IMPORTANT! FSCS Icesave payouts to start in November...

st

all in great news and thanks to MARTIN for help .
HOWEVER reading the FSCS statment what do they mean by this senetence and quote "We expect to offer compensation to the vast majority of retail depositors in November."

the expect to and vast majority -so does that mean some of us will not get paid -this needs clarification.
any ideas?

CluelessJock

Seems to me that the biggest benefit to Government of honouring the fixed term and delaying payments would be cash flow and buying time to persue the Icelandic Government.

For me this is the overwhelming influence.

With interest rates falling I guess people would be happy to leave funds for initial terms rather than looking for another home at a lower rate.

CJ

qamwc1

At this point in time I'd be happy for my accounts to transfer to Newcastle Building Society - is that not the simplest approach - they already run the accounts. Also makes it easier to maintain the ISA wrapper?

With regard to details about what interest we will get etc. we still have to wait. Clearly HMG have decided to get on with paying out as a deal with Iceland was not reached - note no reference to working with Icelandic authorities in Friday's FSCS update.

cwcw

I wouldn't worry about the "ISA wrapper". It's not some magical, magnetic field that will die off if an ISA isn't transferred in the usual way. It's just an amount of money not liable for taxation. Any letter/certificate addressed to you to that affect from the FSCS, stating the amount you're entitled to, would obviously suffice when opening/transferring the funds to a new ISA.

stormy_2

A great big thanks to Martin and the Moneysavingexpert team :-) thank you all!

Hi,
I have never posted here before but as an Icesave customer I have found this site invaluable during a very scary period.and just wanted to say thank you, I believe you have been doing the best you can Martin to keep us all informed.

The FSCS and indeed the Chancellor also get my thanks along with the great posters on this forum and heres to hoping we all receive our money in time for Christmas.......so far so good.

Cheers all.

jm104

thank you - this has made my weekend. Having lost 1000s in the crash of the early 90s(neg equity big time, lost a pension) and managed to save again, I was in total despair at losing at again through no fault of my own. The relief!

azureblue_2

Many thanks for the good news Martin. I'm trying not to topple over with all toes and fingers crossed, hoping this cunning plan will materialize successfully. What is your feeling about this?

unhealthyman

st wrote: »

all in great news and thanks to MARTIN for help .
HOWEVER reading the FSCS statment what do they mean by this senetence and quote "We expect to offer compensation to the vast majority of retail depositors in November."

the expect to and vast majority -so does that mean some of us will not get paid -this needs clarification.
any ideas?

It means that some people may not get paid in November. They would never guarantee a specific date to have everything sorted by otherwise they would get themselves in a pickle. What they have done is guarantee all the money will get to everyone eventually.

Lasertek

Latest Icesave Bulletin claim online and hopefully paid by 30th November http://news.bbc.co.uk/1/hi/programmes/moneybox/7690682.stm

[Deleted User]

Are the FSCS having one of those "Internet Bank In A Box" websites from Newcastle BS set up for us to login and BACS the money to our linked accounts?