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  • FIRST POST
    • MSE Guy
    • By MSE Guy 30th Sep 09, 11:05 AM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: Icesave compensation and Isa deadlines loom
    • #1
    • 30th Sep 09, 11:05 AM
    MSE News: Icesave compensation and Isa deadlines loom 30th Sep 09 at 11:05 AM
    This is the discussion thread for the following MSE News Story:

    "Savers who had money in collapsed Icelandic bank Icesave have just over two weeks to claim compensation or risk losing their money for good..."


Page 1
    • Annabee
    • By Annabee 1st Oct 09, 10:47 AM
    • 596 Posts
    • 454 Thanks
    Annabee
    • #2
    • 1st Oct 09, 10:47 AM
    • #2
    • 1st Oct 09, 10:47 AM
    Well thanks MSE for the heads-up!

    Have got the money back, but not got round to arranging replacement ISAs yet. Had no idea there was any deadline.

    How exactly did the goverment/FSCS think people were supposed to know this?

    I will have to do something about it immediately and hope its in time. If not for happening to see this on MSE I would have lost the ISA allowance.
    • ScarletBea
    • By ScarletBea 1st Oct 09, 11:08 AM
    • 2,788 Posts
    • 4,163 Thanks
    ScarletBea
    • #3
    • 1st Oct 09, 11:08 AM
    • #3
    • 1st Oct 09, 11:08 AM
    You say that, hower the ISA deadline was extremely advertised and warned at the time of the compensation return, including in the letter from the FSCS that came with the cheque.
    Being brave is going after your dreams head on
    • Annabee
    • By Annabee 1st Oct 09, 12:19 PM
    • 596 Posts
    • 454 Thanks
    Annabee
    • #4
    • 1st Oct 09, 12:19 PM
    • #4
    • 1st Oct 09, 12:19 PM
    Was it? Well I didn't see it, and usually I am quite good at 'reading the small print'.
    They can't havegiven it enough prominence.
    • noh
    • By noh 1st Oct 09, 12:31 PM
    • 5,315 Posts
    • 3,609 Thanks
    noh
    • #5
    • 1st Oct 09, 12:31 PM
    • #5
    • 1st Oct 09, 12:31 PM
    The ISA reinstatement certificate you have has a "use by" date of 5th April 2009 on it. This date was extended to 5th October because of delays in issuing the certificates to some ISA account holders.
    It was well publicised.
    http://www.fscs.org.uk/consumer/latest_news/2009/apr/Icesave_ISA_Reinstatement_Certificates/
    • oldagetraveller
    • By oldagetraveller 1st Oct 09, 3:22 PM
    • 3,288 Posts
    • 1,787 Thanks
    oldagetraveller
    • #6
    • 1st Oct 09, 3:22 PM
    • #6
    • 1st Oct 09, 3:22 PM
    This alert was also in the "money" section of yesterdays Daily Mail.
    R.I.P. U.K. Democracy.
    • geoffreyq
    • By geoffreyq 7th Oct 09, 7:12 AM
    • 27 Posts
    • 6 Thanks
    geoffreyq
    • #7
    • 7th Oct 09, 7:12 AM
    • #7
    • 7th Oct 09, 7:12 AM
    ..........in the letter from the FSCS that came with the cheque.
    Originally posted by ScarletBea

    You have a cheque???!!! Has any one else actually received money from the FSCS?

    Now two weeks after cheque should have arrived from my maturing Icesave deposit, they tell me that the post is very bad and to allow 28 days after maturity date before contacting them again....why, oh why do they refuse to allow BACS transfers and insist on posting cheques for 50,000 in the middle of a postal strike campaign??
    • ScarletBea
    • By ScarletBea 7th Oct 09, 11:49 AM
    • 2,788 Posts
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    ScarletBea
    • #8
    • 7th Oct 09, 11:49 AM
    • #8
    • 7th Oct 09, 11:49 AM
    I've received 3 cheques from the FSCS: one for my ISA back in December, one fixed bond in March and another fixed bond last week, 5 days after maturity
    Being brave is going after your dreams head on
    • KingL
    • By KingL 7th Oct 09, 1:50 PM
    • 1,670 Posts
    • 752 Thanks
    KingL
    • #9
    • 7th Oct 09, 1:50 PM
    • #9
    • 7th Oct 09, 1:50 PM
    I had money (cheque) from FSCS. I think that some 100,000+ people have.

    But they aren't set up to deal with BACs. I guess that it's because, prior to Icesave, the number of claimants have been much smaller so there was less of a 'need' to have efficient electronic systems.

    There was a big consultancy exercise after they cleared the bulk of the Icesave paments to look at how they can do things better in future. IIRC, introducing payment via BACs was one of conclusions, but I don't think it will be happening in time to help Icesavers.
    • KingL
    • By KingL 9th Oct 09, 5:30 PM
    • 1,670 Posts
    • 752 Thanks
    KingL
    Possible light-on-the-horizon scenario wrt the FSCS and the postal strike
  • oakhouse13
    'Despite its failure, no Icesave saver with UK-based funds will have lost a penny after the Government agreed to reimburse those affected'

    I wanted to put on record that other media writing about this story do not say that savers did not loose a penny. Savers who are also taxpayers have loaned the Icelandic government 2.3 billion which Iceland has 8 years to repay after which UK taxpayers will loose any outstanding amount. The Icelandic government has yet to repay anything, not that I agree is was ever justified to exploit Iceland's economic mess for the sake of a few percentage points of extra interest.
    • nilrem
    • By nilrem 31st Dec 09, 10:14 AM
    • 2,147 Posts
    • 1,965 Thanks
    nilrem
    'Despite its failure, no Icesave saver with UK-based funds will have lost a penny after the Government agreed to reimburse those affected'

    I wanted to put on record that other media writing about this story do not say that savers did not loose a penny. Savers who are also taxpayers have loaned the Icelandic government 2.3 billion which Iceland has 8 years to repay after which UK taxpayers will loose any outstanding amount. The Icelandic government has yet to repay anything, not that I agree is was ever justified to exploit Iceland's economic mess for the sake of a few percentage points of extra interest.
    Originally posted by oakhouse13
    And you choose to ignore the billions that UK taxpayers have paid out to support British banks such as RBS etc who were not exactly run efficiently! As far as I understand the amount paid out to protect UK savers in Icelandic banks is utterly dwarfed by the huge amount paid to keep some UK banks running!

    Even now many taxpayers are sickened by the continuing greed of UK bankers who are still milking the system at our expense, IMHO the Icelandic issue pales into insignificance compared to the activities of some UK financial institutions!
  • oakhouse13
    You're right. I was not ignoring British bank bailouts. My comment was a response to the claim that no Icesave saver with UK-based funds will have lost a penny which seems to me a very biased and blinkered view. It was that sort of blinkered advice, one that resolutely ignored common sense in pursuit of a few extra pence, that led so many decisions that when taken in the round, were plain wrong.

    I spent the first decade of 2000 living pretty much as I did during the 90s, 80s, 70s and 60s. I'll be glad to see the back of the decade of debt.

    Happy New Year and I wish anyone struggling with debt good fortune, I hope things get better for you and you find a way of winning back your independence. Just don't be tempted by the salesmen on commission to throw it away again on fancy financial products you can do without. Remember, the salesman cares only about collecting his commission.
    Last edited by oakhouse13; 31-12-2009 at 5:48 PM.
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