Icesave FSCS. Did you get it? Is it all sorted.

DeeCee

strawberrylane wrote: »

DeeCee, have you spoken to FSCS about this? What did they say?

Didn't phone them, returned cheque, copy of claim form and letter by Royal Mail recorded delivery.
RM tracking confirmed delivery today.

... Awaiting response
BDI

BDI

strawberrylane

DeeCee, thanks for the update. Please let us know when FSCS respond and what the say. Thanks.

Potters_mum

I am extremely frustrated with the whole affair. I'm sure as many others have mentioned that it is great for those who could get their money back electronically but an absolute nightmare for those whose situation differs from the norm.

I transfered an existing ISA into a new Icesave account at the beginning of September. On the 8th October I recieved a cheque from Icesave for £6982.72, which they claimed was an oversubscription to my ISA. So it appears that Icesave some how decided after a month that I hadn't really transfered an ISA but opened a new ISA for that year as they kept £3600 in my account and sent me a cheque for the rest, despite having sent me letters previously thanking me for transferring my ISA to them. Obviously because the cheque arrived on the day they ceased trading and I had no communication from them before that about the suposed oversubscription, I was unable to rectify the situation with Icesave.

I tried to cash the cheque on the 9th Oct, but it was returned uncashed with a note stating it was legally prohibited. I also contacted the FSCS straight away to find out how this would affect my claim for compensation and was told that it would be fine because as the cheque hadn't been cashed the money would be in a holding account and would still be associated with my account when the compensation was sorted out. However because the electronic balance of my account was incorrect I had to wait for the paper application form. I found it very frustrating that I had to wait until after the electronic process had been completed before I could get an application form when I knew from the start I would have to do that.

When the application form finally arrived, I filled it in and sent it back the same day with a letter explaining my situation and how my compensation should be £10582.72 and supporting documentation including a certified copy of the cheque. After 8 weeks I had heard nothing so I contacted the FSCS Icesave helpline and the person I spoke to said they would look into it and get back to me but I didn't hear anything again. A week later I phoned again, again the person I spoke to said they'd look into it and get back to me but they didn't. The third week I phoned again and this time the person I spoke to was able to put me in contact with the previous staff member who was investigating my claim. They said they had left me a message but I had never recieved it. Each time I have spoken to them, I have had to explain my whole case again despite providing them with my reference number so it's as if sending my application form and all the documentation has been a complete waste of time.

Since then the FCSC staff member I have been dealing with has phoned me to let me know they were still looking into my case and on the 25th March advised me to send the original cheque to someone else at the FSCS who was dealing with my claim and things should start to move from then. I sent the cheque recorded delivery on the 26th March and it was signed for on the 27th. I haven't heard anything since until yesterday when I recieved in the mail a letter with compensation payment cheque enclosed for £3612.63. At that point I knew why some people start going crazy and running around offices with shotguns as this is so frustrating.

I tried to contact the FSCS today about this and after listening to all their speal about how to fill in an application form and things it then said it couldn't connect me to an advisor and took me back to the beginning. Finally I was able to get through to customer services and request to speak to the person who has been dealing with my claim. He called me back and is again "looking into it". I am getting to the point where I am thinking of heading down to their offices and camping out there until it is sorted. I am in the process of buying a house and desperately need this money to go towards my deposit, it was inheritence from my grandmother so is very precious to me and the thought of loosing it due to all this incompetence is so upsetting.

If anyone has any advice or can help me I'd really appreciate it.

sloughflint

Potters_mum wrote: »

If anyone has any advice or can help me I'd really appreciate it.

I would repeat most of what you put here in an email to [EMAIL="david.lamb@fscs.org.uk"]david.lamb@fscs.org.uk[/EMAIL]
I found that things only started to progress at an acceptable rate once I was in communication with this person.

I won't put the details here but once you receive a reply from him, you will see a phone number within his signature too.

I hope you still have closing statements from the previous provider.

Potters_mum

Thanks I will definitely emailing David Lamb if the guy I'm dealing with doesn't get back to me in the next 24 hours.
Yes I still have the closing statements from my previous ISA, luckily I am a real document hoarder normally anyway so I have everything.

Potters_mum

The good news is that the guy I was dealing with came through. I heard from him within 24 hours that he had located the cheque and had passed it on the person who was dealing with my claim. The following day I recieved a phone call from person in question to tell me that the rest of my money had been put in the wrong account and that they had now found it and I should recieve another cheque for the rest of my compensation within a week. Well it took about 2 weeks but the cheque finally arrived.
Yeah!
So to all you others out there that may still be banging your head against the brick wall, there is light at the end of the tunel.

k8r4u

Account matured yesterday, cheque arrived this morning.

ScarletBea

Account matured last week, cheque arrived today

I'd say theyre working really well!

k8r4u

Just opened the cheque this evening, total was slightly less than the 7% I was expecting, I assume this is taking income tax on the interest into account.

I'll give the FSCS a call to clarify, but anyone else found the same ? Anyone had a tax statement along with the compensation amount ?

Biggles

k8r4u wrote: »

Anyone had a tax statement along with the compensation amount ?

They told me that they weren't able to issue tax certificates, under the circumstances, and the Revenue had agreed with them that they would accept statements from account holders.