Icesave – loss of interest – FSCS renege on Treasury undertaking

StarRover

innovate wrote: »

Add me to the ones who are utterly grateful that I don't need to barter with a bankrupt state over money they probably would never pay us.

For me, this says it all!

Dylanwing

And never forget that our Government failed to be so generous to Farepack savers.

nilrem_2

Dylanwing wrote: »

And never forget that our Government failed to be so generous to Farepack savers.

Which has nothing to do with this thread, much as I am sorry for the people who lost cash with Farepack it is not quite the same thing, AFAIAA they did not offer a FSCS guarantee as banks do.

thor

witchard wrote: »

I urge readers to write to the FSCS, make a formal complaint, and seek recovery of interest in accordance with the Treasury’s undertaking.

It is the Icelandic government which should bearing the brunt of your wrath not the FSCS.

Vectra

thor wrote: »

It is the Icelandic government which should bearing the brunt of your wrath not the FSCS.

Well said thor

errr "thor" ? ? :cool:

randomnut

The sheer greed of some of the people on here is quite frankly staggering. Totally ignoring the fact that the government guaranteed ALL our savings, that the FSCS is working to make the process as easy and as quick as possible so we don't have to go through the manual paper process, that we have been given interest up until the default, some people are STILL not happy.

Seriously you have more money than sense. It's people like you that I hope to god actually do lose out to give you something tangable to keep moaning about instead of continually blowing hot air like this. Imagine if the government didn't guarantee above the 50k? Would you rather that and keep your poxy extra months interest? Perhaps you should just be happy with the above and beyond help we've already received and just shut up, you're giving the rest of the savers a bad name.

tiptoe_mouse

To all those who are saying that me and witchard are being greedy:

Yes, I am extremely relieved to be getting my deposit back without having to contact the Icelandic government. I will certainly be avoiding putting my savings into any account covered by this worthless "passport scheme" in future.

But I do thing people are missing the general point, which would apply if any other institution went bust. That is, depositors do and will in the future "lose money" when a financial institution covered by the FSCS goes bust - namely, the lost interest.

I had under £35,000 (the old limit) in Icesave, and prior to the crash I was led to believe that it was 100% safe and covered by the FSCS guarantee. The issue of the passport scheme is a bit of a red herring - it is not that which causes us to lose out on interest, but the terms of the compensation scheme. I still don't understand why those with fixed term bonds will receive their interest in full, whereas those of us who couldn't afford to tie our money up (it is, after all, my rainy day money) lose out.

Clearly some people on here think that the loss of a "few hundred pounds" is not worth worrying about. Well to me it is. As I pointed out, it represents more than a weeks wages to me. Yes, I had built up a decent sum in Icesave, but only as a result of scrimping and saving all my adult life.

It may not be possible for us to pursue lost interest. However, it should be made clearer to depositors in future that if an institution fails they do risk losing money.

I'm really quite hurt at the tone of posts on this thread. Could posters please remember that behind each post is a human being (or at least a small rodent). Thanks.

tiptoe

randomnut

I'm not saying losing 'a few hundred' isn't a lot (hell to me it is, I only had 3k in there) BUT, you've not LOST anything, you've just not gained anything. You'll still get your money back and I really just think that people should be grateful for the help, support, and the guarantees the government weren't obliged to make rather than chasing every single last penny that you hadn't put in there out of an economy already on it's knees.

StarRover

nilrem wrote: »

Perhaps you would like them to send us all on a Caribbean holiday as well to compensate us for all the anxiety we have been caused!

I think that this idea has considerable merit! :cool:

tiptoe_mouse

BUT, you've not LOST anything, you've just not gained anything.

I have lost something. My money is worth less than it was due to inflation. I also made the decision not to pay off my student loan based on being able to earn interest instead. Many others (not myself, fortunately) were relying on the interest from their savings to meet monthly expenses. If you worked for a month and then your employer didn't pay you, would you consider you hadn't lost anything?

How many of us would have invested in Icesave if it had been paying 5%?

tiptoe