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

washpug

noh wrote: »

Clarification can be found here:-

http://www.fscs.org.uk/faq/icesave_faqs/

"16. If I choose to keep my fixed rate savings account until maturity, what will happen?
We will process your claim through the manual paper-based process so far as possible within 6 weeks of receipt of a completed application form. Once this process is complete, you will receive payment following the maturity date of the account. You should also be aware that if you hold a fixed rate savings account that pays interest on a monthly, quarterly, or annual basis, and you decide to hold that account until maturity, you will not be paid any interest prior to maturity. "

Nigel

and:
"28. If I claim under the manual process my claim will take longer, will I be compensated for interest I could have earned if I had been able to complete the electronic process? No. Interest will be paid up until the date of default i.e. up to and including 7 October 2008. The only exception will be for those who elect to be paid for fixed term accounts at maturity, whose interest, due after the date of maturity, will also be paid."

Weluvdarling

Would someone that has received an e-mail be kind enough to post the full e-mail address of who the e-mail was sent from.

My e-mail account spam-filter filtered all my icesave e-mails until I put in the e-mail address from which they were being sent.

This would help all of us with "over-effective" spam filters.



thanks in advance.

Meadows

Weluvdarling wrote: »

Would someone that has received an e-mail be kind enough to post the full e-mail address of who the e-mail was sent from.

My e-mail account spam-filter filtered all my icesave e-mails until I put in the e-mail address from which they were being sent.

This would help all of us with "over-effective" spam filters.



thanks in advance.

#380: [EMAIL="enquiries@fscs.org.uk"]enquiries@fscs.org.uk[/EMAIL]

Paul_Herring

Received 19:41.

8 accounts, starting at 55A9..., ending at 64A2...

Transalper

From the FSCS mail

[FONT=Helvetica,Arial,sans-serif]For ISA holders, the same process will apply as for instant access account holders. An ISA certificate will follow by post to allow you to reinvest that sum in an ISA with another provider. The money you held in your ISA will not lose its tax-free status if you reinvest by 5 April 2009. You should receive your ISA certificate within 2 weeks of claiming compensation using the electronic process and you will have to give this certificate to your new ISA provider when you open your ISA with them. You should ask for an ISA transfer form from your new ISA provider.
[/FONT]

Ok anybody know how I can protect my ISA? basically I,m out of the UK in 9 days. Backpacking and voluntary teaching work for nearly 6 months. I have a flight back at the end of April so I will miss the 5 April deadline to reinvest.
If I open an ISA now it would have to be nil balance as I used my allowance.This has to be credited within 30 days (all the banks I've asked anyway) So this is not an option as this "certificate" will most certainly land through my letterbox after the 30 days.
Can I legally get someone else to open an ISA for me or not? If so I would have to get a Power of Atourney in the next week I presume.
What if I opened with £1. I know I used all my allowance. What is the worst that can happen? Would the powers that be, just void the account or take the £1

Meadows

Transalper wrote: »

From the FSCS mail
Ok anybody know how I can protect my ISA? basically I,m out of the UK in 9 days. Backpacking and voluntary teaching work for nearly 6 months. I have a flight back at the end of April so I will miss the 5 April deadline to reinvest.
If I open an ISA now it would have to be nil balance as I used my allowance.This has to be credited within 30 days (all the banks I've asked anyway) So this is not an option as this "certificate" will most certainly land through my letterbox after the 30 days.
Can I legally get someone else to open an ISA for me or not? If so I would have to get a Power of Atourney in the next week I presume.
What if I opened with £1. I know I used all my allowance. What is the worst that can happen? Would the powers that be, just void the account or take the £1

From what other people have said it looks as though banks a rejecting applications if you have used up this years alowance, if you are short of time I'd go do the PoA route.

Sillychuckie

washpug wrote: »

and:
"28. If I claim under the manual process my claim will take longer, will I be compensated for interest I could have earned if I had been able to complete the electronic process? No. Interest will be paid up until the date of default i.e. up to and including 7 October 2008. The only exception will be for those who elect to be paid for fixed term accounts at maturity, whose interest, due after the date of maturity, will also be paid."

To be honest, I don't see how this really clarifies anything.

It is clear that if you opt for the paper process (leave funds with them until maturity), you will:
a) Continue to accrue interest until maturity.
b) The interest accrued however, will ONLY be payable on maturity (irrespective of previous terms and interest payment frequencies).

It is also clear that no interest will be paid for accounts after the 7th Oct 08, except (as in this case being discussed), where the user opts for the continuation of the account until maturity.

However, it is not very clear (in my opinion) whether:
a) Interest accrued post 07/10/08 (up to maturity), is backdated from 07/10/08, or
b) Interest accrued post 07/10/08 (up to maturity), is backdated from the moment you choose online to opt into the paper process, or
c) Interest accrued post 07/10/08 (up to maturity), is backdated from the time your paper based application form is fully processed.

If it is the case that it is a), then almost immediately after opting to wait until maturity, the FSCS will already have to add an additional 1 months worth of interest (since it is almost 07/11/08, 1 month on).

Also, if anyone could give further detail as to who would be guaranteeing any deposit and paying interest on it until the maturity date, I'd appreciate it.
Would this be FSCS directly, or Govt.

SC.

jollyme

Oh dear - I'm worried I might have deleted any email from my hotmail junk email folder, I get so much rubbish I quickly scan for recognised addresses and delete the rest. Does anyone know if I can get back eny emails I deleted from Junk earlier today???

Meadows

jollyme wrote: »

Oh dear - I'm worried I might have deleted any email from my hotmail junk email folder, I get so much rubbish I quickly scan for recognised addresses and delete the rest. Does anyone know if I can get back eny emails I deleted from Junk earlier today???

Don't worry too much, I bet you haven't received the email yet, I'm sure you would have spotted it. If you don't receive anything by close of business on Friday they said to contact them.

Stompa

Check your spam folders, that's where mine ended up.