ICESAVE LATEST - FSCS Claim online

bjorn_again

I know it's unfashonable, but perhaps some gratitude for the commitment and hard work that has gone into this rescue is due to those at the sharp end in the Treasury, FSCS and BoE.[/quote]

Spot on. I second (and third) that. I had (have:D) less than the full amount "guaranteed" by the Icelandic Govt. and fully expected it to be down the pan, but now it's coming back. I can wait.

nilrem_2

qamwc1 wrote: »

Give them some credit - Icesave was a "virtual" bank i.e. the accounting was done by Newcastle Building Society (as they do for others such as B&B and First Save) and the money was handled by Landisbanki.

To use the services of Newcastle saves FSCS a lot of work (and the taxpayers and other banks money) - they don't need an army of people to collect, match etc. and payout the monies. They can effectively restart the Icesave accounting systems and take the place of Landisbanki on the money side. Clearly Newcastle will need to do some work on those transactions which may be in limbo - same as for ING with Kaupthing.

If the accounts are moved onto the books of the Newcastle Building Society - I would not have a problem with that.

Err, which is why I said "unless of course they amalgamate it within a UK bank or similar 100% safe place." inc of course Newcastle Building Society

bjorn_again

ExBanker wrote: »

Brilliant- so where does that leave people without linked accounts:mad:

Are you saying you have closed your linked account since Icesave went down?

hyposmurf

I gave them details when setting up the account for ther linked account,but it nver got set up so I went to transfer money out to ourchase a car and had to delay the whole process as I had to re-apply all over again.

meanmachine_2

JBmoney wrote: »

I have been a member of this forum since the start of 2008. I joined this forum a few weeks before depositing my funds in Icesave. This is NOT me complaining about advice received in this forum. Many individuals posting to this forum ( and the forum owners ) have advised to spread savings around. I did NOT take this advice and almost lost an inconceivable amount with Icesave. This IS me complaining about the doom-mongers and soothsayers who, to my mind, seem to take delight in the spreading of false rumours and general airing of their own ill-informed opinions. All Icesave customers have been rescued by our Government and we are now presented with a time table for the return of our "lost" monies. The bottom line here is this forum has become a source of worry for myself and. I`m pretty sure, for others. I for one am calling time on my use of this, once valued, resource.

Unfortunately, there was no information coming from anyone about this once-in-a-lifetime event, so people started drawing their own conclusions.

Perfectly understandable.

Personally, I would have been contented with knowing when I was getting my money - even if it was 9 months from now.

It's all very well blaming others for "doom mongering" NOW that we know in hindsight that doommongering was incorrect.

From the day I joined, I was attacked day in day out by people on the property section because I was warning that we were in a housing bubble. I was condemned as a wild eyed doom monger right up until the middle of 2007. Then what happened?

I still say it's too early to celebrate, but I sincerely hope you, me and the rest of us get our money back very soon.

And yes, next time s-p-r-e-a-d the wealth.

blizeH

Apologies for my ignorance, but I have (had) two accounts with Icesave and my understanding is as follows:

My regular savings account will be paid back into my linked account automatically?

My ISA... will retain it's tax free status, but what will happen? Will I have to specify another ISA I'd like to place it into!? Can I apply for another ISA and then get the money transferred across from my linked account, with some sort of proof that it needs to keep it's tax free status?

Hope that makes sense, cheers.

KingL

blizeH wrote: »

My regular savings account will be paid back into my linked account automatically?

No they will contact you by email. You will then have to log into your account and manually initiate the transfer to your linked account.

blizeH wrote: »

My ISA... will retain it's tax free status, but what will happen? Will I have to specify another ISA I'd like to place it into!? Can I apply for another ISA and then get the money transferred across from my linked account, with some sort of proof that it needs to keep it's tax free status?

They haven't yet figured out the details of transferring ISAs, you will have to wait for more information.

Comfortably_Numb

I'm delighted by this news, and will be getting my fixed rate savings out as quick as I can.

brizzlewolf

The timescale given for the start of this process is far quicker than I expected and as others have said I think we need to give some credit to the HMG and the FSCS is getting behind this issue and getting a quick resolution. I don't think there is any need for paranoia and we now need to let the process take it's course.
If people keep bombarding the company with emails, phone call etc regarding issues that still have to be finalised, then it will inevitably slow down the whole process and therefore will be become a self fulfilling prophecy when refunds are delayed.
I think we can trust this to be sorted out professionally and equitably now.

passau91

hyposmurf wrote: »

I gave them details when setting up the account for ther linked account,but it nver got set up so I went to transfer money out to ourchase a car and had to delay the whole process as I had to re-apply all over again.

I had a bit of a sleepless one over this. I changed my current account provider about a year after opening my Icesave account, so the linked account would no longer be the same. I found out from my current account provider that they did inform Icesave of the change of Direct Debit details back in April this year, but that Icesave did not act on it to change the nominated account. I spoke to Icesave this morning, but they could not guarantee that I would be able to change the nominated account through Icesave now. Does anyone have any firm news on this as yet?

From reading some of the other posts, if it were possible that like Kaupthing, the Icesave accounts could be taken over by another institution based here in the UK, that might solve a lot of problems (including how to transfer the ISA to a new provider). I just spoke to RBS to see if there is any possibility of getting their rates on a transfer to them (nothing if not optimistic, eh), but no dice. They can only handle straightforward ISA transfers from an existing ISA provider, and even if there were no deadline with RBS, they could not do a transfer from Icesave at present.

As with other posts, I am grateful that things seem to be speeding up on the refund route - I'm just getting ahead of myself about where to put the ISA next once I do get my hands on it...