SunnySideUp

I've had the first e-mail .... still waiting for the second one to access my accounts and transfer the funds.

Anyone here had both e-mails?

GC8

Whats the chance of this being anything other than trolling crap?

john banks

Not had second email, but leaving it there until May earning 7% since it is now government guaranteed.

SunnySideUp

Whats the chance of you 'not' following my every post?

SunnySideUp

Right, you have a fixed term bond?

I just had a normal ISA and a feeder account for ths ISA - interest stopped being paid on 7th October 2008 is my understanding, are you sure you are earning anything on your bond?

GC8

Dont flatter yourself: you arent that interesting (apart from to yourself it seems).

dpb

pretty high

GC8

If so then why not use his real/normal persona?

Jye

He probably cant remember all his passwords. He's over 70 mind

dpb

70 user names forshore

john banks

The first email confirms that fixed term bonds will have the full amount of interest paid if left until the maturity date.

If you take the money now from an ISA, normal savings account or fixed rate bond, you just get the interest until 7/10/8 which they have already credited to the account - which can be seen on the balance when you log in.

I initially expected to only see £16k from the UK government since the other £19k was on the passport scheme which Iceland/Landsbanki would not pay out for. Had this happened I suspect a lot of self employed people would not have been paying their income tax bills in January, through choice/protest or through insolvency. I would have gone along with a protest, since the FSA were asleep on this one, not providing clear information to UK consumers that the passport scheme was useless. I'm pretty careful about these things, and it escaped my notice at the time, I thought splitting money to below the FSCS limits would be enough.

PaulC72

i would be interested in a general poll on peoples usernames as many have multiple ones, I am not interested in who has X amount but would be interested in how many people have, I don't however know how to create a poll lol.

Petem95

Yep, got my second email last Thursday and transfered funds then, and got them in my HSBC account this morning

Decided to leave the 2 year fixed rate account with them until maturity as almost 7% AER is impossible to get at the mo elsewhere.

PS check your junk mail folders as some of the mails I've had from FSCS have ended up in there!

SunnySideUp

Cheers Pete, John, I'll keep a watching brief then - it's happening and eventually I should get my e-mail.

I also didn't spot the 'Passport' arrangement, glad that the UK Government stepped up to refund our money!

andys

Well mine was ready to transfer before I got the second mail so it could be worth checking.

albob

No second email yet. i've logging in, but when press the ''initiate'' button i cant go any further. Might be worth another try tomorrow..............

Midlife......

iTrader: (2)

Why are my "tax dollars" paying for individuals who decided to save in a foreign bank

Sorry guys, but prostituting yourselves from the UK taxpayer stinks.

Shame on you

Shaun

SunnySideUp

The Bank I invested in was a London branch of Landsbanki UK Bank, paying Taxes into the UK and regulated by the FAS of the UK.

The guarantee was for a total of £35,000 (now £50,000) under the terms of the Passport Guarantee (Iceland picking up the bill for a certain amount). Anything over and above the Icelandic + FSA obligations is a guarantee signed up to by the TaxPayers of the UK.

Peanuts

iTrader: (15)

You collectively looked at the potential for greater returns by investing in higher risk products.
Had the risk paid off and you received over and above, would you have offered to pay more to the state?

Therefore you should be entitled to **** all imo.

Ironic that those benefitting are often those in society who need it least.

SunnySideUp

Yes, you are quite correct, the intelligent do tend to look at the market and take the greatest return on offer. The risks were zero as there was a guarantee with the product guaranteeing investments up to a certain level (those who invested more than that level were taking a risk, you are right).

My view is that a guarantee is just that, a guarantee. Therefore it should be honoured.

Whether investors with more than that guaranteed level should have been bailed out is not for me to decide upon.

john banks

There is little value taking a protectionist stance, otherwise it works the other way and we get no benefit from trade with other countries. They were authorised and regulated to operate in the UK, and indeed some of their banking infrastructure was using a British building society. I would not have invested without a guarantee, just as I wouldn't put more than the compensation limit into one account even before the credit crunch was heard of.

The problem here is that savers were being robbed through inflation. 7% for a basic rate tax payer nets to only 5.6%, and with inflation for many people having exceeded that over the last year then you end up with ZERO RETURN even with Icesave.

Savers seeking a good return in accounts that were advertised as guaranteed are not the problem. An unsustainable debt boom and now bust is the problem, driving people into a lifetime of debt to purchase overfuelled assets. We will be paying far more to bail out the debtors than we will bank depositors.

I would love to live in a country with sustained low inflation (including in housing) and a small safe return for savers with an after tax interest rate just above. Then people would save, they would invest in stable industries and create real wealth instead of just buying and selling housing and "luxury" consumer goods.

Whilst we're here, I'm lending far more than I had deposited in "foreign" banks to the government through investment in National Savings.

The reason the authorities are so scared of deflation is that they can't keep robbing us and making complex financial products to do so. If there was no inflation, money under a mattress would be just as good, then there would be no tax on the interest. There would be no chance to inflate away debt.

The US are printing money for their latest $800bn bail out. I'm thinking it is time to buy gold again, gone up 10% in a few days since this news.

I have little faith in the pound and if it was convenient I would have most of my hard earned savings and future house money in other currencies. I think they'll trash the pound by printing money as well. In our fraudulent banking system it is just too tempting. I fear the most horrendous inflation afterwards, that will be the time to be in commodities and housing again.

unclebuck

Chris L

I had the second email on the 18th and all the funds were paid into my current account this morning (within the 5 working days specified by the FSCS) :-) Have to say I've been very impressed in how the FSCS has handled it all.

SunnySideUp

Got the second e-mail ..... quick to process too

Now, where to dump the ISA? NatWest? Scottish Widows?

Chris L

The Natwest ISA has some good returns at the moment

Petem95

Agreed

I expected endless form-filling, but it was all done via email and very the way they took over the website to let you log-in as normal and then reclaim your cash was excellent.

Saying that I've got to claim some fixed rate bonds by filling out forms, but I'm sure that process will be fairly painless too, and it's worth it to get the good return in terms of interest rate

SunnySideUp

Had a couple of e-mails agreeing my claim

Looking good - smooth and easy .....

Interest rates are falling all around, it's going to be tough to get an inflation busting rate anymore

john banks

Email today. Opted to leave it in to the end of the fixed rate term.

RON

Well, as unexpected as it was, and very quickly from what we were originally led to believe, my mum had her money turn up today.... deposited into her regular bank..... now then, what to do with it this time...LOL!!!

PS, Hi john...!!! long time no see round these parts!!!

john banks

May I suggest spending her money on a deposit for a luxury two bed flat, I heard that if you buy them off plan you can make a killing, and then rent them out.






























Oh, sorry, it isn't 2006