New Kaupthing CHAPS/BACS Transfers discussion - Friday 24th October

wadeall

Re my previous post, Martin is absolutely right that I have incorrectly conflated the KE and Icesave cases, though I think the thrust of my point remains unchanged: that it was a combination of (1) sloppy/incompetent regulation (2) simplistic "best buy"advice and (3) our own foolishness and greed that lead to this mess. Clearly different people will attach different weights to these factors and I think there is a natural human tendancy to find it easier to point fingers at other people rather than accept any personal responsibility.

Meanwhile, I'm as anxious as anyone to see my money back. I've just called KE and they did not sound at all hopeful that my case would get resolved today so I strongly suspect that there will be a few of us waiting around for some time yet.

ladyhepburn

PanicButton wrote: »

Be warned ladyhepburn, no personal injury claims on this thread!

:rotfl:

Even if it's against ING?

ontherun_2

robborollover wrote: »

Its just been sold to ING direct so is now a good credit
Those looking to lock GBP50k up for 3 years at above 7.5% should get in very quickly as ING will pull down the rates to its own level



Wadeall not only have you got your earlier facts wrong, but it helps if you follow the posts as well.

HOW MANY TIMES DO WE HAVE TO SAY KE/ING HAVE PULLED THEIR FIXED TERM RATES THERE ARE NO NEW ONES TO BE HAD !!

Wadeall keep up man or woman !!

To be fair robbo, he posted that on 8th October on another thread

Just thought I would clarify - Does seem a bit of a contradiction on his part however :rolleyes:

The_Prodigy

I still haven't received my money. 28 days and counting since I requested the transfer.

thepapa

First post, but just wanted to say that I'm still waiting for money from Kaupthing Edge.

Made my BACS transfer on 4th October. However it later transpired that the linked account details were wrong (Alliance & Leicester) so it bounced back (according to A&L).

I am now informed that my money is languishing in a frozen Natwest clearing bank that Kaupthing used. A request has been made to the administrators to extract my money, but no one is giving me a timeframe on when this will be.

I am very very lucky that I don't need this money to pay for mortgage etc so have been relatively relaxed about the situation. But, it has now been a whole month with nothing (tell a lie, I received a random £14 interest credit in my account yesterday!).

Thanks to everyone's posts over the last few weeks. It has been reassuring that I am not the only one... although it looks like I soon will be!

PanicButton

The_Prodigy wrote: »

I still haven't received my money. 28 days and counting since I requested the transfer.

DITTO!!!!!!!!!!!!!!!!!!!!!!!!!!!

wadeall

Wadeall not only have you got your earlier facts wrong, but it helps if you follow the posts as well.

HOW MANY TIMES DO WE HAVE TO SAY KE/ING HAVE PULLED THEIR FIXED TERM RATES THERE ARE NO NEW ONES TO BE HAD !!

Wadeall keep up man or woman !![/quote]

Yes I fully understand that the fixed terms have now been pulled. It was because it was obvious that such terms would be pulled within a few days, that I foolishly decided to chaps money into KE on the 8th Oct in an attempt to lock in such rates: I think we can expect rates to drop to 2 or 3 % within a year so such rates are going to look very attractive shortly. What I hadn't realised was that my funds would not be transferred directly from my bank into KE which was by then owned by ING but would be routed through KSF which was in the process of going into administration.

My guess is that the delay for the bulk of payments still to be resolved stems around the legal complexities surrounding the funds caught in KSF. Each time one speaks to KE, one gets a somewhat different story here as the operatives one speaks to clearly don't understand the issues. I was once told that the funds "in transit" at KSF were not actually/formally covered by the FSCS, but that nevertheless as part of the deal cut with the Government, ING had promised to honour all such payments. Other people have told me that this is wrong and that the collection account held at KSF is fully covered etc. Whether or not it formally is covered or not, it's clear that from the regulator/government's perspectve it should be as customers can not be expected to know the complexities of how KE would route funds to/from its accounts.

bigg

Don't forget the people checking for some good news. It's hard work reading through a load of off-topic posts

I am itching to get into conversation with wadeall but this is not the time or the place. Please spare a thought for all the people waiting for news, especially this afternoon, when we hope this nightmare will be over.

Here is a list of some alternative forums:

Kaupthing Edge Interest and CHAPS Fee Refund Discussion
http://forums.moneysavingexpert.com/showthread.html?t=1238923

Kaupthing Edge Survivors Reunited
http://forums.moneysavingexpert.com/showthread.html?t=1239933

MSE_Martin

OK folks - less than thirty - good news the number has come down but not enough. Wadeall thanks for your note above - but for everyone - lets leave that here and focus on the Chaps 30!

For those 30 a few thoughts

1. It is outrageous you havent been paid, we will speak to ING again today

2. Yet while the delay is hideous, you can draw sustenance from the fact others have got their money. Non of this is about "will i get it", but "when will i get it". I read some notes that people are worried about whether it'll ever arrive. I don't believe that is an issue.

3. As said earlier, if anyone is in specific deadline hardship and not getting the cash will cause a major imminent issue (rather than plain annoyance) i will try and push ING direct for you specifically.

Martin

ontherun_2

bigg wrote: »

Don't forget the people checking for some good news. It's hard work reading through a load of off-topic posts

I am itching to get into conversation with wadeall but this is not the time or the place. Please spare a thought for all the people waiting for news, especially this afternoon, when we hope this nightmare will be over.

Here is a list of some alternative forums:

Kaupthing Edge Interest and CHAPS Fee Refund Discussion
http://forums.moneysavingexpert.com/showthread.html?t=1238923

Kaupthing Edge Survivors Reunited
http://forums.moneysavingexpert.com/showthread.html?t=1239933

I quite honestly think that it required a response & was in actual fact on topic - He came on here to slate people & let them know his own personal feelings of how they are in this situation through their own faut & that of MSE

There are already moderators on this site I'me sure! :rolleyes: