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

meanmachine_2

Scooby64 wrote: »

I think flippancy is good - there is no risk, the money will be back by Christmas and like watching a horror film, it might be scary but you're not in any real danger.

There are too many people on this site that enjoy winding up those who are concerned instead of offering honest practical advice.

Sorry, this isn't advice.

This is guess work. And extremely dangerous guess work.

Assume NOTHING.

Rep_2

Scooby64 wrote: »

Hi & Welcome! - I do agree with you that some people need to stop sweating about the small stuff, but actually you'd be getting compound interest anyway. Banks accrue the interest daily and calculate the next days interest on the "compounded" balance (that's why the AER is higher than the gross)

Thanks for the welcome Scooby64. As a 'newbie' I don't want to start arguing straight away - there's too much of that on here already - but your understanding of interest calculations is a little too generous. Interest is calculated on the daily cleared account balance and does not take account of interest that hasn't been credited to the account. Compounding only comes into the equation once the interest has been credited - monthy, quarterly or whenever. The explanation from the Lloyds website describes it thus: "AER – AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year."

ms4028

Am I one of the few people who believed the assurances of the Head of "Icesave " on "Moneybox" (Radio 4 programme) days before the bank defaulted ? or the information on it's own website that kept telling us how safe our money was ?
Does anyone know if there is a legal angle on this - does this count as fraud ?

Scooby64

StarRover wrote: »

4. Pompous windbag.

I think we can see where you fit.

Well perhaps - but rather that that the ill informed drivel you spout

I think you're absolutely spot on! When the media spotlight was on them, the Government made all the right soundbites but now that interest has waned, nobody should hold their breath while they're waiting for their money back.

The ideal candidate is, of course, Martin Lewis. Unfortunately when it matters he seems to have lost interest and gone AWOL having missed various opportunities this last week to keep the pressure on.

I totally agree, my squirreling money away for a rainy day is finished. When I'm eventually reunited with my IceSave ISA's it's a new car, 50" telly and lots of foreign holidays for me!

The rule is jam tomorrow and jam yesterday - but never jam today!

Scooby64

meanmachine wrote: »

The opinion of someone who's been on this site since, let me see, October 2008, is pretty worthless to me, I'm afraid.

I have thousands stuck in Icesave. I trust no one until ACTION is taken.

Don't be so patronising, or gullible.

As I say, I'll happily thank those once our monies have been returned.

Until then I remain extremely cautious. I recommend EVERYONE behaves the same.

I'd have thought the information provided had more relevence than when I joined - check the threads, I consistently have said money will be back by Christmas & I'm happy to be judged by that

My family have over £100K in Icesave and I'm not in the least worried that it will come back - I'm certainly not gullible:D and what you call patroniosing I call reassurance offered to those that might be scared by some of the hysterical comments

Scooby64

meanmachine wrote: »

Sorry, this isn't advice.

This is guess work. And extremely dangerous guess work.

Assume NOTHING.

It isn't guesswork - and I'm making no assumptions:rolleyes:

Stavros_3

Apologies if this has been posted but I couldn't be arsed reading through all the pages, found the below which states that the UK savers will start getting their money back in 1st couple of weeks in November, good luck
http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=456115&in_page_id=7

cwcw

Scooby64 wrote: »

PS Iceland never was a rich country, but I take your point that some people may have had funds locked into Icesave from a year or two back when the issue wasn't considered

In terms of GDP per capita, Iceland was very rich indeed. That's besides the point though. If everyone had heard and taken heed of the warnings earlier in the year, the same thing would have happened to Icesave as there'd have been a run on the bank, just 6 months earlier instead. The outcome would have been the same - the funds weren't actually there and the compensation scheme was worthless.

The only lesson to come out of this debacle is to never put money in a bank covered by the "passport" scheme. Also, to try to avoid similar things again, I think all best buy tables should carry a safety rating, say in %, and one that Joe Bloggs can understand (i.e. not listing individually the CDS rates, credit ratings, etc, but just having one single extra column calculating a rating based on the latest such information for that bank's owner, in a manner approved by the FSA).

nilrem_2

meanmachine wrote: »

The opinion of someone who's been on this site since, let me see, October 2008, is pretty worthless to me, I'm afraid.

No disrespect but that sounds a little superior to me, do we all have to bow to the superior knowledge of those that have high post counts and have been here the longest?

IMHO just because someone joined recently and has not posted many messages does not make their comments invalid or uninteresting, we all have to start somewhere, even you were a 'newbie' once I imagine?

Scooby64

Rep wrote: »

Thanks for the welcome Scooby64. As a 'newbie' I don't want to start arguing straight away - there's too much of that on here already - but your understanding of interest calculations is a little too generous. Interest is calculated on the daily cleared account balance and does not take account of interest that hasn't been credited to the account. Compounding only comes into the equation once the interest has been credited - monthy, quarterly or whenever. The explanation from the Lloyds website describes it thus: "AER – AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year."

Not sure if we're talking at cross purposes, because AER effectively removes any variation due to payment frequency http://moneyterms.co.uk/aer/ so the account with the highest AER has the best reyurn even if it doesn't credit the interest daily