Will we see our Icesave cash before Christmas

ps2659

kaupthING darlING savING waitING, before xmas please.

Meadows

collingwood21 wrote: »

There is this article on the BBC website that suggests we could get the claim paperwork within a week: http://news.bbc.co.uk/1/hi/business/7662000.stm

Saving Icesave Icesave customers' money is safe, but more details are expected on Friday about how they will be able to claim their savings back.

That was dated 9th, Friday was the 10th, and we still know nothing!

nilrem_2

I know it's not the same thing but paying out this £100m to get our money back reminds me of those scams that we have all had where we are told that we have won £300 grand on some foreign lottery and that we have to send them £50 to get the prize!:eek:

Meadows

meanmachine wrote: »

The loan isn't for us, it's to keep Icesave going.

Why does a non-functioning website need £100m quid to keep going?

Still, if it's the honey that traps the (Icelandic) bear, let's not complain.

The lack of solid news/timetable is really, really concerning, however.

Where's official news of this 4bn loan we're meant to be giving to Them to give US our money back?!!!

http://www.icelandreview.com/icelandreview/daily_news/?cat_id=40764&ew_0_a_id=313569

13/10/2008 | 12:32


Iceland, the Netherlands and UK Reach Agreement
According to agreements between Icelandic, Dutch and British authorities, Iceland will take responsibility for repayment of EUR 4 billion (USD 5 billion) to owners of Landsbanki Bank’s Icesave online deposits accounts.
According to Morgunbladid’s sources, the British state will grant a loan to the Icelandic state of up to EUR 3 billion (USD 4 billion) so that Iceland can honor its obligations to Icesave account holders in the UK. An agreement between the two nations is expected to be signed in the next few days.

barberboy

Hello,

It will probably be well into next year before we get our money back i believe. Even although we are 'guaranteed' our investments back, i still feel completley let down by all of this, never have i felt so vulnerable due to circumstances out with my control, unfortunatley for us there are more burning issues in the news like councils losing cash, banks getting bailed out by government etc... I am not saying these issues are not important but if it was a major UK bank this happened to it would probably be sorted a lot quicker. On the grand scheme of things it now looks to me that in these rapidly changing times, the government is now starting to tighten its grip around the banks in this country. Bad news for a supposed 'free country'.

EagerLearner

Like many others I am waiting with baited breath for any sliver of news. My tax bill is due by the end of January and the money to pay it with is in IceSave.

Our house deposit is also in an ISA with them, so if the government want us first timers on the property ladder, hopefully the process will be quick and smooth to allow us to even consider looking in an estate agent window in 2009.

Trying to stay calm, concentrate on other things like saving as much as possible as a buffer for January in case IceSave takes that long.

ed123_2

...it seem we in the UK pay for everything....paying Iceland to get our money back, increase in council tax re police, tfl & local council lost deposits etc etc

AB31

I have just spoken to a helpline official at FSCS to see if there is any further news in addition to what's published on their website about Icesave.

I asked several questions. The answers quoted are my interpretation of what was said, not verbatim answers.

Q1. Is there any validity in the IcelandReview article of 13 October stating that HMT is about to make a loan of EUR 3 billion to the Icelandic Government to enable repayments to be made soon to private savers. Answer: Don't know anything about it; certainly haven't been informed of anything like that.

Q2. In the light of the latest discussions, will private savers be dealing with multiple organisations or just the FSCS. Answer: We are still not sure about this but it's likely to be FSCS only.

Q3. In that case, how should a customer with an ISA in Icesave proceed, given that the normal procedure requires a new ISA provider to call the funds directly from the existing ISA institution? Answer: Details on ISAs still not finalised but it's likely that the ISA balance will be transferred direct to each customer and will have tax free status.

Q4. Are you intending to pay interest on deposits from the default date to payout date. Answer: Not sure but it's unlikely that interest will be paid after default date.

Q5. What about the payout date for term deposits? Will people have to wait until the normal maturity date? Answer: Not sure, we're still working on the details.

Q6. When are you planning to update your website?: Answer: Not sure but probably when we get further clarifications.

I was left feeling none the wiser, and more than a little frustrated. It seems that some of the speculations in this thread may be invalid. However, I must stress that I didn't have much confidence in the degree of knowledge possessed by the individual I spoke to. Either that or they've been told to say nothing in answer to callers except offer platitudes.

Meadows

AB31 wrote: »

I have just spoken to a helpline official at FSCS to see if there is any further news in addition to what's published on their website about Icesave.


I asked several questions. The answers quoted are my interpretation of what was said, not verbatim answers.
I was left feeling none the wiser, and more than a little frustrated. It seems that some of the speculations in this thread may be invalid. However, I must stress that I didn't have much confidence in the degree of knowledge possessed by the individual I spoke to. Either that or they've been told to say nothing in answer to callers except offer platitudes.

Ummm, not too helpful then, so we are non the wiser a week on, wonder when they will know some thing as it has now been a week and we are all still in the dark.
I think you might have spoken to the same person I did last week, I phoned them twice last week to clear up some points, and the first guy I spoke to sounded too bored and it was all too much trouble, and I thanked him for being no help!
At least the second guy was more helpful., well as much as he could be.

So how long are we expected to just sit and wait for the powers that be to get their act together and help us!!!!

saxmund

AB31, to me, it just sounds like they haven't finalised the details yet. On ISAs, if this is true, it looks like they will send us the money, together with some sort of certificate allowing us to pay the whole balance into a new ISA and confirming if there's any of this year's ISA allowance left.