ICESAVE paper application

noh

Newly_retired wrote: »

Cheque received for 6m FTD which matured 21/10/08. Deposit £1000 @ 6.75%. Received £1027.08.
Cheuqe received for 1yr FTD which matured 5/12/08. Deposit £2000 @ 6.7%Recieved £2107.50.
Can any helpful people tell me if they think these amounts are correct?
Many thanks.

Yes they look correct

£1000 at 6.75% for 6 months gives 1000 x 0.0675/2 = £33.75 interest before tax.
After tax at 20% 33.75 x 0.8 = £27 interest


£2000 at 6.7% for 1 year gives 2000 x 0.067 = £134.
Which after tax is 134 x 0.8 = £107.20 interest.

Nigel

Newly_retired

Many thanks for that, Nigel.

nicky_boo

Hasn't anybody received any cheques for the past two days???

dorsetlass

Its certainly gone very quiet. I counted 5 cheques received, by 4 people, for 1xOct and 4xDec maturity dates. Surely there must be more?

briskly_2

It does seem very quiet. I've just called the FSCS helpline - my form still hasn't been registered and I'm still just hearing about "delays" and "backlogs" and backtracking from the 6-week turnaround. It also seems a bit suspicious that there has been no update on the FSCS web site for over 2 weeks.

shindigger

briskly wrote: »

It does seem very quiet. I've just called the FSCS helpline - my form still hasn't been registered and I'm still just hearing about "delays" and "backlogs" and backtracking from the 6-week turnaround. It also seems a bit suspicious that there has been no update on the FSCS web site for over 2 weeks.

I was promised a cheque in the post a week ago.
After a call from a manager at the FSCS, i sat back and waited thinking it was job done.

Nothing. Very annoyed now. Matured 22/12/08.

Update. Just rang them, it now appears it may be another week.

Really poor service, really poor attitude.

briskly_2

I wish the media would take up our case. I thought the whole idea of the recent FSCS operations was to restore confidence. If everyone knew that savings would be paid back within, say a week, there would no longer be a run on a bank if rumours started flying. But now, I have to say, based on evicence of the FSCS' (in)competence with Icesave, I would draw out my savings immediately from any bank on the slightest whiff of trouble - perhaps even quicker than before this debacle. In fact, with rates now hovering close to 0%, I can't help thinking that most savvy people will withdraw all their savings now. It is safer to store it buried in the garden or as gold, than to leave it with this lot.

What we have learned from the FSCS (presumably these will become legal precedents)

"Soon" = 4-6 weeks
"within 6 weeks" = sometime this year, possibly