Retired Businessman May Sue Over Icesave

derrick

gogsboy wrote: »

Why should people be covered for such amounts, if they have that much money they should be getting savvy advice and sticking by it.

And where should he have put it? The only other options would be investing, S&S, and look what happened to stock markets and shares, they have just dropped to the floor, and may go through it.

LGG_2

ambulance chasing lawyers will be having a field day "where theres blame theres a claim"

gogsboy

derrick wrote: »

And where should he have put it? The only other options would be investing, S&S, and look what happened to stock markets and shares, they have just dropped to the floor, and may go through it.

Where his financial advisor told him I guess....and doubt it would have been Icesave....where would you have put it?

How about the 200k broke up into 35k blocks....maybe being uber paranoid so call it 4 x 50k for good measure and as turns out wouldn't have been a risk with the general increase from 35k.

If he had 4 x 50k what would the chances of each bank/building society going belly up?

I'm sure he knew the risks, not as if Icesave are mainstream in your face......well they are now.

Surely he will have a decent ISA pot too, being a businessman and all that

derrick

gogsboy wrote: »

Where his financial advisor told him I guess....and doubt it would have been Icesave....where would you have put it?

How about the 200k broke up into 35k blocks....maybe being uber paranoid so call it 4 x 50k for good measure and as turns out wouldn't have been a risk with the general increase from 35k.

If he had 4 x 50k what would the chances of each bank/building society going belly up?

I'm sure he knew the risks, not as if Icesave are mainstream in your face......well they are now.

Surely he will have a decent ISA pot too, being a businessman and all that

Nothing to do with where I would have put it, if you can't answer the query then don't put another scenario into the equation.

Assuming he has the ISA's, it may well have been prudent to split it, but going to an IFA? I would not really expect them to suggest cash, they would probably suggest investing in S&S, (don't forget they want the commission, and as I said above, the stockmarket has dropped subsrantially), as it was 18 months ago no one new this may happen, these banks had very high star ratings, even recommended by Martin.

I see you never really answered my point as to where to put it, just suggesting splitting it is not an answer, as Martin has said, who could have forecast this lot! And where has the money gone? It cannot just enter the ether!

Energize

What sort of businessman puts all his money in one account with a 50k protection limit?

gogsboy

Energize wrote: »

What sort of businessman puts all his money in one account with a 50k protection limit?

A silly one obviously, maybe not since S & S, or under his floorboards was his only available options

gogsboy

derrick wrote: »

Nothing to do with where I would have put it, if you can't answer the query then don't put another scenario into the equation.

Assuming he has the ISA's, it may well have been prudent to split it, but going to an IFA? I would not really expect them to suggest cash, they would probably suggest investing in S&S, (don't forget they want the commission, and as I said above, the stockmarket has dropped subsrantially), as it was 18 months ago no one new this may happen, these banks had very high star ratings, even recommended by Martin.

I see you never really answered my point as to where to put it, just suggesting splitting it is not an answer, as Martin has said, who could have forecast this lot! And where has the money gone? It cannot just enter the ether!

I don't need to answer the query, I'm not the one with £200k in space but like I said good ole Brit government will help the rich before even contemplating helping the poor/sorting out the country in general.

I am not qualified to say where 'best' to put it but like others have said 200k in a 35k protected account at time of deposit....so splitting it is an answer, I bet he wishes he had done that now.

And why is it not an answer...50k in KE, Icesave, ICICI and say Nat E-Savings, claw monthly interest out of the first three linked to the Nationwide as your nominated account to put you interest you 'live' off of.

I dont forecast at category 5 hurricane where I live, nor does Micheal Fish, nor do I forecast a artic lorry knocking it down, or burning it to the ground after making chips....

Does that stop me insuring my house?

Nothing to do with predicting, you simply would not do it.

I told someone abotu icesave a good while ago but on the back end of that I told them putting in the 40k they could lose 5k if it went wrong but then I would have mentioned that about any bank, icelandic or not.

They said they were not bothered and at the end of the day...5k is not a patch on 165k

Who could have forecast this lot, the people who hauled their money out obviously had a hunch.

As for predictions same as house price drops, it was always going to happen...yet plenty out there still claimed rise rise rise.

collingbone614

What a joke. They have nothing left to be sued for.

musehead

I had well over the compensation limit in Icesave at some points last year - I felt 100% safe with the bank. I even had over £100k in a 6-month term deposit. There was no sign of this happening. It's only the second half of this year i've made real efforts to spread my money around so that each institution is under the limit and only 3 weeks ago that my Icesave balance dropped under the limit.

I don't blame him for putting it all in there 18 months ago but i'm guessing he's not been following the news etc since then, hence not splitting his money up a bit.

amistupid

Theft Act 1968

1. Basic definition of theft

(1) A person is guilty of theft if he dishonestly appropriates property belonging to
another with the intention of permanently depriving the other of it; and ‘theft’ and ‘steal’

shall be construed accordingly.

You'd never prove dishonestly appropriates or the intention to permanently deprive.
He's more chance of seeing Lord Lucan riding Shergar, than sueing Icesave for theft.