All these complaints about 'lost interest' in Icesave

Icesaver

I know some,maybe many, of you reading the various postings in this forum will not agree with what I'm about to say.

There have been numerous posts regarding the loss of interest between the 7 Oct and the time when our compensation is back in our hands. With e-mails and phone calls being sent to the FSCS, Alistair Darling et al with complaints of how unfair it is we won't be getting interest post 7 Oct unless we were fortunate enough to have a fixed term account when we can opt to let the account run full term and then receive interest.

I do believe it's time to put things into perspective. OK the proccess isn't complete yet, and we haven't yet received our dues, but I'm sure it could have been a whole lot worse for all of us.

Remember we chose to invest our hard earned in Icesave, nobody forced us to do it. Well nobody forced me to. I, like many others, took the decision to invest a fair proportion of my savings in a bank that I'd never heard of, attracted by interest rates and the promise of good future rates.

There was a compensation scheme should the bank fold. Such compensation coming initially from Iceland and topped up by the UK scheme.

When Icesave defaulted we lost our money, so we had to look to compensation for recompense. Fortunately for us the Chancellor promised no retail depositer in Icesave would lose out. By this I'm sure he meant that anyone with over the now £50,000 compensation limit would get their money back over that limit, and not just the £50,000 max.

This seems to have been interpreted by many that the compensation should include every penny of interest that would have been accrued after the bank had folded, until the date compensation is paid.

But remember After Icesave folded we had no money we had in effect lost it, so we had no money to earn interest after 7 Oct.

I've gone on a bit, but my pont is we are getting compensation. We are not getting our money back, it's compensation for the money lost when Icesave folded, for every penny we had in there.

Our claims are being handled here in the UK by the FSCS, what would have happened had we been left to claim from the Icelandic fund for the first €20,000 I wonder?

I do feel a lot of people here are basically being greedy (said you wouldn't like it). Yes it does appear unfair that anyone with fixed rate accounts can leave them in and get interest paid until they mature, and maybe we should all just get compensation paid for the balance of our accounts on 7 Oct.

There are people out there in the FSCS working hard to get our compensation out to us I'd love to know how some of them feel, if and when they find out some savers are making such a fuss over lost interest on money that they had in effect lost due to their own (and I include myslef in this) actions.

Incidentally in case you are wondering I have 4 fixed term accounts with 1-2 years left to run on them. I also have a cash Isa in Icesave. I've also made my decision already to claim my compensation straight away and not let the fixed term accounts run to full term.

Interesting to see what I've stirred up here:rolleyes:

Stormy

I dont care about the months interest personally, I just want my money back, and the first email! :rotfl:

EagerLearner

Had 1st e-mail, now just awaiting the actual 'action' e-mail...

oldagetraveller

Icesaver wrote: »

I know some,maybe many, of you reading the various postings in this forum will not agree with what I'm about to say.


There are people out there in the FSCS working hard to get our compensation out to us I'd love to know how some of them feel, if and when they find out some savers are making such a fuss over lost interest on money that they had in effect lost due to their own (and I include myslef in this) actions.


Interesting to see what I've stirred up here:rolleyes:

I agree, they're doing my head in. There's some ungrateful souls around. There was no obligation on the FSCS/Treasury to give us anything up to £16000(approx) or over £50000.
I too have a savings account, isa and a fixed term and would be quite happy to just get the capital back, less than the previous £35000 limit.
There'll be someone along shortly to have a rant and whinge when they get wind of this thread. So tin hat at the ready.:p

Reaper

I'm relieved just to get the capital back, any interest is a bonus.

Seen_the_light_4

Icesaver

I agree with you. Just want the money back and am happy that interest has been given up to the 7th Oct.

I went through many emotions when it all happened and feared it would be lost when Iceland said they couldn't pay.

Icesaver

There I was thinking I'd be getting negative remarks, My faith in humanity is being restored

Icesaver

powerRIP wrote: »

Makes you wonder what would happen in this country if we get hit by a real catastrophe.

"I know WWIII has broken out but why can't I get my regular supply of Ferrero Rochet?"

I don't really like those...KitKat with nuts as someone once described them to me! :beer:

k8r4u

Yaaaawwwwnnnn ... here we go again. Must be Friday afternoon.

DawnW

I agree with the OP, and appreciate the fact that I will be getting my money back. Howeve, I am still concerned about the deposits belonging to councils, police forces, universities and charities, as we/ I have not heard anything about that recently. Has anyone any updates?

MoneyMinder

Absolutely agree with you Icesaver!

I have 2 x Isa's and 2 x Bonds and undecided about taking them or leaving them, not very knowledgeable about all these saving schemes. Can I ask why you have decided to take yours when the time comes and not let them run to maturity? Must confess I am probably going to do that myself regardless of the fact we will get interest if left to run.