Icesave - 11 Days Later & We Are No Wiser

Transalper

Some would say then just wait and see, no advantage in anticipating. I would disagree. My own instinct is that today should be the turning point in this matter - today we should either know that forms are in the post and a timescale for repayment or be prepared to take more vociferous action on Monday morning at 9AM - anything else is in danger of looking like our own lack of self-respect.

I agree with Moola on this. There are a lot of savers now getting, or already in desperate situations with having their savings locked away in limbo. It is just not acceptable. There are certainly many people worse off than me I know. I have just given up my job and will be travelling out of the Uk for a few months while I still can. I certainly won’t be cancelling and sitting by the letterbox but if something does mot happen soon it will certainly put me into financial difficulty. If the forms or whatever eventually come when I’m away what should I do then? Some of us cannot just wait and see. There should be results happening by a certain time now, this is not like buying or selling a house where we have to wait for the legal folk to post the letters back and forward to each other and us silently have to put up with the wait.
If we have heard no positive news by Monday then some kind of organized complaint form needs to be drafted to show we are not happy to say the least and demand results or action forthwith. Maybe something to send to our MP/PM that can be filled in online.

f_@_w_y

Transalper wrote: »

I agree with Moola on this. There are a lot of savers now getting, or already in desperate situations with having their savings locked away in limbo. It is just not acceptable. There are certainly many people worse off than me I know. I have just given up my job and will be travelling out of the Uk for a few months while I still can. I certainly won’t be cancelling and sitting by the letterbox but if something does mot happen soon it will certainly put me into financial difficulty. If the forms or whatever eventually come when I’m away what should I do then? Some of us cannot just wait and see. There should be results happening by a certain time now, this is not like buying or selling a house where we have to wait for the legal folk to post the letters back and forward to each other and us silently have to put up with the wait.
If we have heard no positive news by Monday then some kind of organized complaint form needs to be drafted to show we are not happy to say the least and demand results or action forthwith. Maybe something to send to our MP/PM that can be filled in online.

Bravo!! I agree with Moola and transalper... if we dont look after our own money and worries.... I doubt the government would be bothered. We put our hard earned cash not on a bet. It was a FSA regulated institution.

I am very closely following FACEBOOK, moneysupermarkt, www news, and moneysavings experts!!

We all ICESAVERs, should gather up. I am hearing constantly that there are ~300,000 icesavers. However, if you see the actual no. of ppl reading these threads... it is very low. I wonder what ppl are doing then??

I will also wait by monday. And if there is no SOLID lifeline for us... I think, we shud go and knock no. 10 Downing street.... or atleast do something!!!! :mad:

Optimist

Transalper wrote: »

If we have heard no positive news by Monday then some kind of organized complaint form needs to be drafted to show we are not happy to say the least and demand results or action forthwith. Maybe something to send to our MP/PM that can be filled in online.

For what its worth my patience is exhausted I see no reason at this point why we haven't heard. I have just written to my MP not that I expect much but given he is already on shaky ground locally it might just get him asking questions and putting pressure on

http://www.writetothem.com/

My letter below if anyone wishes to use it and amend it to their own needs

Dear xxx xx

I am writing to express my disgust at the way the FSCS are treating depositors in Icesave. Its been two weeks now since Icesave was declared in default. As far as I can see all the FSCS are doing are putting out platitudes.

There is no reason that I can see why they have not issued claim forms or at least put said forms on their web site for depositors to download

Alistair Darling said that nobody would loose out in the demise of Icesave. One assumes he mentioned this to the FSCS who seem to have no comprehension of the distress caused by this failure.

My wife and I have significant (to us) amounts of money in Icesafe and it is a very worrying time not helped by lack of information or any sign of caring by the FSCS

Yours sincerely,

xxx

f_@_w_y

Optimist wrote: »

For what its worth my patience is exhausted I see no reason at this point why we haven't heard. I have just written to my MP not that I expect much but given he is already on shaky ground locally it might just get him asking questions and putting pressure on

http://www.writetothem.com/

My letter below if anyone wishes to use it and amend it to their own needs

Dear xxx xx

I am writing to express my disgust at the way the FSCS are treating depositors in Icesave. Its been two weeks now since Icesave was declared in default. As far as I can see all the FSCS are doing are putting out platitudes.

There is no reason that I can see why they have not issued claim forms or at least put said forms on their web site for depositors to download

Alistair Darling said that nobody would loose out in the demise of Icesave. One assumes he mentioned this to the FSCS who seem to have no comprehension of the distress caused by this failure.

My wife and I have significant (to us) amounts of money in Icesafe and it is a very worrying time not helped by lack of information or any sign of caring by the FSCS

Yours sincerely,

xxx

I hope this helps... however, I still suggest a big action.... I understand this was a Virtual bank.... i.e. e-bank, and now we are doing e-complaints. These MP might just handle this virtually, by sending emails to higher authorities.

Sorry, if you didnt get that. The lesson I learnt after icesave is to never deposit money in a bank.... that you dont see...

Now.... if things dont really go well for us..... we shud think about FORMING A CROWD and go physically (not VIRTUALL) to authorities.... that will make a real impact.....

dali21

On the moneysupermarket forum, there are template letters for your MP & a complaint letter to the FSCS about their perceived present inaction.
I have used these to email my MP, the Treasury, Alastair Darling and also the FSCS.

http://www.moneysupermarket.com/community/forums/t/icesave-enquiry-25958.aspx?PageIndex=36

Transalper

Originally Posted by Optimist
For what its worth my patience is exhausted I see no reason at this point why we haven't heard. I have just written to my MP not that I expect much but given he is already on shaky ground locally it might just get him asking questions and putting pressure on

http://www.writetothem.com/

My letter below if anyone wishes to use it and amend it to their own needs

This is a good start, we need someone with some b#lls and brains to design something we could share with other websites etc.

