View Full Version : 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
iannewson
19-10-2008, 10:43
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)
KennyVader
19-10-2008, 11:11
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.
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
interest was 'calculated daily', but as its not in the account does that mean it will never be seen? :(
NicolaUK
24-10-2008, 18:01
Icelanders are not terrorists, Mr Brown:
http://indefence.is/Home
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.
Mr Silly
25-10-2008, 08:17
So we should be getting the money back in a month
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!
iannewson
25-10-2008, 13:52
Where have you gotten that info from? I can't see any updates anywhere!
http://www.fscs.org.uk/consumer/
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
Dick Long
25-10-2008, 19:15
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.
well thats good news, just got to figure where to put it when i do get it back!!
anyone had any letter yet? have they been sent?
Mr Silly
03-11-2008, 18:44
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
anyone had any letter yet? have they been sent?Nothing here yet
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?
Mr Silly
04-11-2008, 22:02
Just got this email
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
sharp_circle
05-11-2008, 00:12
errrr, maybe you shouldn't post that on here......
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.
:D
I got the email too. However, I can't remember if I added a nominated account!
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
still average joe
06-11-2008, 13:43
TBH i cant be bothered to read all that, whats the gist of it? What do we need to do to get our money?
TBH i cant be bothered to read all that, whats the gist of it? What do we need to do to get our money?
wait for email #2 telling you you can now log in to transfer it
still average joe
06-11-2008, 15:05
Cheers
Mr Silly
08-11-2008, 12:29
now can I remember my login details...
still average joe
12-11-2008, 12:58
Got 2nd email and transfer to current account done. Even paid the interest. Very straightforward.
is your sir name early in the alphabet, are they doing it alphabetically?
iannewson
13-11-2008, 17:46
Got my email today and have processed my claim :thumbs:
NicolaUK
14-11-2008, 11:58
My OH's money has arrived at his proper bank :thumbs:
Can this money just be moved into his new ISA which is at the same bank or does it still need to be transferred?
My OH's money has arrived at his proper bank :thumbs:
Can this money just be moved into his new ISA which is at the same bank or does it still need to be transferred?
I think you have to fill in a ISA transfer form and return it to the new provider
should be fairly straightforward.
Still no second email for me - and my surname starts with D!
iannewson
16-11-2008, 14:26
Still no second email for me - and my surname starts with D!
In which case:
The Telegraph reports that SPAM (junk email) filters used by some broadband ISPs, such as TalkTalk (Carphone Warehouse), have inadvertently blocked vital emails from the Financial Services Compensation Scheme (FSCS) pertaining to October's Icesave banking collapse.
The FSCS emails were supposed to inform customers about how they could access money frozen in troubled Icesave accounts. The mails were sent last Friday but failed to reach many of its intended recipients. A second one is now being issued.
Customers who think they have been affected by the problem are asked to contact the FSCS on 0845 7300 131 and should also get in touch with their ISP. 300,000 British savers had accounts worth some £4bn in Icesave, which was part of the Icelandic bank Landsbanki. Link (http://www.ispreview.co.uk/news/EkkyVlElZVUMapyhnr.html)
In which case:
Link (http://www.ispreview.co.uk/news/EkkyVlElZVUMapyhnr.html)
Thanks for that. The first one came through with no problems though so I would assume they sent it from the same server.
Will give them a buzz tomorrow anyway.
they said it wasnt being done by surname in the faq's.
still not had mine :(
Mr Silly
16-11-2008, 18:54
me neither, but I wouldn't worry. They won't just let it go
No 2nd email here either as yet. Maybe it goes on amount!
got my money, anyone received the letter that is meant to follow allowing you to reinvest your isa in another bank?
KorkyKat
23-11-2008, 22:09
Once transferred after the second e-mail you will receive a further e-mail thus:
"We have received your instructions for your account.
If you have more than one Icesave account for which you wish to be paid compensation using the FSCS depositor compensation payment process, please repeat the process for each account.
Your compensation will be paid into your nominated account by an electronic transfer. This will take about five working days.
If your account was a fixed rate savings account and you have chosen to keep it until maturity FSCS will send you an application form to complete and return.
FSCS is pleased to have been able to help you.
Thank you."
Make sure you type in the exact url for Icesave and make sure it says https and show the lock symbol.
;)
If you have more than one Icesave account
what do they define as account?
i have 3 what i would call accounts within 1 icesave login (which still hasnt had the 2nd email :mad: )
Oddfella
25-11-2008, 14:29
I'd define that as 3 accounts - you'd need to do 3 transfers (although just need to log in once).
Had my 2nd email today and did the transfers - I had an ISA and a Saving Account.
Bah! I don't have a linked account so I have to do it by paper application which I received yesterday.
Mr Silly
26-11-2008, 20:23
My email came today
so no one with an isa received the letter allowing you to re invest it yet ?
i havent (although not got my money back yet either but thats now processing), i was going to just open another as i only had 1 years worth with icesave. no idea if it will work though.
iannewson
06-12-2008, 15:40
Certificate came this morning :thumbs: . Now to find out where to put it :thinking:
yep, mine turned up aswell, if u find anywhere good to put it, let us know!!!!
Mr Silly
07-12-2008, 10:58
yep, mine turned up aswell, if u find anywhere good to put it, let us know!!!!My tip is to put it in the stock market. May sound mad, but you're not going to get much of an interest rate. Yes shares will probably continue to fall, but long term they'll do well.
Perhaps HBoS? Surely once the Lloyds TSB takeover goes through they should pick up and be a good long term bet. 10 years time that could be worth a lot of money
how long did your certificate take to come?
iannewson
11-12-2008, 22:17
yep, mine turned up aswell, if u find anywhere good to put it, let us know!!!!
This (http://www.abbey-products.com/savings/direct-isa/icesave/preapply.html) is what I have gone for.
iannewson
11-12-2008, 22:21
how long did your certificate take to come?
Mine was just under 4 weeks from recieving the email to getting the certificate
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