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

LGG_2

Which is different from what they told working lunch! On today's programme they spoke about Icesave and the lady said she had just spoken to them and been told that the letters would be going out early this week and that people would be starting to get at their cash by the end of the second week in November?

i saw that today but TBH i think the ppl at working lunch were just repeating what we told on or around the 24th. for one i cant believe that ppl are still aksing as to whether ISA's will still keep their tax free status as working lunch claimed someone had contacted them about. i think they were just filling a couple of minutes by repeating the same ole info.

annoying if theres another delay.would be nice if they put it on thrie website. im losing over a £100 a month in intrest at them mo. but nothing we could do and things could be alot worse. thought it was running abit to smooth

Biggles

Note for those who receive their interest net of tax:-

Today I see that the interest breakdown (Gross, Tax, net) is now shown on the statement; last time I logged in it was only the net amount and didn't even state whether it was gross or net interest. It would be worth printing this off for the taxman while it's there in case we don't get a proper tax certificate for it.

mjmal51

I've just done as Biggles suggested, can't see us getting tax statements from them next year. Pity because they were always prompt in the past sending them compared to some other banks where you need to request statements.

Stompa

mjmal51 wrote: »

I've just done as Biggles suggested, can't see us getting tax statements from them next year. Pity because they were always prompt in the past sending them compared to some other banks where you need to request statements.

I had assumed that tax certificates would be provided as part of the FSCS arrangements. Mind you it was only an assumption!

LGG_2

new update

Icesave payout process gets underway this week, says FSCS (3 November 2008)

The Icesave payout process will start this week for UK depositors in Icesave, the internet retail deposit business of the UK branch of Landsbanki, the Financial Services Compensation Scheme confirmed today.
FSCS is finalising arrangements for a system that means depositors of the bank will be able to receive their savings through an electronic payment into their established nominated accounts. This will happen in stages, with the first email expected to be sent over the next few days. FSCS will then begin sending second emails to customers, in phases, with a view to starting compensation payments in the second week of November as planned.
The second email will provide instructions on how depositors can log on to their existing Icesave accounts to complete a short electronic process allowing them to receive their compensation. The process is being phased to manage the flow of payments through the system and for security reasons. The process will only take a short while for depositors to complete and will enable them to see their money transferred to their established nominated accounts within five working days using the BACS system.
FSCS expects to offer compensation to the vast majority of depositors with Icesave during November.
Icesave customers are asked to note that no one from FSCS will contact them by phone or email to ask for or check their bank account details.
Any Icesave customers who do not receive their first email from FSCS by close of business on Friday should contact FSCS on 0845 7300 131 (Icesave enquiries only).
For more information, please check our website or call our helpline on 020 7892 7300. You can also look at our frequently asked questions relating to Icesave.
Please note that due to higher than usual demand it may take us longer to answer your calls and emails. We apologise for any inconvenience this may cause.




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Welliesorter

Disappointing that there's no info on arrangements for ISA holders.

JMJAE

I was one of those savers who closed their accounts just before the weekend of the closure of Icesave accounts.I thought I had transferred all my savings by the Friday night and closed my account without printing a copy,For the last few weeks I have been frantic with worry as I have not been able to get through to Icesave to find out where my money was.On Saturday I was overjoyed to see that the money was back in my account which I thought was closed plus interest. I will sleep easy when I get the email telling me how to transfer the money.I am amazed that they were able to cancel my original BACS which I set in motion on the 4th October.

Transalper

Another dose of half clues how we are getting our compensation in the last hours today then. I'ts beginning to look like a treasure hunt but the prize is our own hard saved funds! Nothing solid about the ISA. I've got 10 years worth of savings in an ISA and I'm supposed to on my first big trip overseas in 10 days. I should be looking forward to a one off holiday of a lifetime, gave up my job & doing it while I still can, but I don't know if I can now go because I don't know if I'll have the money in time I need to live on while away.
I have aproached several banks including my own and told them there might be a sudden influx of money coming into their funds but they knew nothing about it and could not give me any help how I might sort things easily while away. Looks like my ISA could be stuck for the next few months with 0 interest.

SarahNeedle1872

Just been watching Working Lunch, and they talked briefly about the subject.... I love the way they keep caling it 'compensation'.... its not compensation, ITS MY BL00DY MONEY!
I'm also getting a little annoyed with the lack of info around the ISA situation...

StarRover

Transalper wrote: »

Another dose of half clues how we are getting our compensation in the last hours today then. I'ts beginning to look like a treasure hunt but the prize is our own hard saved funds! Nothing solid about the ISA.

The repetition and rehashing of previous announcements, as if they're somehow new, is an artform that's been perfected by the New Labour government over the years. Hopefully this weeks e-mail will tell us something we don't already know.