ICESAVE web site compensation text confusion

Rhymsta

*DO NOT LOG ON UNTIL YOU HAVE RECEIVED THE 2ND EMAIL*

This is what is says on the ICESAVE website:

FSCS Claims Process

Welcome to the FSCS depositor compensation payment process. The Icesave product is no longer available. Under arrangements put in place by FSCS and HM Treasury, FSCS will be paying compensation to depositors with Icesave. Payment may be arranged by following the steps explained on this website. Payment can only be made to your established nominated account and payment will be the principal sum deposited plus interest up to and including 7 October 2008.

You can only commence the compensation payment process if you have received e-mail notification from FSCS that your account is reactivated for this purpose. If you have not yet received this notification, please log off and wait for your e-mail notification that you can claim. If you have not received such e-mail notification by 4 December, please contact Icesave's Customer Services Helpline on 0845 605 6050.

If you do not want to be paid compensation using this process and you have a fixed-rate savings account which you wish to be paid out at the end of its term, please log on and select the appropriate option. If you do not want to be paid compensation using this process for any other reason, please log off. Customers who are not paid under this process will be contacted by FSCS separately during November and December 2008 and asked to complete a paper application form. This paper-based process will take longer (FSCS aim to complete this process so far as possible within six weeks of receipt of a completed application form) and payment of compensation will be by cheque.

Thank you.

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The last paragraph - in my view - clearly stes that if you are a fixed rate bond holder who wants to wait until it matures you should log on and make that election. However trying to do this locks up your account and you have to contact them for a new password to be issued. Basically although it says you should log on straight away the FSCS told me....

DO NOT LOG ON UNTIL YOU HAVE RECEIVED THE 2ND EMAIL.

isofa

Rhymsta wrote: »

The last paragraph - in my view - clearly stes that if you are a fixed rate bond holder who wants to wait until it matures you should log on and make that election. However trying to do this locks up your account and you have to contact them for a new password to be issued. Basically although it says you should log on straight away the FSCS told me....

DO NOT LOG ON UNTIL YOU HAVE RECEIVED THE 2ND EMAIL.

This is very clear already.

The first e-mail states to wait until you've received further instruction in the 2nd e-mail. So if you've not received the second e-mail, logged in and try to select the payment choices, you are obviously going to run into problems.

"The Icesave systems were not designed to pay all deposits at once. The electronic payment process will be phased to manage the demands on the systems and in the interests of security. Over the next three to four weeks, depositors will be sent a further email inviting them to initiate the payment process. These emails will be phased and sent in batches. Once you have received this invitation email, please log in and follow the instructions on the Icesave website as soon as possible after receiving your invitation email. If you do not receive this second email by 4 December, please contact Icesave’s Customer Services Helpline on 0845 605 8050."