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

DocProc

For the claims to proceed, the FSCS first of all need a list of all accounts and their particulars. This of course, needs centralising for the forthcoming administrators, who might well be an appointed agency ready with office facilities. They would need reimbursement and so that needs agreeing.

The source for the pay out funds needs determining too. For Icelandic banks the pay out is met and split between Iceland and the UK in arithmetic proportion and this is surely Krona/£UK currency related.

There are lots of other bits and bats, some small, some large. I'm sure all of this takes a lot of organising and discussion.

Eventually, we get to the stage when the FSCS can make a public announcement on to 'How to Claim'. The claims come in, they get checked off against the main list, they get agreed on and then paid out.

I reckon, if it goes really fast and smooth, it is still going to take a couple of months to set it all up. Unfortunately, in two months' time it is Christmas. The work load to pay out all these claims to 300,000 punters is quite massive.

My estimate for a commencement is say, after the Christmas break and then for the paying out work to commence sometime early on in the New Year.

shindigger

MSE_Martin wrote: »

Just a quick note (spoke to my PR chaps). If there were to be an Icesave action day - all the photostuff and releases should be sorted on the 6 Nov - so any pics etc - so they can go in the papers on 7 Nov. Any interviews could be done on the 7th.

Though this was useful in case anyone was pencilling timings in diaries

Also all the politics programmes are on Thursday too.
OK, So its Thursday 6th November. 1030 AM.
At the FSCS offices.
Here it is for the hard of googling.
London E1. Nearest tube Aldgate or Tower Hill.

http://www.fscs.org.uk/contacts/

An orderly,well behaved, silent, long, single file, queue is what we need.
My opinion for what its worth is that this is rapidly becoming an issue of how fast the UK Government can recoup the balance from Iceland. I think by the time we get to Nov 6th our protest will be along the lines of "pay up now, work on Iceland in your own time".

shindigger

TypeR wrote: »

Maybe I'm low on morale or something, but I've found the IceSave issues moving along at a pace which I consider quite reasonable. I'm certainly not getting in a state over it.

Statements have been released in a timely mannor and it looks like the claims process will indeed start this week.

I guess the one point to consider here, is whether or not I fill in a form or they get my data from Landsbanki - at what point, when they are in possession of the facts of my money will I actually get paid it?

Lets not forget the Government seizing the assets of UK Landsbanki was quite a controversial move under the circumstances, which did cause a bit of political unrest between the two nations - this I think can only work in our benefit to aid the process along asap.

I think theres some confusion over whether they actually seized Landsbanki assets or Kaupthing, as that article in the Times today suggests. Hence my feeling that we need to put pressure on the UK Govmnt to pay us, then go after Iceland. I think this is where we are headed.
Also reading that IMF report today, it seemed to mention a drip feeding of a loan to Iceland of 1 billion euros at a time. Which would lead me to believe that the fixed rate people, of which i am one, will have to wait for their term to end. I think theyre scheduling a payment timetable along those lines, commensurate with the IMF loan.
Just a hunch.

clarkkento

Call me stupid for stating the obvious, but it is my opinion that our Govmnt wont start the ball rolling until the Icelandic Govmnt commit to paying out on their part of the bargain. As most people will have less than the Euro20k in their accounts with Icesave (not all, most) therefore meaning that Iceland is liable for the lions share of the money tied up there. The uk govmnt is not, will not be liable for a huge amount (relatively speaking), at least nothing like the £4bn or so that is said to be frozen. I mean £4bn into 230000 savers = £17.4k each = Euro 22.44k leaving the uk with a bill of £1891 for each saver on average or £435m, leaving Iceland with £3.57bn bill. Will we ever see our money?? I think i have just talked myself into an early grave.

EagerLearner

Sadly I cannot get up to London, so in lieu of that have written to my MP to make sure in parliament that this doesn't just dissapear from the main agenda.

Rather than words like 'in discussion' and 'hope to make accelerated payments' I'd like to see the FSCS making more concise statements this week, now that they have visited Iceland, come back, and had more time to regroup. This becomes crucial for me given that I am adding on 3 months to estimate when my money will arrive back with me and I am doubtful that the Inland Revenue will delay my 31st Jan 09 tax payment out of pity, and this is what I am worried about more than anything as 3 months from now will be too late for many of us.

Babycakes

The shame of it is that the extra money that I made in Interest when I transferred from Nationwide has been lost since the bank's collapse. We now stand to lose even more interest while we wait for our compensation.

Don't get me wrong - I am over the moon that our money is safe, I just wish it could have been transferred to ING or Northern Rock to keep things simple.

meunier

Martin - In another Forum it said you might need some cases to highlight in order to raise points. I would be happy to have ours used as long as it was to positive effect. I share here an email for advice I sent today to the FSCS Director of Claims. It read:

Dear Sir/Madam,


On the BBC Radio 4 programme 'Moneybox' it said that you had an ear open to the suggestions of listeners who were Icesave investors. This gave me great hope and I am writing now as a consequence.

