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

mrarnald

gunnaknow wrote: »

Please advise me. I want to transfer my money out of KE so that I can catch the last of the good fixed rate deals out there. Am I wasting my time trying to do so? Will I miss the boat because of KE? Should I attempt to transfer my money now or might it result in my money dissapearing to no man's land? Thanks.

How long is a piece of string! Some people have successfully made transfers in the period outside the 7/9th October. This was the period when KE was taken into administration, when most problems occurred.

The KE accounts at some time will be taken in to ING and i guess we will be contacted at some time with the details. I only have about £55 left in mine (chaps refund and one weeks interest) so i am not really concerned, i will see what happens.

Why don`t you contact ING and ask them. I know that we have all had mixed emotions over this, even now people have not got there money back, but as you can see from this forum it is slowly getting sorted.

We have to believe that we are dealing with a legitimate bank, not a back street money lender!.

wadeall

gunnaknow wrote: »

Thankyou to SoulSaver and Auntie_K for your advise. I'm in a variable rate and it's just dropped, so I'll be moving it out right away. With BACS, as I hear that CHAPS might stil be a bit dodgy

Do you mean that interest rates might drop by 1.5-2% or that that interest rates will drop to 1.5-2%?

The Base Rate has just been cut from 4.5% down to 3.0%. The consensus amongst amongst economists are that further cuts are highly likely down to around 1.5-2.0% with one group forecasting Base Rate will go as low as 0.5%.

Most probably this will be achieved in 0.25% or 0.5% steps, but if there is some sort of crisis one can't rule out another large step.

Bank borrowing and lending rates tend to be more influenced by LIBOR which is declining more slowly, but as you will see from the news Gordon Brown sees it as critical to his chances of being re elected to be seen to be beating the banks with a big stick to get their lending rates down as quickly as possible. Obviously if banks drop their lending rates, they will also drop the rates offered to savers.

If you have money that you definitely want to have on deposit in GBP for the next 6 months or a year it would make sense to fix some of this. Birmingham Midshires is one of the last to withdraw their fixed rate offering and one can apply online today for 6.6-6.8% and get sent a application form which is supposed to be returned with a cheque by 30 Nov.

If you also invest in equities, you should bare in mind that as the recession deepens the equity markets are likely to throw up some once in a decade investment opportunities in the equity markets.

The_Prodigy

31 days since I should have had my money. I've sent an email to Alastair Hemmings.

juxtajenny

Big thanks to Thefury and others for their continued support..... I hope everyone who has outstanding issues with KE gets them resolved asap!!

:T :T :T

isobella2000

dungeness wrote: »

I have just listened to Money Box on the BBC. They said that ING have told them there are about 800 KE savers who have still not received their withdrawals. They said they hope to clear these by the end of next week!.

Was horrified to read the above post by Dungeness, how could this mess be going on to this extent???
I see there are still 25 people on our list, does that mean there are 775 people out there without the support of this thread? I couldn't have made it without you lot! Still watching, waiting and supporting those left, and will continue to do so till the last man gets paid. Good luck all, and fingers x'd for a happy result this next week. Isobella

northernstar5

isobella2000 wrote: »

Was horrified to read the above post by Dungeness, how could this mess be going on to this extent???
I see there are still 25 people on our list, does that mean there are 775 people out there without the support of this thread? I couldn't have made it without you lot! Still watching, waiting and supporting those left, and will continue to do so till the last man gets paid. Good luck all, and fingers x'd for a happy result this next week. Isobella

Gosh - I've just listened to this on the podcast. How come ING keep claiming everything's sorted - and then tell BBC that there are 800 transactions still missing? Is the 800 figure correct or is that just plucked from thin air?

wadeall

northernstar5 wrote: »

Gosh - I've just listened to this on the podcast. How come ING keep claiming everything's sorted - and then tell BBC that there are 800 transactions still missing? Is the 800 figure correct or is that just plucked from thin air?

The 800 figure does seem very high given the public statement that all cases have been resolved, I wonder how up to date it is?. I'm not sure that even ING would be as brazen to be that dishonest.

