Araf Posted October 7, 2008 Author Report Share Posted October 7, 2008 Yes, it's because my mortgage is with them. I want to remove the risk of my tax money being taken to pay off my mortgage. Are you planning to default? No, I think that would be very stupid, in my position. The reason is, that I have heard that if a bank goes down, they can offset any savings you have against what you owe them. If they took my savings, and didn't leave me enough to pay Mr Darling, then I would be into penalties, and have to sort out other funding. I have yet to find anything to disprove the rumour, or indeed to advise if the offset would be a part of the guaranteed amount or not. I just want to save the hassle, however remote the risk. Link to comment Share on other sites More sharing options...
Nelson Posted October 7, 2008 Report Share Posted October 7, 2008 Anyone else have money in Icesave? feking nightmare mate - hope it works out ok... Link to comment Share on other sites More sharing options...
sportbilly Posted October 8, 2008 Report Share Posted October 8, 2008 Kaupthing Edge have now gone under. Hope I'm covered or I've just lost £37k. Did loads of checking too and unfortunately believed their bullshyate about being very strong. Have heard that ING have taken over the UK deposits but I'm with their offshore savings based on the Isle of Man - this could well cost me the Boxster next year Link to comment Share on other sites More sharing options...
Purdie Posted October 8, 2008 Report Share Posted October 8, 2008 Kaupthing Edge have now gone under. Hope I'm covered or I've just lost £37k. Did loads of checking too and unfortunately believed their bullshyate about being very strong. Have heard that ING have taken over the UK deposits but I'm with their offshore savings based on the Isle of Man - this could well cost me the Boxster next year Very sorry to hear that We had a substantial sum with Icesave who went down yesterday. Icelandic guarantee looks wothless but fortunately that very nice Mr Darling has now said that we will all be covered under the UK scheme If you are with an offshore branch I dont think you will get cover under the FSA sceme but I really hope I'm wrong. Link to comment Share on other sites More sharing options...
mikesom Posted October 8, 2008 Report Share Posted October 8, 2008 Kaupthing Edge have now gone under. Hope I'm covered or I've just lost £37k. Did loads of checking too and unfortunately believed their bullshyate about being very strong. Have heard that ING have taken over the UK deposits but I'm with their offshore savings based on the Isle of Man - this could well cost me the Boxster next year Very sorry to hear that We had a substantial sum with Icesave who went down yesterday. Icelandic guarantee looks wothless but fortunately that very nice Mr Darling has now said that we will all be covered under the UK scheme If you are with an offshore branch I dont think you will get cover under the FSA sceme but I really hope I'm wrong. That nice Mr Darling is probably more worried about the local Councils who have money with Icesave rather than you or I ! I too had a small sum with them and am waiting to see if I got it out in time. Cannot log into Icesave and the money has not appeared anywhere else. Link to comment Share on other sites More sharing options...
Purdie Posted October 8, 2008 Report Share Posted October 8, 2008 That nice Mr Darling is probably more worried about the local Councils who have money with Icesave rather than you or I ! I too had a small sum with them and am waiting to see if I got it out in time. Cannot log into Icesave and the money has not appeared anywhere else. I think the exact reverse is true. It's the psychological effect of letting the man in the street lose money that he is desperate to avoid. He hasn't yet said anything about protecting the deposits made by Councils. Link to comment Share on other sites More sharing options...
mikesom Posted October 8, 2008 Report Share Posted October 8, 2008 That nice Mr Darling is probably more worried about the local Councils who have money with Icesave rather than you or I ! I too had a small sum with them and am waiting to see if I got it out in time. Cannot log into Icesave and the money has not appeared anywhere else. I think the exact reverse is true. It's the psychological effect of letting the man in the street lose money that he is desperate to avoid. He hasn't yet said anything about protecting the deposits made by Councils. Look at the BBC site where it is mentioned although he does mention "Retail" customers specifically. The consequences of my local council losing its money is of much more importance to me than the stock market jitters. Link to comment Share on other sites More sharing options...
Purdie Posted October 8, 2008 Report Share Posted October 8, 2008 But it's not just stock market jitters at stake is it? Once the man in the street loses his savings due to a bank going bust then all confidence in the banks will evaporate instantly. Link to comment Share on other sites More sharing options...
mikesom Posted October 8, 2008 Report Share Posted October 8, 2008 But it's not just stock market jitters at stake is it? Once the man in the street loses his savings due to a bank going bust then all confidence in the banks will evaporate instantly. Yes I agree that our economies are sustained by confidence. The "man in the street" knows very little about the banking system or the workings of the stock market. As has been said on the BBC comments page we rely upon the regulators to ensure that the banks etc. are secure and solvent. The ways in which some of these banks have been operating seem to have little regard for the "man in the street" more for profits. The share price of the banks however seemed to precipitate the rescue package just released so "stock market jitters" was the motivation. My concern is where the money for these measures will come from when the banks cannot raise the funds between themselves. Link to comment Share on other sites More sharing options...
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