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Will we see our Icesave cash before Christmas
Comments
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EalingSaver wrote: »This is a no news story. Still bad for those caught up in a problem of course but..
Au contraire.. this is a very big news story...
Think of those who've exchanged house contracts but find their purchase funds are frozen by the Icesave administrator.
A Court may hold the buyer to be in breach of contract, and liable for damages to the seller (with settlements of upwards of 10% of the purchase cost of the house).
And the bottom line is the banksters aren't going to help anyone out with a bridging loan.
It seems the banks just don't trust the FSCS to cough up the compensation in a timely fashion.."If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
Au contraire.. this is a very big news story...
Think of those who've exchanged house contracts but find their purchase funds are frozen by the Icesave administrator.
A Court may hold the buyer to be in breach of contract, and liable for damages to the seller (with settlements of upwards of 10% of the purchase cost of the house).
And the bottom line is the banksters aren't going to help anyone out with a bridging loan.
It seems the banks just don't trust the FSCS to cough up the compensation in a timely fashion..
Yeah.
That might even be 1 whole depositor.
You do realise nobody is buying houses dont you?
Though i wouldnt expect that to stop you dreaming.
Seriously, what are you getting out of this?
Some of your posts, baiting Icesave savers, have been posted at 3-4 am.
I think you need to get a !!!!ing life pal.
Your little tingle in your pants at the expense of Icesave depositors is over.
Get a new "project". Or at least get some more kleenex and move on.
Dismal.0 -
Au contraire.. this is a very big news story...
Think of those who've exchanged house contracts but find their purchase funds are frozen by the Icesave administrator.
A Court may hold the buyer to be in breach of contract, and liable for damages to the seller (with settlements of upwards of 10% of the purchase cost of the house).
And the bottom line is the banksters aren't going to help anyone out with a bridging loan.
It seems the banks just don't trust the FSCS to cough up the compensation in a timely fashion..
Grow up. Get a life. Get out.
The internet is a wonderful resource, but sadly it gives equal weight to weasly little trolls. Like you.0 -
Think of those who've exchanged house contracts but find their purchase funds are frozen by the Icesave administrator.
Anyone buying a house now might well think themselves lucky that Icesave folded in 12 months time (when they finally get their hands on their money) when the house they were about to buy is worth 25% less.0 -
Don't bank on it!Plasticman wrote: »Yes. It's looking more hopeful that we will see our cash by Christmas.0 -
Au contraire.. this is a very big news story...
Think of those who've exchanged house contracts but find their purchase funds are frozen by the Icesave administrator.
A Court may hold the buyer to be in breach of contract, and liable for damages to the seller (with settlements of upwards of 10% of the purchase cost of the house).
And the bottom line is the banksters aren't going to help anyone out with a bridging loan.
It seems the banks just don't trust the FSCS to cough up the compensation in a timely fashion..
Yes it's an emotive human interest story, but I still fail to see how you can infer anything about the FSCS scheme from banks acting in an entirely reasonable way.
Exactly how would you like the banks to behave in this situation?
By your postings you seem to want the banks to lend to people who have simply given their word that at some unspecified the point in the future they will have the money to make good the loan. Does this seem like prudence in the current financial climate? Look at what happened with 'liar loans' and B&B.
Frankly you are now becoming tiresome with your delight in other peoples problems. What's the view like from that moral high ground you think you occupy? And what are you getting out of these postings? You seem to be getting some perverse delight in baiting people who already have enough to worry about. You're obviously far more interested in provoking a response than having a reasoned debate. Although if your previous attempts at reasoning are indicative of your thought processes then you may be incapable of rational argument.
Grow up. :mad:0 -
Ad hominems, ad infinitum! Oh my!
This forum has a hard core of grunts who have nothing constructive to add. As a substitute for reasoned debate, they shoot the messenger instead. On a public access forum, that's their prerogative, I guess. But they should at least identify who the messenger actually is before they take aim..
In the case of the story about banks refusing to accept the promise of FSCS compensation as collateral for a loan - the story comes from Alice Ross at the Financial Times. And Ross quotes a spokesman at HM Treasury.
So it's hardly a "conspiracy theory", is it?!
See: Property chains face freeze, Financial Times, October 10 2008
It's disturbing that people here feel uncomfortable outside of their Alice-in-Wonderland world of make-belief. They are set on turning this forum into an intellectual vacuum where critical thinking is suspended indefinitely. They seek a haven where they can comfort each other with mindless platitudes like: "it will all be over by Christmas"..
The reality, as many see it, is somewhat harsher.
For those who don't care for my posts, I am really not fazed. Just pop me in your 'ignore' filter and get back to your Ga-Ga Land..."If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
Ad hominems, ad infinitum! Oh my! ...
In the case of the story about banks refusing to accept the promise of FSCS compensation as collateral for a loan - the story comes from Alice Ross at the Financial Times. And Ross quotes a spokesman at HM Treasury.
So it's hardly a "conspiracy theory", is it?!
See: Property chains face freeze, Financial Times, October 10 2008
It's disturbing that people here feel uncomfortable outside of their Alice-in-Wonderland world of make-belief.
Not a single counter poster here has for a moment suggested that the story is untrue.
Au contraire....they have all said "normal banking practise". Future promise of money never taken as collateral (or at the very least normal not to take as collateral).They are set on turning this forum into an intellectual vacuum where critical thinking is suspended indefinitely.
Au contraire...they have tried to make the point that given the above, that shouldn't be used as evidence one way or the other to infer anything about the compensation scheme payout time. That is critical analysis. I know where I think the intellectual vacuum actually resides.They seek a haven where they can comfort each other with mindless platitudes like: "it will all be over by Christmas"..The reality, as many see it, is somewhat harsher.
Frankly I think most people believe they have no idea as yet when the money will be paid out, but are holding out some hope that it will be reasonably rapid given a number of factors in play. but I think virtually no-one is under any illusion that until we have firm news we simply don't know.
And your post did not shed any light on the issue. It simply highlights the fact that some people are currently trapped with money that they need for e.g. house purchase.
Wow, do you know I'd missed the fact that property chains were facing financial freeze??? Where have I been for the last 6-12 months. I thought you could still pop into your local bank, get yourself a 125% self-certificated mortgage on any old dump from that more than friendly lender NR and move in the next day.0 -
Back to the topic....
I think there will be a lot of pressure to get payments sorted by Christmas, you can just see pictures of us all, with Christmas trees and no prezzies! It would be a dream for some newspapers!
All our savings are with Icesave (naive perhaps but we're not talking about much at all!) but as we're quite frugal we'll get through Christmas but I'll have a tax bill to pay in January and I'll be in the poo if I haven't got the money by then. I wonder if I can persuade the taxman to take an IOU from the FSCS
TBH I'm still hugely relieved that I will see the money again.Piglet
Decluttering - 127/366
Digital/emails/photo decluttering - 5432/20240 -
Just a mention that I've posted a seperate thread querying if instant access and fixed term accounts would be treated the same.
A poster has kindly provided a link to the relevent page on the scheme which would seem to say that those of us in fixed term accounts will not be paid back until maturity:
http://forums.moneysavingexpert.com/showthread.html?t=1215049Waddle you do eh?0
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