've used the website for a few years now, and read a few of Martin's books as well as seeing him on TV. I'd just like to thank him for all the money he's saved us to date, and for the very good free advice given.

When I initially heard about the whole Icesave thing I was angry at Martin, I felt he should have warned us in some way - but to be fair, who could have foreseen the madness in the financial markets (or at least realised to what extent the banking system would be affected) so I no longer blame him. Martin does his best to give normal people the best advice he can and to be as open & honest about it as he can and I think that makes him a pretty cool guy.

The one thing I would say is that Martin is an expert, and the only comment I can make is that perhaps he could have made a little clearer the financial situation in Iceland and the fact that in the unlikely event the bank was to go under, there may... just may, be an issue with Iceland as a country being able to cover the UK investors deposits. Although we were aware that Icesave operated under the passport scheme, we had no reason to believe this was a worry (we also have money in ING Direct who operate under the scheme). That’s the one thing to say – others that are more financially aware of global markets may not agree, but as far as we were aware Iceland was a prosperous country so we didn’t think there would be cause for concern… Saying that we didn’t expect to get stranded in Portugal last month after XL went under…

I think overall, if I could talk to Martin myself I would tell him thanks for all the advice you’ve given for all these years, and please don’t blame yourself. I’d also ask if Martin has any savings in Icesave himself.

Thanks surprisingly to the UK government it looks as though we will all be covered, it’s just a wait & see game now for how long we’ll have to wait for the money…

Etccarmageddon

£8k is a sensible risk.

the golden rule which OAPs, young people, councils - ie. EVERYONE!!! should
stick to is spread your money around and certainly I would view it as incompetent to have £50million in one institution which is what some stupid reckless councils have.

why they didn't put their £50million in a safe place like gilts?

that girl who recently won about £7 or £8 million on the lottery stated she'd invested it with the HSBC cos "they promised to look after it" or something like that.... oh dear!

Phlik

sillystudent wrote: »

http://www.youtube.com/watch?v=rx-ySEKUURI

.....Misinformed ramblings.....

I'll say one thing for this weeks excitement, it's made it very easy to weed out the dimwits to plonk on my ignore list. I hope there isn't a maximum limit.

Phlik

FairyElephant_2

Leon_W wrote: »

Tins of beans, yes. Credit cards, yes. Fuel switching, yes. Regulated financial services, pensions, investments, mortgages, no. As I think Mr Lewis admitted, there isn't enough time in a 5 minute slot to give anyone both sides of the argument and all the relevant caveats regarding such.

...so we should only take the advice of so-called 'financial experts' (advisors) then, should we???

The only time I have taken a financial advisor's word for something was when, much younger and less savvy, I agreed to an endowment mortgage and several mortgage insurance policies. What a mistake that was!

Having remortgaged several times, I have ALWAYS been able to get a better deal on my own than one which any advisor I spoke to could get me - and one of the advisor's is my own BIL!

Personally, I'll listen to 'advice' from almost anyone, even the 'man in the pub' - and if I am serious about something (like putting my hard-earned cash somewhere) then I'll look for lots of advice and info, and then make up my own mind given the facts and advice that I have had access to - which include's Martin's excellant site.

In this instance, no-one put a gun to anyone's head and made them stick their money anywhere.....we're not talking about children here - we are all adults and able to make our own decisions and have to live with the consequences.

I applaud the Gov't for standing in to fulfill the obligations which Iceland should have done, and I'm very pleased that 'small' savers will not lose any money.
As for those who put in more than 50k - well, that's another story isn't it....

RayWolfe

emmamack wrote: »

The one thing I would say is that Martin is an expert

No he's not.
He's a journalist ... and a very good one.
He is an entrepreneur ... and a very good one.

Hillwalker

The OP states that this has just been on TV !!!
BUT the information is > 24hrs out of date !!!
So why are we discussing it ??? My guess is "Sillystudent" has just been woken up found he's missed the last 24hrs and thought he'd catch-up on world affairs by logging onto Youtube, found something to jerk off over and then started his daily trolling duties .........

The disabled guy will loose nothing (except maybe some interest).