Now.... if things dont really go well for us..... we shud think about FORMING A CROWD and go physically (not VIRTUALL) to authorities.... that will make a real impact.....

I think this is some way off, only a last resort. These demos often attract negative publicity if not done by the book. And when done by the book is never taken seriously by our grand leaders!

[EMAIL="abuse@moneysavingexpert.com?subject=Reporting%20post%20http://forums.moneysavingexpert.com/showpost.html?p=15069509"][/EMAIL]

moola_3

After the initial very positive assurances by Darling - no Icesave customer would lose any money (which could be taken to mean interest also) and the subsequent use of the term acelerated in repect of refund, I fondly imagined that words would be backed up by action. If the government is guaranteeing all deposits then they could finance the repayment while they argue about it - the benefit to them would be one of reassurance to the wider investing/banking public that the compensation scheme works well.

I even got to imagining how such a refund would practically be made to 300,000 people and came to the conclusion that the idea of sending out that many forms through the snail mail system, with a guaranteed percentage lost or mis-delivered, then the subsequent clerical processing, checking, scanning everything onto a computer, and finally the printer rattling off 300,000 cheques and stuffing them in the post seemed a tad archaic, especially from a government in the process of building the world's biggest dna database and Identity Register, biometricising the whole population and watching our every move by camera. Let's face it, our money is 1s and 0s at the end of the day - and at the beginning of the day too.

The Icesave account database would have to be handed over to the FSCS for administration of the scheme anyway, so why not take it over to make refunds online or via automated transfer back into nominated accounts? It is as secure and accurate a record of all deposits as should be necessary so why the need for paper forms that would actually slow the process down rather than speed it up? Ah, maybe therein lies our answer! Wherever the funds are for repayment at this precise moment, someone is earning interest on them. The world has spiralled off into a hyper-digital dimension where everything down to the last detail is managed on networked servers - except when you want your money bak. Call me Mr Cynical......

harrowing_3

From: http://www.fairinvestment.co.uk/deals/news/banking-news-Relations-with-Iceland-turn-cold-after-savings-accounts-troubles--2372.html

Relations with Iceland turn cold after savings accounts troubles
17/10/2008
International money transfers between Iceland and Britain have all but frozen up and Sedlabanki, Iceland's central bank, says that the UK's handling of the savings accounts situation is to blame.
Sedlabanki has guaranteed all foreign cash transfers by routing them through the central bank's own accounts, amid fears that money sent to Iceland will not be transferred to the correct account, leaving the foreign bank liable.
BEST SAVINGS ACCOUNTS »
In a statement, Sedlabanki said that "In some instances, foreign banks that are parties to payment transactions do not execute normal and appropriate orders for payment to Icelandic banks for fear that such transactions will end in a moratorium on payment on the receiving end, or for fear that the funds involved will not be transferred to the appropriate party."
The Icelandic Government has said that money transfers with other countries are problematic, but those with the UK are "by far most difficult" and remain at a standstill. It also said that this situation is "directly attributable to the extremely harmful actions taken by the British authorities".
The Icelandic Prime Minister, Geir Haarde, reacted with anger when Gordon Brown used anti-terrorist laws to freeze at least £4billion of Icelandic assets in the UK, after the Icelandic Government said it would be unable to compensate British savers with money locked in the savings accounts of collapsed Icealandic banks, such as Icesave, the UK online savings accounts arm of Landsbanki.
The Bank of England has offered the Icelandic government a £100million loan so that it can honour its compensation guarantee to UK savers, but Mr Haarde has said that he will be appointing a UK law firm to sue the British government for exacerbating Iceland's problems.

clarkkento

We need to write to our MP's they have a better chance of finding out what is happening than we do, or you would at least think so.

I have wrote to both my MP and MSP. I have had a reply from my local MP's office telling me that they will put my case to the chancellor. Now if everybody does that there will be a lot of MP's knocking on AD's door and asking the same question. I know in an ideal world and all that.....



If there was a UK bank in a similar situation, i.e. bankrupt with foreign depositors money in it, I would have no issue with that country siezing our countries assets within that country to pay back the money this country's bank owed. Couldn't care less what part of their own legal system they used to do it either. :rolleyes: does that make any sense?

moola_3

This is the form my letter to the FSCS is taking:

Claire Griffiths
Claims Support Group
Financial Services Compensation Scheme
7th floor, Lloyds Chambers
Portsoken Street
London E1 8BN

<date>

Dear Ms Griffiths,

Further to the recent delcaration by the FSA to the effect that Icesave is in default I write to you as a creditor of that bank with full details of my claim under the compensation scheme currently in force.

My Icesave account reference is: nnnnnnnnnn
At the date of default (8th October 2008) the total amount deposited in my account was £nnnnnn.nn with further interest due to be credited.

My further details are:
<address>
<DOB>
<nominated account details>
<phone number>
<email>

I hereby claim all compensation due and confirm that direct payment of the refund may be made into the nominated account as above or by cheque to my home address as above.

I request a formal acknowledgement of this claim together with an estimated date for its settlement.

Should there be any further details you require I will be happy to supply them on request.

Sincerely

<signed>

<Name, printed>

This letter was sent by Royal Mail signed for.

Will also send copy by fax to: 020 7892 7301