Icesave compensation payouts... how to keep the pressure up

Hillwalker

jm104 wrote: »

Out of interest is anyone's health being affected by this??

Sick with worry at times to the point I can't even function effectively.
I made a simple decission to put the majority of our savings in Icesave but now I feel like someone who has made a serious error of judgement. Even though I did stick to the rule of keeping it below 35K.

I can't talk about it because most people (who are not effected) seem to form the view of "it serves you right for saving with a foriegn bank".
To me this was a simple savings transaction, it's not like I risked money in some Shares or Commodities etc .. but now I feel like the famiy equivalent of Nick Leeson ...

Why can't they at least publish a list of the activities and options they are pursuing with some initial timescales that they could modify based on the outcome/progression of the discussions/activities. At least we would get the feeling that something is happening ...

asd030

My health has definitely been affected. For the first two weeks I got very disturbed sleep, and suffered a few night terrors (look it up on Wikipedia). Not pleasant. I also 'comfort ate' and drank more than normal, which isn't like me.

Unfortunately for me, this wasn't just my money. If only it had been. My elderly father had his life savings in the local building society. I don't normally have any dealings with his finances but he'd heard mention on the radio that only £35K was covered. He had around £45K in there (I wasn't aware of this earlier or would have told him myself), so I offered to put £15K into my accounts (yes, THAT one) whilst he arranged opening a new account...

The rest is history.

I have felt terrible about this. He just sees 'Iceland = not UK', and no matter how I explain things cannot understand why I did such a thing. And I now doubt myself. I know he will never trust me again with things like this, but my biggest fear with all this lack of news is that I will not get this money back to him. He's old... things can happen...

To rub salt into the wound, on around the day the cash went into Icesave, the FSCS announced its upping of the compensation limit to £50K, so he'd have been alright all along with the money in his account.

Scorpion1_2

asd030 wrote: »

My health has definitely been affected. For the first two weeks I got very disturbed sleep, and suffered a few night terrors (look it up on Wikipedia). Not pleasant. I also 'comfort ate' and drank more than normal, which isn't like me.

Unfortunately for me, this wasn't just my money. If only it had been. My elderly father had his life savings in the local building society. I don't normally have any dealings with his finances but he'd heard mention on the radio that only £35K was covered. He had around £45K in there (I wasn't aware of this earlier or would have told him myself), so I offered to put £15K into my accounts (yes, THAT one) whilst he arranged opening a new account...

The rest is history.

I have felt terrible about this. He just sees 'Iceland = not UK', and no matter how I explain things cannot understand why I did such a thing. And I now doubt myself. I know he will never trust me again with things like this, but my biggest fear with all this lack of news is that I will not get this money back to him. He's old... things can happen...

To rub salt into the wound, on around the day the cash went into Icesave, the FSCS announced its upping of the compensation limit to £50K, so he'd have been alright all along with the money in his account.

Don't worry you will get all your money back - there have been too many promises by the Government for them to renege on that. I would think though it is unlikely to happen this side of Xmas.

KingL

MSE_Martin wrote: »

To get the story in the public eye again we need what is called a "peg" some-event that resonates and can get this story on the news pages and in vogue again.

For me it seems there are two obvious opportunities

1. When the announcement of payouts come out
2. At the 1 month anniversary ie "One month on and Icesavers still in the cold" type thing. (though actually you do all of it the day before ie 6 Novemeber - that way its all in the papers for the actually one month anniversary)

It's to be hoped that such a push won't be needed and we'll be given a legitimate expectation of payout times soon.

If not then the site and I will be out there using our PR resources to try and push to get the story heard and the messages across. And therefore those interested in helping it'd be great if you stayed in touch with this thread.

I have spotted a third possible opportunity for a 'peg' :

I was reading the Anti-terrorism, Crime and Security Act 2001 (y'know like you do) and it would appear that Freezing Orders only last for 28 days unless a resolution is passed in the Commons and the Lords to extend them.

So presumably (unless everything has been sorted out by then), that would mean that the Landsbanki Freezing Order 2008 will have to be subject to some attention in both Houses.

That would make for a bit more of a meaty story than just 'still out in the cold', no? Would it be sufficiently significant to make-it as a newsworthy peg?

Presumably the resolution would need to occur slightly ahead of the busy news-windows of the local and US elections, so might make it better timing-wise, as well.

Just a thought.

---

source:
Part 10: Procedure for making freezing orders
(2) A freezing order—
(a) must be laid before Parliament after being made;
(b) ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without that affecting anything done under the order or the power to make a new order).
(3) The relevant period is a period of 28 days starting with the day on which the order is made.


Budding Perry Masons (like me ) can see the full text of the Act here:http://www.opsi.gov.uk/acts/acts2001/ukpga_20010024_en_1

and the full text of the Freezing Order here: http://www.opsi.gov.uk/si/si2008/uksi_20082668_en_1

.

arty4

regarding comments here on getting more info etc, i wrote this to my MP yesterday:

Dear John Howell,

I'm a depositor with Icesave. I am very grateful for the promise of the gov't to help, but am also naturally very worried in the interim. There are all sorts of rumours about the current talks with the Icelanders, possible schemes, possible timetables, and possible outcomes, regarding eg interest on deposits. I believe that the FSCS should be posting daily updates on their website, and not just occasional updates, to help allay our anxieties out here. That is what I'd like your help with, please.

Furthermore, I would make the following observations. We've been exhorted to save, and I did just that. The FSA signalled no alarm about Icesave until it had gone belly up. The credit rating agencies equally failed in their job.

and got this reply today:

Many thanks for your e mail. You raise some very valid points. I will
pass your suggestions on to the government and let you know what
response I get.

Woodyrocks

Thanks for that Martin. Having not had any postal or email contact from Icesave in regards to this - not even a one line assurance which I think is disgusting - this site is my only link & update source on this situation. All I have is my print-out statement to remind myself of this madness.

I live in London and have Friday's off and will most definitely be up for the proposed march! Will get DD to make up a banner...something along the lines of 'Icesave denying Single Mother & Child Christmas' or something equally as emotive lol

LesU

One can only hope that the 'bonus' mentioned in this article is dependant on a speedy resolution to this case.

http://www.citywire.co.uk/Adviser/-/blogs/broker-consultants/content.aspx?ID=308931

Whether it will be noticed alongside that salary is a mute point.

Plasticman

Just reported on the news. Talks between UK and Icelandic governments have 'broken down'. Iceland say that they will resume. [not sure when!]

mobfant

Channel 4 News just said that talks with the Icelandic authorities have broken down.

captainkevos

A date for our diaries guys - I've just seen John Snow interviewing John McFall (Chairman of the Treasury Select Committee) during which he said that The Chancellor will be answering questions put to him by The Committee on Monday 3rd November '08. The subject under discussion on the Channel Four News was the plight of the Kaupthing IOM savers, but one would hope that Mr Darling is due for a severe grilling covering all apects of the way in which all the Icelandic bank debacles have been handled by HMG and hopefully a further update on the Icesave situation. Mervyn King (BoE) and Adare Turner (FSA) will also be attending. We live in hope...