Will we see our Icesave cash before Christmas

Babycakes

I believe that Icesavers are the first people to claim through the FSCS. I do not believe that the FSCS are prepared to handle our claim even though there are only 300,000 people involved. Think how long it would take if a major bank like Barclays went under!

I do not think that we will get access to our money before Christmas and I am beginning to withdraw cash from other banks to put it into National Savings. I have also decided to keep a large sum of cash at home away from the banks.

Can you imagine how bad things would get if your main or only bank failed and you had no money to buy food, pay your rent, etc.

The government need to sort this out.

cwcw

At first, I thought it would be a matter of weeks. That was when I understood the chancellor to be saying the government will pay us out in full and then chase Iceland for what they can get.

Now, I don't think this will be sorted out for months and months. This is because they seem to be doing it the other way around and seeing what they can get back from Iceland first. This whole thing could be 6 months or more I think.

amistupid

I doubt we'll be paid before xmas. No huge fresh turkey for us this yule tide just a skinny frozen chicken and I'll definitely not be buying that from Iceland!

Nick_C

I don't think its wise putting all your savings into NS&I. I don't think its wise putting all your savings anywhere! The Govt will not allow any major UK bank to stop operating - the whole economy would grind to a halt. Imagine if a major bank went bust and all accounts were frozen. Healthy firms would be unable to pay their debts or receive payment from their creditors. Employees would go without pay. This really is a doomsday scenario, and will only happen if the UK itself goes bankrupt.

Spread your money around. I would recommend splitting between Banks, Building Societies, and NS&I. If you seriously want cash under the bed, you should also be stocking up on tinned food and candles. And maybe a gun. If the UK became bankrupt, cash under the bed would be worthless - certainly worth less than the tinned food. Maybe gold or similar under the bed? And a shotgun?

Buster_Danog

Nick_C wrote: »

Maybe gold or similar under the bed? And a shotgun?

Or get one of those Golden AK-47s from Iraq, thus killing two birds with one stone.

StevieJ

Babycakes wrote: »

I believe that we are the first people to claim through the FSCS. I do not believe that the FSCS are prepared to handle our claim even though there are only 300,000 people involved. Think how long it would take if a major bank like Barclays went under!

I do not think that we will get access to our money before Christmas and I am beginning to withdraw cash from other banks to put it into National Savings. I have also decided to keep a large sum of cash at home away from the banks.

Sorry what is your address?

pumpndump

ICESAVE

We're the Bank that Likes to Say No Chance

edwinac_2

cwcw wrote: »

At first, I thought it would be a matter of weeks. That was when I understood the chancellor to be saying the government will pay us out in full and then chase Iceland for what they can get.

Now, I don't think this will be sorted out for months and months. This is because they seem to be doing it the other way around and seeing what they can get back from Iceland first. This whole thing could be 6 months or more I think.

If the case went to an international court, then it could drag on for years...

Besides, I'm not even sure that Darling has unequivocally said what everyone wants him to have said..

bristolleedsfan

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

gogsboy

Babycakes wrote: »

I believe that we are the first people to claim through the FSCS. I do not believe that the FSCS are prepared to handle our claim even though there are only 300,000 people involved.

How do you start this process, any pointers etc.

Thanks

Baldur

gogsboy wrote: »

How do you start this process, any pointers etc.

You wait, as per the announcement on the FSCS website http://www.fscs.org.uk/consumer/

We will post a further update on our website as soon as we can, and expect to be able to give you firm news by the end of next week. But there is no need to take any action at this time.