'Icesave... angry, frustrated and upset...' blog discussion

annvan215 · 7 October 2008 at 6:48PM

carlsimon wrote: »

i put £9500 in an icesave Isa just 2 months ago. and now i don't know if i will get my money back. Just b4 8am this morning i took the lot out by BACS but it takes 4 days to clear and it says processed and the balance in icesave is 0. so i wanna know if my money will go in my bank account i transferred it too.?? just after 8am they said you could not take out any money and my account in icesave still says 0. So will it go through to my normal bank account in 4 days or not?????
thanks carl.

I put through two CHAPS requests last night for our 2 ISA's, which were set to go out today. Although it looked as though the transfers had been completed and the money left our accounts, it hasn't appeared in our current account today as expected and our bank is unable to see a pending payment. I spoke to someone at Icesave who said that although the request was made last night, it wasn't due to go until today, by which time all transactions had been suspended. Our "money" will apparently be returned to our account! Hope this helps..

loflower · 7 October 2008 at 6:56PM

My husband and I have £70,000 in icesave. thanks to this website, we moved £20,000 to make sure we were within the then limit of £35000 each required to get compensation in the "unthinkable event" it would be needed. Hindsight is a wonderful thing but I think Martin has been very clear with his spread your money around info. I was trying to move more last week but you need id etc to set up a new account and that takes more than a week!I read Fitch's report last week where it said that Landsbanki's report was on the negative and that made me try and move. Just a bit too late that's all.

GWEPM · 7 October 2008 at 7:01PM

So, assuming that the compensation scheme(s) have now kicked in, what is the procedure and where does one one get the forms from? Perhaps Martin could please post us advice and a link to the relevant forms?

snigbob · 7 October 2008 at 7:03PM

So Martin, yes I followed your comments and investigated (and invested in) both the Icesave ISA as well as the Kaupthing high interest account.

To date then my small ISA money (approx £2000) is in their system somewhere. Earlier today, I came home to move £9500 out of Kaupthing "in case" back to my main bank account. I'm trying to buy a car this month - needs must!

So I feel a little bit better hoping that a big chunk is now back in my hands - or hopefully it will be in three working days - so that I can decide how to spend it or move it around. Yes I know that it is safe with Kaupthing but it certainly feels better knowing that I have made the choice myself to move it out of there for the time being.

As for the ISA in Icesave??? ... I'll now have to wait.

However, Martin, please make sure that whatever happens, you devise / include one of the special here's one I prepared earlier "already written letters" that we can download and printoff that ticks all the relevant boxes (like the mortgage mis-selling ones) to make the whole job of "claiming" our money back even easier!

Regards,
Snig

Tee-A · 7 October 2008 at 7:08PM

thanks Coger - yes like you body swerved '
iceland'.. went to KE, but been a wee bit worried. so you post really helpful. Martin always made the compensation thing clear i think.

billinge · 7 October 2008 at 7:10PM

Well I have my last two years of ISA in ICESAVE, plus some other savings in their 'EasyAccess' Saver, and a small inheritance from my Grandad. I am hoping my wife has not put our other saving in their.

However, is it me or are we perhaps jumping the gun in pannicking just yet?
At present, ICESAVE, or its parent company certainly, is being nationalised in Iceland, which makes it another Northern Rock surely...???

So assuming the bank still operates, we should have access to our money again shortly.

If however, Landsbanki is saved and kept running and ICESAVE is wound up, then things will get interesting (looks like my new car could be in hold).

For now, I'm not going to pannick, it's not worth it until we know the facts.

I do not wish to read anyone having a go at Martin or MSE generally. Martin offers advice, it is free, and the ultimate decision is ours to take his advice. I am thankful to Martin over the years, for helping me use my money more efficiently.

Thanks Martin, keep up the good work. I know you'll guide us through this terrible time as best you can.

lilmismayhem · 7 October 2008 at 7:11PM

I have faith that both my husband and I will get our money back provided icesave goes insolvent and the FSCS kicks in, I don't really care about the interest, just MY MONEY. My question is what happens if they never actually go insolvent? At the moment I cannot withdraw nor claim compensation - how long will this go on for? How long can they legally stop you withdrawing your own hard earned cash when they are not insolvent?

I need this money for a holiday I have already paid a deposit on and must pay the balance in January. My husband's money is his inheritance - he'd be devastated if this disappeared into a black hole.

When will we know??????????

hopwood_2 · 7 October 2008 at 7:22PM

I must be one of the few idiots who actually attempted a deposit with icesave into its Easy Access account in recent days. My bank statement from a UK bank current accout shows that the money was taken from it on 30th Sept. My icesave account shows the processed balance as including that amount, but, as of 7th October, not cleared and therefore not available for withdrawal. It should have cleared on 3rd or 4th October, but didn't, so never mind freezing things on 7th; they were frozen several days ago. More importantly - where is my deposit ? Is it held by icesave, or returned to my UK bank? Seemingly neither.
The second hard lesson I've learned concerns fixed rate deposits. These with icesave are the first I've had that don't allow withdrawal under any circumstances. All the others I've ever had allow a withdrawal/closure with a loss of interest penalty. Lesson: check the small print carefully.

gordy_2 · 7 October 2008 at 7:25PM

MSE_Lawrence wrote: »

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.
Read Martin's 'Icesave... angry, frustrated and upset...' Blog.

MARTIN - PLEASE DO NOT ABANDON US!!

I like many others trusted your site to provide clear information on all aspects of our money, for this I thank you.

I read your balanced articles on Icesave and ensured I did not have more than 35k saved with this company.

I have no doubt I will receive my money back, eventually!

Please, please champion a fight to save our ISA tax wrapper with the compensation due. Many of us have many years of ISA allowances at stake.

You know that many people who use your site are Icesave Isa savers and your representation would carry a fair amount of weight.

Gordy

Sagar_Fuzz · 7 October 2008 at 7:28PM

Martin - I've just seen you on C4. You are my MSE, money guru and absolute HERO. You have nothing to defend - your advice was faultless.

Keep telling us what we need to know!

'Icesave... angry, frustrated and upset...' blog discussion

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