Icesave - 11 Days Later & We Are No Wiser

cwcw

Swipe wrote: »

Errr, yes. We were all made aware that (in the unlikely event) if we needed to claim it could be very bureaucratic and may take longer.

Err, no. EU law states that savers should be fully compensated within 3 months of default, regardless of the passport scheme. That means we should all have our money back by January 7th 2009 (unlikely).

thomas0735

f_@_w_y wrote: »

I think this is Martin himself!!! :money:

No I'm not Martin but my mom was telling me how she heard he was ambushed by Channel 4 who tried to blame him for so many people losing their money in Icesave and since I was writing on the forums myself it was a chance for me to thank him and everyone at MSE who takes the time to help us and to let him know how much we appreciate him and his team!

Nowadays people are too quick to condem other people and no one seems to take the time to say Thanks!

LGG_2

andy_l wrote: »

NEW UPDATE GUYS:





Important Announcements


FSCS proposals for accelerated payment process being considered in Iceland (17 October 2008)

Over 200,000 UK savers with around 300,000 accounts at Icesave, the UK branch of Landsbanki, are a step closer to getting their money back this week, as the authorities in the UK and Iceland work on the process for accelerating the payment of compensation to them.
The FSCS, together with representatives of H M Treasury, the Financial Services Authority and the Bank of England, met with counterparts in Iceland last weekend. Significant progress was made and an accelerated approach to paying compensation was agreed in principle.
Since then, the UK authorities have been working on the detail of alternatives to the conventional, form-based compensation process and these have been put to Icelandic counterparts for consideration.
FSCS Chief Executive Loretta Minghella said today: "Our message to savers entitled to our protection is simple: your money is safe. Our paramount concern is to ensure that you get it back as quickly as possible, so we are doing everything we can to agree an innovative solution which will significantly accelerate the process."
Meanwhile, we have been working closely with the systems operators for Icesave, so that we can get timely access to the data we need to verify claims. We are pleased to report that we are receiving excellent co-operation from them.
The Authorities hope to settle the process over the coming days, and expect to issue guidance next week about how savers will be able to claim their money.

well at least something is going on behind the scenes and they are actually working at something to get the money back to ppl quicker than would be normally expected. whether we get any real news other than things are still being arranged next week remains to be seen

janlaine

LGG wrote: »

well at least something is going on behind the scenes and they are actually working at something to get the money back to ppl quicker than would be normally expected. whether we get any real news other than things are still being arranged next week remains to be seen

Instead of a race to hear the first cuckoo of spring perhaps we could have a comp to see who gets the first FSCS claim form?:rotfl: No prizes just the kudos of being the winner:beer:

tweet

janlaine wrote: »

Instead of a race to hear the first cuckoo of spring perhaps we could have a comp to see who gets the first FSCS claim form?:rotfl: No prizes just the kudos of being the winner:beer:

I saw my first Christmas tree 2 weeks ago(!) - crazy. I expect everyone will get their fscs compensation the same time, quite why they can't do it online is beyond me though.

hellyboo_2

It's really quite frustrating that we can't even START to claim yet

bryanb

cwcw wrote: »

Err, no. EU law states that savers should be fully compensated within 3 months of default, regardless of the passport scheme. That means we should all have our money back by January 7th 2009 (unlikely).

Err, Iceland is not a member of the EU

Optimist

cwcw wrote: »

Err, no. EU law states that savers should be fully compensated within 3 months of default, regardless of the passport scheme. That means we should all have our money back by January 7th 2009 (unlikely).

Not quite, it does say in exceptional circumstances it can be extended to 6 months. It does not give any idea as to what exceptional circumstances are

qamwc1

valderee wrote: »

Just said on BBC TV that it could be MONTHS before the Icesave money is paid back...... that there is no way that the FSCS can stick by the three month expectation.....

The editing and selection of information that is presented on BBC News leaves a lot to be desired. "Everything is alright" does not sell newspapers (so to speak!) but magnifying the downside makes for exciting television. BBC News is guilty of selling as fact things which may happen - how many people now believe that HMGovernment now owns 60% of RBS because that is what the BBC reported. The current position is that HMG doesn't and may not do.

meunier

I am confused ... lately I have been confused aplenty.

I just heard the moneybox broadcast on BBC Radio 4. A gentleman - seemingly an authority - said that Icesave savers would have interest paid on term deposits until end of maturity but would then have to wait for that maturity date. This is NOT what I have twice been told by the FSCS representatives on the phone. They said that ALL terms and conditions were broken with the liquidation of the bank on 8th October and consequently would be repaid the capital sum and interest to 8th October only. This too is what I understand from Martin's web section on the mattert. Certainly if those people who were receiving monthly income and used it to live on were made to wait until the end of their full term for their interest and capital this would (unless I am mistaken) be breaking the original 'terms and conditions' as specified when the term was set. Certainly if it had been possible to break the original terms and conditions - even with penalty - I would have taken out my money in good time (believe me I tried being no longer innocent and having invested prior to even the 'Northern Rock' debacle) and not been stuck in this economic turmoil. That said, of course, I am deeply, deeply appreciative to have the capital sum returned. I only wish it will be sooner than naught (when possible of course) because of the nature of the initial agreement.