Will we see our Icesave cash before Christmas

StevieJ

Yant1 wrote: »

I believe we will see it before xmas as its potentially a vote winner for brown.

The country likes free money and doesnt realise that it only devalues the old money.

This whole crisis is a free bet for Brown, before it he was 1 to a million to be out at the next election. Now I wouldn't bet against him coming out of this smelling of roses.

SouthCoast

FSCS aims to process all claims within six months. However, the time this takes depends very much on the type of claim.

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Ratatosk

k8r4u wrote: »

Payments are still coming out from BCCI, 17 years after it went down in 1991

It'll all be over by Christmas, but nobody in the world can tell you which year I'm afraid.

Comments like this are completely unhelpful. I for one am hopeful that the government want the FSCS scheme to be seen by the public to be reliable and efficient. If this scheme was perceived to be long-winded and problematical then all the talk of £50,000 guarantees would be near worthless in the eyes of the public. Imagine the panic that may cause.

No doubt the Icesave compensation is complicated by international law and political wrangling. However, after the government guarantee, any failure on the authorities part to live up to it would severely dent saver confidence and I don't think the government can afford such negative sentiment in these troubled times.

Babycakes

Brown has got my vote. I love the way he put Iceland in their place.

Good solid leadership at a time we need it.

Swipe

Babycakes wrote: »

Brown has got my vote. I love the way he put Iceland in their place.

Good solid leadership at a time we need it.

I must say i was extremely surprised when Darling announced that no one would lose money. There's still no way I'd vote for Brown though.

edwinac_2

k8r4u wrote: »

Payments are still coming out from BCCI, 17 years after it went down in 1991

It'll all be over by Christmas, but nobody in the world can tell you which year I'm afraid.

"It Will All Be Over by Christmas" was the early, delusional, battle cry of WWI.

And look what happened next. Five years of human carnage on an unimaginable scale.

Icesavers could be in for an equally long and tortured fight.

edwinac_2

Ratatosk wrote: »

If this scheme was perceived to be long-winded and problematical then all the talk of £50,000 guarantees would be near worthless in the eyes of the public.

The banks don't share your confidence in the FSCS scheme.

According to today's FT, the banks are refusing to accept a promise of payments owed by the compensation scheme as collateral for a loan.

"The ramifications of this could be horrible", warned Ray Boulger, senior technical manager at John Charcol.

"The government said this week it would guarantee all Icesave deposits, but has not yet said how long it will take to return the money to savers.

"Savers who were relying on their Icesave savings to complete property purchases could now find themselves having to break their contracts, which would have a knock-on effect on other buyers in the chain.

"Those who are unable to complete their contracts could face lawsuits from sellers.

"At worst, the purchaser could be sued by the seller if they are forced to sell their property at a lower price because the market has fallen since the original sale," said Jeremy Wakeham, a property partner at Withers, the law firm.

Ratatosk

edwinac wrote: »

"It Will All Be Over by Christmas" was the early, delusional, battle cry of WWI.

And look what happened next. Five years of human carnage on an unimaginable scale.

Icesavers could be in for an equally long and tortured fight.

What reasoning!! Based on the similarity of the phrase 'it will all be over by Christmas' to the hope that compensation will be paid by Christmas you are saying that the analogy must stretch to the fact that the compensation process must last as long as World War One!! Wow.

Perhaps you also believe that millions will die during the claims process.

If you're going to post such statements, and take such great delight in other peoples misfortunes, at least make sure you base your posting on fact. And the facts are currently these:

The government has guaranteed our savings.
The FSCS is currently working on the claims process.
The process is complicated by the fact the Icesave is owned by a foreign country.
The FSCS have said they want to pay people as soon as possible and are working hard towards this end.

Anything else is pure speculation.

Ratatosk

edwinac wrote: »

The banks don't share your confidence in the FSCS scheme.

According to today's FT, the banks are refusing to accept a promise of payments owed by the compensation scheme as collateral for a loan.

And!! It's not unusual for banks to refuse to give loans out based on the promise of money not yet obtained. The same is true of inheritances in the process of being claimed. So by your reasoning every time somebody is left an inheritance they may as well not bother claiming because the process will be so long and tortuous.

People here are interested in what the details of the process are going to be, and they could do without such constant negativity. If you have nothing useful to say then why bother saying anything?

EalingSaver

Ratatosk wrote: »

And!! It's not unusual for banks to refuse to give loans out based on the promise of money not yet obtained. The same is true of inheritances in the process of being claimed. So by your reasoning every time somebody is left an inheritance they may as well not bother claiming because the process will be so long and tortuous.

People here are interested in what the details of the process are going to be, and they could do without such constant negativity. If you have nothing useful to say then why bother saying anything?

Thanks. On quick reading I hadn't understood what original quote was saying. Your statement here clarifies. I would hardly expect the banks to lend against a future promise of collateral. This is a no news story. Still bad for those caught up in a problem of course but..