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Old 19-10-2008, 10:07   #1
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the icesave thread

i have money in icesave both in a regular savings account and an easy access isa,am not so worried about not getting my money anymore but am wondering how long its gonna be before anything happens about compensation or savers being allowed to get their money,
thought id post this thread so anyone could put up any information they have received or find online as im sure there are other forumites who have money in icesave
thanks
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Old 19-10-2008, 10:43   #2
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From what I've heard, claim forms will be sent out in the next few weeks by the FSA. After that it will take about 3 months for them to process everything ( at least I would think)
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Old 19-10-2008, 11:11   #3
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I am not with icesave, but some newspaper I've read in the last week or two said that Brussels has said that each country's savings guarantee scheme must pay out within three months. How true it is, whether it applies to Icesave, whether the UK takes any notice of Brussels ... I don't know.
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Old 19-10-2008, 12:16   #4
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read something in the paper yesterday about customers of icesave not being able to print out their balances and this would effect their chances of compensation, ive already printed out my balnces a while ago but i went on and checked and can still access my accounts so dont know what that story was about
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Old 19-10-2008, 16:14   #5
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interest was 'calculated daily', but as its not in the account does that mean it will never be seen?
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Old 24-10-2008, 18:01   #6
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Icelanders are not terrorists, Mr Brown:

http://indefence.is/Home
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Old 24-10-2008, 20:44   #7
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Quote:
Originally Posted by NicolaUK View Post
Icelanders are not terrorists, Mr Brown:

http://indefence.is/Home
A classic example of function creep. The same can happen with any tool placed at the government's disposal, under the banner of 'stopping terrorism'.

That's why we must stop this lot in power comissioning the centralist communications database and the Id database. It would also help save the odd 20 billion here and there too.
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Old 25-10-2008, 08:17   #8
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So we should be getting the money back in a month
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Old 25-10-2008, 10:55   #9
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Originally Posted by Mr Silly View Post
So we should be getting the money back in a month
Where have you gotten that info from? I can't see any updates anywhere!
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Old 25-10-2008, 13:52   #10
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Where have you gotten that info from? I can't see any updates anywhere!

http://www.fscs.org.uk/consumer/

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The automated payment process is expected to be in place in ten days time and the first payments are scheduled to start in the second week of November. We expect to offer compensation to the vast majority of retail depositors in November
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Old 25-10-2008, 19:15   #11
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A classic example of function creep. The same can happen with any tool placed at the government's disposal, under the banner of 'stopping terrorism'.
Should have just sent a gunboat, like in the old days.
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Old 26-10-2008, 09:29   #12
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well thats good news, just got to figure where to put it when i do get it back!!
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Old 03-11-2008, 17:07   #13
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anyone had any letter yet? have they been sent?
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Old 03-11-2008, 18:44   #14
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Originally Posted by wif100 View Post
well thats good news, just got to figure where to put it when i do get it back!!
I might buy shares in HBoS. It could be dangerous, but at the price they're at and with the prospect of them and Lloyds TSB becoming a super bank, it could be worth quite a bit in the future. Mad? Probably. But when the Icesave problems were first announced, did you not think for at least a second you may have lost all of your investment

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anyone had any letter yet? have they been sent?
Nothing here yet
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Last edited by Mr Silly; 03-11-2008 at 18:45.
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Old 03-11-2008, 19:16   #15
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Nothing at the moment either. Are we going to be able to reinvest it in an ISA without having to start all over again? i.e. only 3.6k?
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Old 04-11-2008, 22:02   #16
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Just got this email

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Dear Icesave account holder

Icesave accounts with the London branch of Landsbanki Islands hf

This email has been sent to you because records available to us indicate that you hold an account with Icesave. If you do not hold such an account, please contact us by email at enquiries@fscs.org.uk

The Financial Services Compensation Scheme (FSCS) is pleased to confirm the arrangements by which account holders with Icesave will be paid compensation. This will be done through a streamlined electronic process using the bank account that was nominated by you for the purpose of receiving funds from your Icesave account.

Icesave was operated by the UK branch of Landsbanki Islands hf, an Icelandic bank, which stopped doing business on 7 October 2008 and, for the purpose of claims to the FSCS, was declared to be in default on 8 October 2008. Depositors with Icesave are protected for the first part of their loss by the Icelandic Depositors’ and Investors’ Guarantee Fund (DIGF) and for the next part of their loss (up to £50,000) by the FSCS. On 8 October 2008, the Chancellor of the Exchequer confirmed that all depositors with Icesave would be paid their deposits in full, including what they are entitled to from the DIGF and the FSCS and any amounts above the maximum compensation payable by the FSCS.

This communication sets out the basis on which compensation will be paid to you. The full payment will be arranged by the FSCS, although HM Treasury (HMT) will in the first instance fund amounts to which depositors are entitled from the DIGF and, if applicable, amounts above the current FSCS limit of £50,000. Depositors will be paid without needing to submit a separate application either to HMT or the DIGF.

We will be using the existing Icesave website to pay compensation. You may notice that the website looks a bit different. This is because we have removed some of the images on the website to improve its performance during the electronic payment process. The website will be unavailable this week whilst we develop it to pay compensation. Please also be aware that the log on process will be the same as usual and although you will be asked to confirm your nominated account details you will not be asked to provide these details.

As noted above, compensation will be paid into your nominated account (that is the linked account you nominated for your account with Icesave). Although instructions received via the Icesave website on or before 7 October 2008 to change the details of that nominated account will be processed, no further changes will be possible if you wish to receive payment in this way. This is for your security.

