Icelandic Banks

earlgrey_3

shindigger wrote: »

Do what you like mate. I care not a jot.
If it was your £65k we were discussing, maybe you'd understand.
See ya.

If you've got £65K there and you think there's just 1% chance of them going down then I hope you understand how to do risk/reward arithmetic.

DocProc

I do understand. Me and mine have a total of 5 accounts with IceSave.

None of us want people saying negative things about Icelandic banks THAT ARE NOT TRUE and which are frightening people unnecessarily and which might escalate on and even create a silly run on the bank.

BUT THAT IS NOT THE POINT

We do want everyone, including you and me and the people we don't necessarily agree with, to be able to contribute their opinions on these threads without abusive personal attacks from the likes of you.

'Forceful intimidation to suppress' is a tactic currently being used by Robert Mugabe in Zimbabwe. Most reasonable people think it is wrong.

Importantly, being rude to other posters is against MSE Forum Etiquette. So let's all try and be polite to each other, eh? Please.

shindigger

DocProc wrote: »

I do understand. Me and mine have a total of 5 accounts with IceSave.

None of us want people saying negative things about Icelandic banks THAT ARE NOT TRUE and which are frightening people unnecessarily and which might escalate on and even create a silly run on the bank.

BUT THAT IS NOT THE POINT

We do want everyone, including you and me and the people we don't necessarily agree with, to be able to contribute their opinions on these threads without abusive personal attacks from the likes of you.

'Forceful intimidation to suppress' is a tactic currently being used by Robert Mugabe in Zimbabwe. Most reasonable people think it is wrong.

Importantly, being rude to other posters is against MSE Forum Etiquette. So let's all try and be polite to each other, eh? Please.

Youre comparing me to Robert Mugabe. :T
And hes a troll with a bone.
I need go no further.

shindigger

earlgrey wrote: »

Totally agree. Why is whenever someone makes any point concerning Icesave or Kaupthingedge the Icelandic Banks Defence Vigilantes feel the need wade in to bully them off the board? What is it about having a rational discussion about these banks that makes you so nervous? The other day we even a had a spin doctor enployed by Icesave posting here.

Whether it's justified or not, there's considerable concern surrounding those banks and the sort of tactics being employed by some here to stop all discussion of them only increases the concerns.

Anyone who thinks there could be a problem has been told by the FSCS it could take up to 6 months to pay compensation in the event of a failure and in the case of EEA banks that have "topped up" there would be a two step process as the home state scheme would have lead responsibility for claims. There's no guarantee of interest being paid during that time. If you invest over £35,000 then as always you need to assess the risk against the return.

If you are happy to put your money wherever and know the score that's fine. But if the situation is making you so nervous that you feel the need to shout down everyone raising the subject then it might better for your blood-pressure to put your money elsewhere.

Hes the one using "tactics". Im protecting my interest. Theres a difference.
Whys he so keen to not let this pass?
Im not nervous, but im not prepared to let trolls poke at things with a stick without reply. He either thinks hes a financial Columbo or hes a TROLL.
Nothing he has posted is in the public good. Its all conjecture. I reckon he works for Bradford and Bingley. There you go, see how easy it is??
Whereas one or two other users have chosen to thank me for speaking up against him.
As for the "spin doctor" she was doing her job. She needed to do it because of the ill informed rubbish that gets spouted on here.
As for vigilanteism, if i lose any cash as a result of any misleading guff posted on sites like this, you aint seen nuthin yet mate.
I dont for one minute think i'd be alone either.

ianmr65

From first directs terms

14.6 We may transfer all or any of our rights in relation to your account(s). We may also transfer any of our obligations but only to someone we reasonably consider capable of performing them. You may not transfer any of your rights or obligations in relation to your account(s) or transfer or assign any account or deposit.

This means that in theory first direct customers have signed up to having there accounts transfered anywhere!!:eek: :eek:

Course it doesn't in practice. It's there so they can sell the debt on to a debt collection agency if you default.

Nevertheless. Chris Woods or Imcat - Please stop posting about this.

ianmr65

earlgrey wrote: »

Totally agree. Why is whenever someone makes any point concerning Icesave or Kaupthingedge the Icelandic Banks Defence Vigilantes feel the need wade in to bully them off the board? What is it about having a rational discussion about these banks that makes you so nervous? The other day we even a had a spin doctor enployed by Icesave posting here.

1) It's rarely a debate, it's normally a new poster coming on and writing ill informed rubbish.
2) Because the hedge funds, have been deliberatly spreading mallicious riumours, and wideing the CDS spreads hoping to start a run
3) Because the anti icelandic brigade allways seem to have little or no evidence, other than 'cos the daily mail said so' or 'look at the CDS spread'.
4) Because uk institutions have a vested intrest in seeing the flow of funds to iceland stop.
5) becuse the 'anti's' post's are tinged with jingoistic british must be best little england mentallity.

The reason the posts are getting increasing tetchy, is that we have been over this time and time again for nearly two months. There is thread after thread, on this and it's getting boring.

