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

Icesaver

Lisa_J wrote: »

Crikey Nilrem, just to think these people walk our streets lol! When I get my pennies back I will get back to my normal (happy again) life and the bully's can find others to pick on. Saying that people like yourself , st and others have been a big comfort and help during this nightmare.
On a lighter note I wonder who will be the first of us to receive their funds back. I did hear they are actioning in lots as not to overload the system Hope it's alphabetical (my surname starts with a lol

OMG for one moment I misread your post and thought you'd written auctioning in lots!:eek:

mjmal51

Check new message on Icesave homepage, ends with
The Icesave website will be unavailable this week whilst it is developed to make compensation payments.

ajaxgeezer

LGG wrote: »

ok thanks. i take it the rates that are available now arent fixed in anyway? so will go up and down as the norm

.....oh hell yeah, they are variable and subject to change whenever Natwest fancy it.

missmilly

Copied from Icesave site:


4 November 2008


Dear Icesave customer


Landsbanki Islands hf, the Icelandic bank which operates the Icesave product in the UK (Icesave), was declared to be in default by the FSA on 8 October 2008 for the purpose of the Financial Services Compensation Scheme (FSCS). In a statement on 8 October 2008, HM Treasury confirmed that all depositors in Icesave will receive their money in full. FSCS is managing the payout and is about to start an accelerated process to pay compensation to Icesave customers.


FSCS has put in place a system that allows customers to be paid compensation through an electronic payment into their nominated accounts. To do so, customers will need to log on to their Icesave accounts, using their existing User ID, unique password and memorable information.


The process will happen in stages:

• First, FSCS is emailing all Icesave customers to explain in detail how the process will work. This email will not ask for any personal or account details and requires no action on customers' part.
• FSCS will then contact customers by email again over the course of the next three to four weeks with instructions on when they can access the system and how to complete the short online process to be paid compensation. Please note that access to the site will not be possible until you receive this second email. This is to allow us to prepare the site for the electronic payment process.

It will only take customers a short while to complete the necessary steps to be paid compensation. Once the necessary steps are completed, the payment transfer using the BACS system will take about five working days to complete.


Any customers (including customers with fixed-rate savings accounts who wish to be paid out at the end of the term of their deposits) who do not wish to use the electronic process described above can opt instead to complete a paper application form (which we aim to process so far as possible within 6 weeks of receipt of a completed application form) and receive their compensation from the FSCS by cheque. Customers with fixed rate savings accounts should be aware that if they decide to be paid out at the end of the term of their deposit, they should log in when they receive their second email to confirm this and that they will not be paid any interest prior to maturity.


The Icesave website will be unavailable this week whilst it is developed to make compensation payments.

altocumulus

So, once again, patience is needed.... bit like watching a kettle boil ....

Reaper

missmilly wrote: »

.Customers with fixed rate savings accounts should be aware that if they decide to be paid out at the end of the term of their deposit, they should log in when they receive their second email to confirm this and that they will not be paid any interest prior to maturity.

Does that mean they will get interest all the way to maturity but just can't withdraw the interest to an external account in the meantime? Or does that mean no interest at all - in which case it would be pretty pointless leaving it in for the full term.

ebyard

So it looks like we won't see our money in November then.

The icesave website says we will be contacted "in the next three to four weeks" which means early December.

At least we'll be done by Christmas. Wasn't that what was said about the WW1? Not that I'm drawing such comparisons, but even so....

briskly_2

As well as not knowing the interest rate, I guess we also don't know whether by leaving the fixed term deposits in until maturity the interest clock re-starts on:

A. October 8th
B. The date the paper claim form is returned
C The date the claim is processed (6 weeks after

I hope we get this info soon!

KingL

ebyard wrote: »

So it looks like we won't see our money in November then.

The icesave website says we will be contacted "in the next three to four weeks" which means early December.

At least we'll be done by Christmas. Wasn't that what was said about the WW1? Not that I'm drawing such comparisons, but even so....

FSCS says "with a view to starting compensation payments in the second week of November as planned."

take yer pick......

KingL

Reaper wrote: »

Does that mean they will get interest all the way to maturity but just can't withdraw the interest to an external account in the meantime? Or does that mean no interest at all - in which case it would be pretty pointless leaving it in for the full term.

I read it as the latter...