We are aware that some customers will not be able to take part in the electronic payment process for a variety of reasons, such as not having a nominated account set up, or where notification has already been given to Icesave that the account holder is deceased. We have tried to identify these account holders and will begin sending out application forms to them from mid-November 2008 onwards. If you fall into this category, you do not need to take any further action at this time. The non-electronic process will be slower (we aim to complete this process as far as possible within 6 weeks of receipt of a completed application form), but you will receive the same amount of compensation no matter which process you use (unless you hold a fixed rate savings account and opt to await payment until the end of the term).

The Icesave systems were not designed to pay all deposits at once. The electronic payment process will be phased to manage the demands on the systems and in the interests of security. Over the next three to four weeks, depositors will be sent a further email inviting them to initiate the payment process. These emails will be phased and sent in batches. Once you have received this invitation email, please log in and follow the instructions on the Icesave website as soon as possible after receiving your invitation email. If you do not receive this second email by 4 December, please contact Icesave’s Customer Services Helpline on 0845 605 8050.

This electronic payment process will operate on the following basis:


You will need to log on and access your account as usual. The same security measures will apply, including your User ID, unique password and memorable information. You will be guided through a process where you will be asked to confirm the balance of your Icesave account, and then make your application for compensation. This process will take a short while to complete, and you should be paid your compensation within five working days of completing the application.


For instant access account holders, you will be able to be paid into your selected nominated account. You will be paid the principal sum and interest accrued up to and including 7 October 2008.


For ISA holders, the same process will apply as for instant access account holders. An ISA certificate will follow by post to allow you to reinvest that sum in an ISA with another provider. The money you held in your ISA will not lose its tax-free status if you reinvest by 5 April 2009. You should receive your ISA certificate within 2 weeks of claiming compensation using the electronic process and you will have to give this certificate to your new ISA provider when you open your ISA with them. You should ask for an ISA transfer form from your new ISA provider.


For fixed rate savings account holders, Icesave offered a range of accounts which are not repayable in full before their maturity (in some cases for up to three years). If you wish, you will be able to use the same electronic payment process to be paid the principal sum plus interest on that sum up to and including 7 October 2008. In other words, you do not have to wait until the end of the fixed term to have your money back. As above, payment will be made to your selected nominated account. On the other hand, if you prefer to wait until the end of the fixed term, and receive interest which would have been due at maturity, the electronic process option is not available to you. However, you should still log on to the website and tick the appropriate box to confirm that this is your wish. At that time, we will be notified that you wish to wait until the end of the fixed term and we will then send you an application form to complete and return to the FSCS. As described above, this process will be slower, although we aim to complete this process so far as possible within 6 weeks of receipt of a completed application form, with payment following the maturity date of the account. You should also be aware that if you hold a fixed rate savings account that pays interest on a monthly, quarterly, or annual basis, and you decide to hold that account until maturity, you will not be paid any interest prior to maturity.


If the account you hold with Icesave is a joint account, the invitation email will be sent to the first named account holder, in accordance with the account terms and conditions. This will enable your joint savings to be paid to the first named account holder. As described above, electronic payment will be made to your selected nominated account. If you do not wish payment to be made in accordance with the account terms and conditions, you will need to inform the FSCS and we will send you a paper-based application form to complete.

When you access the Icesave website to proceed with the payment process, you will be asked to confirm your identity and the details of your selected nominated account. In addition, before the payment can be made, you will be asked to confirm that you accept the payment in satisfaction of your claim for compensation against the FSCS, and to confirm the transfer of your claims against the DIGF, Landsbanki Islands hf or any other party in connection with your Icesave account to the FSCS. This will enable the FSCS to seek to recover the cost of paying compensation to you from the DIGF, Landsbanki Islands hf or any other relevant party.

We hope that this communication has explained what to expect. Please now wait for the next email which will invite you to seek payment of compensation. You do not need to do anything more until you receive your next email.

We believe this electronic payment process best meets the needs of the vast majority of Icesave account holders by offering a relatively quick payment mechanism and avoiding the inconvenience of completing paper application forms and awaiting payment by cheque.

If you have any questions, please contact FSCS’s Customer Helpline on 0845 7300 131 (Icesave enquiries only). If you have any queries regarding the online operation of your Icesave account, please contact Icesave’s Customer Services Helpline on 0845 605 6050.

Yours faithfully

FSCS

This e-mail and the information it contains may be privileged and/or confidential. It is for the intended addressee(s) only. The unauthorised
use, disclosure or copying of this e-mail, or any information it contains, is prohibited and could, in certain circumstances, be a criminal offence. If you are not an intended recipient, please notify us immediately.

The Financial Services Compensation Scheme Limited
7th Floor
Lloyds Chambers
1 Portsoken Street
London E1 8BN
Registered in England & Wales No. 3943048

Switchboard: 020 7892 7300
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Old 05-11-2008, 00:12   #17
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errrr, maybe you shouldn't post that on here......

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This e-mail and the information it contains may be privileged and/or confidential. It is for the intended addressee(s) only. The unauthorised
use, disclosure or copying of this e-mail, or any information it contains, is prohibited and could, in certain circumstances, be a criminal offence. If you are not an intended recipient, please notify us immediately.
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Old 05-11-2008, 00:34   #18
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I got the email too. However, I can't remember if I added a nominated account!
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Old 05-11-2008, 07:54   #19
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I got the email too. However, I can't remember if I added a nominated account!
on the fsc website it said everyone nominated one when they set it up, i hope this is right as i cannot remember either and have never made a withdrawel
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Old 06-11-2008, 13:43   #20
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TBH i cant be bothered to read all that, whats the gist of it? What do we need to do to get our money?
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