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

Tibbledom

Optimist wrote: »

Anyone not received their mail yet ? I got notification of a $30000 win and a Nigerian lady wanted to share $700000 with me but no mail about Icesafe. I'm guessing this means I'm going to be one of the last to get my money too !

I've not got my email yet and there is no obvious reason for that (shouldn't be affected by spam filter, correct email address, linked account OK etc).

Just called the FSCS helpline. I was told that the first emails are going out in batches. And they haven't all been sent yet. Not sure how reliable that is but does provide some hope.

I suggested they post something simple on their website to this effect but I can't imagine they will.

Baldur

Tibbledom wrote: »

I suggested they post something simple on their website to this effect but I can't imagine they will.

They already have - I don't see how much simpler the statement could be or why people expect an immediate e-mail http://www.fscs.org.uk/consumer/

Any Icesave customers who do not receive their first email from FSCS by the close of business on Friday should contact FSCS on 0845 7300 131 (Icesave enquiries only).

~Chameleon~

Meadows wrote: »

That's exactly what I did and during the night the emails came straight to our in-box.
They were timed at 23:41 & 23:42

Mine arrived at 23:51, shortly after my last post saying I hadn't yet received it lol

altocumulus

Mine arrived at 01:26, surname "C" ....



Any Icesave customers who do not receive their first email from FSCS by the close of business on Friday should contact FSCS on 0845 7300 131 (Icesave enquiries only). Surely close of business suggests FSCS offices also closed .... :rotfl::rotfl::rotfl:

Meadows

[quoteAny Icesave customers who do not receive their first email from FSCS by the close of business on Friday should contact FSCS on 0845 7300 131 (Icesave enquiries only). Surely close of business suggests FSCS offices also closed .... :rotfl::rotfl::rotfl:[/quote]


Yes and they probably don't work weekends, so why not say contact us Monday morning (if you can get through, LOL).

briskly_2

Sillychuckie wrote: »

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.

I'd just add to this that those of us with fixed term accounts also need clarification, very quickly, as irreversible decisions have to be made about the rate of interest we will be receiving - not just wait up to 3 years and find it is 2%!

If the interest clock does reset on October the 8th, a quick calculation indicates that anyone with a fixed term account ending around the beginning of December probably comes out neutral in terms of interest loss if they either take the money electronically or make a postal claim. Anyone with accounts expiring later else will lose less - provided the FSCS stick to the 6 week turnaround. We need someone to draw up an Excel chart here to help people make the right decision. Why are no newspapers or consumer champions helping us out here? I might be able to do it if I get time.

Why the devil haven't the FSCS provided crystal clear, unambiguous information in the e-mails? As it is they will have thousands of calls about this.

Paul_Herring

kenshaz wrote: »

I think you miss my point

Not at all. It's just that unlike the intricacies of the passport scheme, it was well known on these boards that money guaranteed under the FSCS would not be generating interest while the compensation was being sorted out.

You're getting your capital back, you're getting interest up to the 7th, you have the option of prematurely terminating any fixed rate bonds you had, and all (by the looks of it) before Christmas.

You're just being greedy.

katybshopaholic

Help! I too received an email outlining compensation but can't really understand it. I took out a one year fixed rate bond with interest paid monthly. If interest is not going to be paid on a monthly basis do I take my cash out and look for somewhere to else to invest or if I leave it in till the end of the term will I still get the same rate of interest guaranteed at the start? I have to agree with the other posts, their email is as clear as mud.

oldagetraveller

It's up to you whether it's left there or transferred. If you can manage without the monthly interest payment then it might be worth leaving alone to run full term.
The FSCS is quite clear that interest that would have been paid at maturity will be added at the end of the term. I read this as the opening rate will be honoured. Then you can transfer out. That option will require a form to be completed which they will send if you choose the full term.
If you prefer to try elsewhere then by all means transfer the fixed account out after you receive the second e-mail advising the process. You will then receive interest up to 7th Oct.
I'm still undecided but leaning towards leave in place. Mine matures May 2009.

Biggles

I've yet to receive my email but all this 'phasing' seems academic right now as the login button has been removed from the IceSave website. I imagine the moment they put it back up, eveyone will try and log in and crash the site, email or no......

I did find it reassuring for FSCS to advise in their email that if you have died you need take no action, however.