To put our own problems into perspective, people might like to take a look at the KSF IoM Wiki. http://www.ksfiomdepositors.org/forum-topic/your-stories

I think there are around 10,000 KSF IoM investors. The IoM investor compensation scheme in theory covers the first GBP50k. In practive IoM is an even smaller island that Iceland and they can't afford the bill. Currently investors are looking at getting a small fraction of their savings back over a period of years. The UK Governmnet's position is basically that these investors took their money offshore to avoid the UK tax net and are now paying the consequences. The savers are obviously emphasising the non tax reasons for saving money offshore and there are plenty of people who have lost a large part of their life savings. I feel particularly sorry for those who invested prior to the Kaupthing takeover earlier this year who thought they were investing with a boring UK building society (the Derbyshire)

PanicButton

A great big thank you to everyone who sent me congratulations on getting my money from K E/ING. It was an arduous and at times a soul destroying journey from Oct 8 until last evening but for many of us it is over. My heart genuinely goes out to those who are still waiting but if, like I did, you log in regularly to this thread you will be able to take heart and support from our success.
There are many people here who I would like to thank personally and despite the danger of naming names, I'm going to do exactly that; if I've left some out I do apologise but here goes.
Where would we all have been without theFury (and the earlier keepers of the book) who kept us updated, bigg who kept us on task when some of us rambled and those who always seemed to be there for us and boost us when our spirits flagged - SteepPip, northernstar5, Grecian, Caretaker, mrarnald, catbaloo, Madre Maquina, robborollover, soulsaver and not forgetting Zaphod! Ealingsaver, PJL1 and ontherun I am delighted to report that my grand daughter is out of hospital after giving us a worrying day- thank you for asking about her.
For me the weekend has been good but if I ever leave this Forum, and I may never, it certainly will not be before ALL of you have been reunited with your hard earned cash.
Thank you for indulging me with this rant which I would agree is somewhat off topic and for your kindness and support over the past month!

theFury

Name

2little2late
55PQ1
cs_adam
DashBoy
Doppleganger
MrsEddie123
Jbanks
jeremyschreurs
kaykay14
kdm
keithh
Markooooooooo
melita- money back in KE account
Peter 2000
Puffthemagicdragon
rep
mrs rep – back in KE account
Rjbrown79
Robin101a
Short of a shilling!
sols
TheProdigy
wadeall
Wantage_boy


24 names

Updated list of people awaiting transfers 2230 8th Nov

Anyone viewing this thread who is not in receipt of their transfer, please check your name is on the list .
As I will be at work during the day it will be difficult for me to keep a close eye on who is new and needs adding or who is getting paid – I will try my best. However it would be best if people can, please PERSONAL MESSAGE me if you need adding or removing – do NOT edit the list yourself.

---

The total “missing money” for 10 out of 24 is £ 200,133
8 transfers from 7th/8th October
6 transfers from on or after 9th October

If anyone else wants to PM me their amount and date I will add them to the list!

11 people paid yesterday!

Greecian

Just back from my conference in northern parts and have scrolled through the 10 pages that have gone on since yesterday to find out who made it to the 'lucky list'. I am so, :j so :j happy that some of my old friends have finally been put out of their misery and been reunited with their cash...I hope you are all in the process of having a weekend of celebration and relaxation after all the unbelievable stress.

I hope you have booked yourself that massage Lesley53!!!

apoorwoman, panicbutton, neopotic & mardre maquina a very special :T :T :beer: :beer:

Good luck to all the lucky 9. You can now focus on all those other problems that have been vying for your attention, family, work, financial woes, projects, to name but a few. (For those interested...the decorator starts Monday and I've spent the week ordering paint, fabric and lights!! HOORAY!!)

Now for the rest of you still waiting............it really is beyond belief...I trust ING are going to recompense you for the high yield savings accounts that you now might not be able to access because of their failure.

We're all here to support you and you can yell and scream here as much as you want...we really do understand. Keep up the pressure on ING and we will do the same. Fingers crossed that next week is a good one for all of you. Take care.