I run a charity, [CHARITY NAMED], links concerning which you will see below. I had the great joy to found this charity over a decade ago aside Dame Dorothy Tutin. Please know I do not now - nor ever have - taken a salary in this regard. I had continually put away my life's savings (e.g., monies made prior to the time of the Charity's founding) in what I had always been advised was a 'no-risk' option (prior of course to the Northern Rock debacle) in order that I might support myself (e.g., not need to take a salary) and therefore be able to concentrate all my energies (and consequently the monies raised) entirely on the good work of the Charity and nothing else. I continued to work outside of the Charity until 2003 and put the salary I was making at that time almost entirely into the Charity's reserves. I had, I felt, worked long and hard to earn the privilege of concentration after 2003. Please know that the vast majority of our incentives have always been offered for free (including all of those to [GOVERNMENT AGENCY NAMED] and to similar agencies throughout the world). The effect of the Icesave liquidation - again with SINCERE and HUGE appreciation to Mr. Darling's most generous (and literally life-saving) promise of a 'no retail depositor's loss' return - is in the interim fairly ruinous to [CHARITY NAMED] for now fairly obvious reasons.

Still to the point: Yesterday i called the FSCS helpline and they said they had a 'NEW' announcement. (Of course this news filled me with excitement.) Previously I had been told that interest would be paid up to and including the 8th October (the date that Icesave went into administration). The staff member at that time noted that as of 8th October all effective Icesave Terms and Conditions had been broken. This I must confess made sense to me. He noted that the capital sum would be returned (AGAIN, my GREAT thanks to the Chancellor, the Prime Minister, the FSCS, the FSA, etc.) It was clear that the FSCS was moving forward to see that the situation would be able to be dealt with in one final stroke. Today's NEW news however to some degree contradicted what I had been initially told. This FSCS staff member (Angela by name) told me over the phone that any depositor with a fixed term product (like myself) would have to wait for the maturity of their bond/product for their capital and interest to be returned. She said there would be no monthly payment plan.

I am in turmoil. I cannot be irresponsible. I have made a vast number of commitments on behalf of the charity that I feel I must now in good faith cancel because I can no longer afford to honour them. Certainly I never thought that I would find myself in this situation. I cannot in good faith - or in the good name of the Charity – afford to let people down. Please again know that the knowledge that I will eventually get my money back is a great boon. I am I promise deeply, DEEPLY grateful. Still in the interim - without the monthly interest facility – (e.g., the salary that my life’s savings were earning me and the KEY by which my agreement to the Icesave product was forged) - I will not be able to survive without finding a full time job to fill the interim to the (now liquidated) product's end. Of course I will go on. That history will be written. I would like to think I am made of sterner stuff. Moreover I will not see the charity defeated. I would collect bottle caps first. To do otherwise would be to give in. Still – again being responsible – the short term good works will have to be curtailed. I am now preparing a press release to announce the same. However, before I send that out I would like to ask two questions as a matter of some urgency:

1. Is there still a possibility that there might be a review concerning the 'monthly interest' payments (e.g., the original terms of some of the Icesave products) being honoured?

2. Should the above NOT be the case, will it be possible to pay a penalty and get the remainder of one's capital returned from the now liquidated Icesave enterprise? I did, in fact, try to do this prior to its demise without success.

I am most deeply grateful for your time, consideration and most kind advice.

I include this only if it will be any remote help to the cause.

Dan_66

Babycakes wrote: »

The shame of it is that the extra money that I made in Interest when I transferred from Nationwide has been lost since the bank's collapse. We now stand to lose even more interest while we wait for our compensation.

Don't get me wrong - I am over the moon that our money is safe, I just wish it could have been transferred to ING or Northern Rock to keep things simple.

I sympathise with you about the loss of interest-but I would not want my money transferred to ING!:eek:

The Icelandic nation has failed to honour (so far) its commitment to the 'passport scheme' and I wouldn't want to go through all this again-reliant on another foreign bank/nation keeping to its promises!!

Celt08

shindigger wrote: »

http://www.fscs.org.uk/contacts/

It really was that difficult. Took me at least 15 seconds.

I was only asking! no need to be so arrogant about it

lyndasharp

shindigger wrote: »

Also all the politics programmes are on Thursday too.
OK, So its Thursday 6th November. 1030 AM.
At the FSCS offices.
Here it is for the hard of googling.
London E1. Nearest tube Aldgate or Tower Hill.

http://www.fscs.org.uk/contacts/

An orderly,well behaved, silent, long, single file, queue is what we need.
My opinion for what its worth is that this is rapidly becoming an issue of how fast the UK Government can recoup the balance from Iceland. I think by the time we get to Nov 6th our protest will be along the lines of "pay up now, work on Iceland in your own time".

Hopefully it'll all be sorted out by then... but if not I'll join you. My house deposit is in Icesave. I've managed to arrange a larger mortage to cover the missing £26k, but it's going to cost me extra in interest payments if the money doesn't appear before the house sale goes through :mad:

I'd prefer a slightly later time though, as that means I can be moneysaving and take an off peak train to London - how about 11am instead?