The fact is that idiots like imcat can't be bothered to spend any time reading the background. And getting a rounded view.
No they just wade in, and first post, bang. Thinking they have discovered the wheel. Or they have a vested intrest in slagging off the icelandic banks.

Either way they are not helping the debate. Nor adding anything useful.

imcat

In attempt to bring some sensible discussion to these boards ...

I need to find a home for my £300k deposit whilst i look for a new house.

My first idea was to split it all between Kuapthing and Firstsave. Kuapthing were very efficient in getting the account up and running but I got put off when I saw that little clause and found the bank evasive when i asked them about it so just limited it to just £35k. Firstsave seems to be slow in getting their act together which doesn't inspire confidence so I may limit that one to just £35k as well. I will probably stick another £7k in an Isa.

That still leaves £220k earning crappy interest rates. I can't tie it up for a long period as i will still need it for that house. Saying that, it could be sitting there for sometime after seeing what is happening with house prices. Three of six houses I looked at last month have dropped their asking prices between 5-10% since (Surrey area). No decent properties coming up anymore either.

I would be interested to know if anyone would recommend I keep with my original plan to split it between the two banks? The alternatve could be worse for me. I typically can't stand holding cash and when I have any spare I usually splash it on an emerging market EFT. However the last 6 months have been extremely painful for me (i could have bought my new house for cash with the amount I have lost to date) so much so that for the first time i am considering savings accounts!!

So please, some sensible suggestions before i blow it on something stupid. I have a pretty (very) high risk tolerance (as long as the upside is equally high) and need something for a 1-6 month timeframe.

Looking forward to more of the banal comments from shindigger and the rest of the Icelandic sales mob but hopefully there will be some normal people out there.

shindigger

imcat wrote: »

In attempt to bring some sensible discussion to these boards ...

I need to find a home for my £300k deposit whilst i look for a new house.

My first idea was to split it all between Kuapthing and Firstsave. Kuapthing were very efficient in getting the account up and running but I got put off when I saw that little clause and found the bank evasive when i asked them about it so just limited it to just £35k. Firstsave seems to be slow in getting their act together which doesn't inspire confidence so I may limit that one to just £35k as well. I will probably stick another £7k in an Isa.

That still leaves £220k earning crappy interest rates. I can't tie it up for a long period as i will still need it for that house. Saying that, it could be sitting there for sometime after seeing what is happening with house prices. Three of six houses I looked at last month have dropped their asking prices between 5-10% since (Surrey area). No decent properties coming up anymore either.

I would be interested to know if anyone would recommend I keep with my original plan to split it between the two banks? The alternatve could be worse for me. I typically can't stand holding cash and when I have any spare I usually splash it on an emerging market EFT. However the last 6 months have been extremely painful for me (i could have bought my new house for cash with the amount I have lost to date) so much so that for the first time i am considering savings accounts!!

So please, some sensible suggestions before i blow it on something stupid. I have a pretty (very) high risk tolerance (as long as the upside is equally high) and need something for a 1-6 month timeframe.

Looking forward to more of the banal comments from shindigger and the rest of the Icelandic sales mob but hopefully there will be some normal people out there.

You seem to know what youre doing with your money.
I wonder why you felt the need to post all that?
I thought you had it all worked out??
If i needed THAT MUCH information, i would have A. Started a new thread and B. Not expected anyone to take seriously anything i had said in prior posts.
Why do you think anyone in this particular thread gives a monkeys what you do with your alleged cash? Just trying to give yourself some badly needed gravitas i'd say. Sniff sniff. I know that smell.
Im now letting this drop. This thread needs to die.
Start a new one with your "query" if you must.

bristolleedsfan

imcat wrote: »

I need to find a home for my £300k deposit whilst i look for a new house.

If u want the highest rate stick it in Kaupthing Edge, If u want to be safety first stick it in Northern Rock.

If only life was so simple. :rolleyes2

imcat

ianmr65 wrote: »

From first directs terms

14.6 We may transfer all or any of our rights in relation to your account(s). We may also transfer any of our obligations but only to someone we reasonably consider capable of performing them. You may not transfer any of your rights or obligations in relation to your account(s) or transfer or assign any account or deposit.

This means that in theory first direct customers have signed up to having there accounts transfered anywhere!!:eek: :eek:

Course it doesn't in practice. It's there so they can sell the debt on to a debt collection agency if you default.

Nevertheless. Chris Woods or Imcat - Please stop posting about this.

Not the same thing mate. Although FD may, if they wish transfer their rights to the account, my contract still remains with them as does my right of redress and enforcement of it's performance, ie, the contracted parties have not changed. With novation, a new contract comes into force with a new third party. Agreement is required by all three parties for a contract to be novated hence need for the clause in KT's terms. To quote the applicable law ...


Chitty on Contracts, (29th ed), at para. 19-085:

“Novation. There is no doubt that with the consent of both contracting parties all contracts of any kind may be transferred, and the term ‘novation’ has been introduced from Roman law to describe this species of transfer. Novation takes place where the two contracting parties agree that a third, who also agrees, shall stand in the relation of either of them to the other. There is a new contract and it is therefore essential that the consent of all parties shall be obtained: in this necessity for consent lies the most important difference between novation and assignment.”