Will we see our Icesave cash before Christmas

qamwc1

With regard to interest the FAQ on the FSCS website may be relevant - for fixed term accounts it says interest will be paid to date of maturity.

Clearly if maturity is before the date they start paying out the monies then there will be a period for which no interest is earned.

As the compensation amount is calculated to include interest - I wonder if the argument is that it is not interest but compensation and so not taxable.

Anyway link to the FAQ:

http://www.fscs.org.uk/consumer/faqs/deposit_claims_faqs/

stamfordblue

Unfortunately, I doubt you'll see your money before Xmas.
I've been told it takes 3 months.

meunier

Two points:

1. As has already been stated by the FSCS, all terms and conditions of any Icesave retail depositor item were broken with the fall the bank and therefore are academic after 8th October 2008. Interest, as per several FSCS representatives, will ONLY be paid up to the 'fall' date. This is what they have 'been instructed' to say.

2. As per just a few minutes ago they said that they were today instructed to say that they had no specific timescale as negoitiations were still going on between the British and Icelandic authorities. This is different from earlier this week when the representative said the forms would be going out in a 'week or two'. The discrepency is concerning. I asked about the update on the website for today and she said that may well be true but they had been instructed of nothing.

What is it that the politicians keep talking about ..... 'transparency'

I feel some clarification is needed of the word 'dictionary'.

[Deleted User]

my dh and I have 45k between us in icesave and most of it in fixed rate bonds due to mature between early nov 2008 and aug 2009. We are retired and our only income now is via my small pension. We have 5k in other easily accessible savings accounts so it is fingers and toes crossed that the money is released sooner rather than later

In the meantime it means a lot of belt tightening and certainly no heating but as long as we keep our heads above water we will cope albeit on lentils (seriously)

st

Meadows wrote: »

I like you have been thinking the same for some time now, between my husband and my self we have three accounts (two Isas), about £33,000, and are at an age where there is no way we can replace the money if we don't get it back.

I have to say that as time goes on with no updates I am far more concerned than I was last week, I don't care how long it take to come back as long as it does.

If we do not see new information today we will write to our MP over the weekend.

http://www.writetothem.com/

it wiil take time but if you recall the phrase" accelerated payments" was used ,in addition to writing to our MP we also need to write to Darling and Brown as well -as much pressure as possible -I get the feeling we are now all history and forgot -political gain was the name of the game last week.

Meadows

meunier wrote: »

As per just a few minutes ago they said that they were today instructed to say that they had no specific timescale as negoitiations were still going on between the British and Icelandic authorities.

Yes we all know what those negotiations are don't we, they are both employing lawyers to sue each other, so I expect we will have to sit and wait while they go back and forth, come up with their agreements, before we are then told the outcome, then sent forms, then wait for the claims to be actioned.

Any bets on which Christmas we see our money back?

st

Meadows wrote: »

Yes we all know what those negotiations are don't we, they are both employing lawyers to sue each other, so I expect we will have to sit and wait while they go back and forth, come up with their agreements, before we are then told the outcome, then sent forms, then wait for the claims to be actioned.

Any bets on which Christmas we see our money back?

this like said earlier is all "Hot Air" from Brown and Darling -false promises to keep us the voters "sweet"
I am disgusted ,if no update issued on by the FSCS today i think all us icesavers need to start a pro active action group to pressurise the FSCS and Darling-Brown --and again where is Martins help and advise for us -he is slient on this topic -Martin I think we may need your assistance

Ratatosk

Meadows wrote: »

Yes we all know what those negotiations are don't we, they are both employing lawyers to sue each other, so I expect we will have to sit and wait while they go back and forth, come up with their agreements, before we are then told the outcome, then sent forms, then wait for the claims to be actioned.

Any bets on which Christmas we see our money back?

All we can do is hope that the current legal issues are going to be largely independant of any compensation claims. Geir Haarde has said, when he announced the legal action Iceland was taking:
"Despite the dispute that has arisen in relations between Iceland and the United Kingdom, both countries have emphasized resolving the issues connected to Landsbanki’s IceSave accounts. The same applies to IceSave accounts in the Netherlands. No agreement has yet been concluded with the United Kingdom, but I am hopeful that an outcome will be achieved soon."

Now, whether this means that the Icesave issue is being treated largely independently of the legal confrontation is hard to tell. However the implication is certainly there and that interpretation is, in the absence of any further information, just as likely as not.

Until announcements are made through official channels I think it is best to ignore all speculation on the matter, including reports of the 'I rang the FSCS and they said this' type. The FSCS call centre staff will know little more than we do and will just have scripted FAQ answers to field calls.

Frustrating as it is, all we can do at the moment is wait. If no official announcement is forthcoming in the next few days then we should start to cause a fuss with our MPs, because this lack of information is fueling idle speculation and causing unneccessary worry.

nilrem_2

stamfordblue wrote: »

Unfortunately, I doubt you'll see your money before Xmas.
I've been told it takes 3 months.

Oh well that's it then if you have been told then it must be true! :rolleyes:

I presume that you are in contact with the head person at the FSCS?:D

AB31

meunier wrote: »

As per just a few minutes ago they said that they were today instructed to say that they had no specific timescale as negoitiations were still going on between the British and Icelandic authorities. This is different from earlier this week when the representative said the forms would be going out in a 'week or two'. The discrepency is concerning. I asked about the update on the website for today and she said that may well be true but they had been instructed of nothing.

Yes, well this is exactly what I was saying yesterday that the FSCS seem to be putting out all sorts of confusing stories about what they're doing. Yesterday someone here reported yesterday that the FSCS had infomed them that application forms were actually being sent out. If this were the case there would have been an announcement by now, surely.

Part of the problem is that I don't think that anyone in FSCS has a proper grip on the situation. Another factor is that the "problem" isn't big enough to warrant pulling out the stops, as the media spotlight has definitely shifted away from this whole area (they're more interested in crap stories like the state of Madonna's marriage, as if anyone cares, etc).

I'm pretty sure that we won't get paid anything until the negotiations between HMT and the Icelandic Authorities have been completed, and that could be months away given the fact that the Icelandics are very miffed at the UK Government over the Kaupthing Edge business, and are considering legal action against the UK. This is because I guess they've reckoned that if the FSCS were to pay out depositors now this would be seen as bad bargaining ploy in the ongoing negotiations with the Icelandics to get as much as possible for British depositors out of the liquidation.

This Icesave saga looks like everything else that GB touches: it's gone "brown"!!!