I've just been Northern Rocked!!!

[Donkmeister]

http://www.icesave.co.uk/

Bu**er.

All my savings are in there, and I was in there just yesterday reading a press release which said, and I quote:

"No problem, nothing to worry about, your money's safe with us! Go on, have a cup of tea"...

Well, possibly I misquote, but that was the general gist.

This morning, I go in to transfer some money out to pay for something, and sure enough, they've gone and Northern Rocked themselves. I know the money's protected, but I need it now, not in a month or even a week, now! I've got an invoice to pay! But they've taken the phone off the hook and aren't responding to e-mails either.

Ironically, the reason I chose Landbanski was that Iceland had the most stable economy in the world! Note to self: when a bank says "Don't panic, all is well!", draw out all the cash and stick it under the mattress!!!

 

[nickarm]

What a nightmare.. someone I know just had the exact same problem..

Hopefully this'll cheer you up.. maybe I could have a word with Geoff and see if he could do a similar thing to the staff at Icesave for you!

http://uk.youtube.com/watch?v=QWP3GjsYM68

 

[Diyisfun]

http://blog.moneysavingexpert.com/2008/04/01/icesave-how-safe-are-your-savings-facts-and-myths/

 

[Donkmeister]

S*d it. I'm going to open an account with Northern Rock... What are the chances of lightning striking twice? Failing that, I'll just put a plasma screen and a Lotus Elise on tick, wait for the government to write off all the subprime loans and have a free big telly and a car.

It really irritates me because it's terrible timing... I've left the money alone for so long and I needed to take it out today!

I only cleared my uni debts about 18 months ago (well, other than the official student loan ), and have been saving what I can since. I've finally saved enough to do some works to my house, and just as I'm putting the final touches to my shopping lists... I can't get the money! GAAAGH!

Now, apparently I'm covered in the longterm as I'm nowhere near the limits on compensation, but does anyone have any experience of how long it takes to come through?

Just two nights ago, me and SWMBO were planning on taking a long-overdue trip to Eurodisney... might have to let that one slip now.

Right, back to bread and water and tonnes of overtime.

 

[Rico99]

Donk,

Unlucky fella.

Unfortunatley you can't open a Northern Rock Account as they have closed their doors to any new business.

As they are now Government run, they are only allowed to have a certain percentage share of the market. Thye have now reached that with a 1.5% share.

Rico

 

[JohnD]

hee hee, they've got my money!

 

[ellal]

I know the money's protected, but I need it now, not in a month or even a week, now! I've got an invoice to pay! But they've taken the phone off the hook and aren't responding to e-mails either.

The money is not protected in the normal sense...in fact no government guarantees are worth the paper they are printed on (nor is the money), as the problem with the Icelandic economy will just be repeated country by country, as the debts outweight assets by about 10 to 1 worldwide!

you'll just have to get in line to claim compensation!

Ironically, the reason I chose Landbanski was that Iceland had the most stable economy in the world!

It has been the economy most in debt for years!....it has expanded exponentially in the last decade, and a lot of it based on dodgy russian money - note the russian 'loan' announced today!

How do I know this?...regular trips there because I'm married to an Icelander!

btw, we've got a small account there (holiday money), and it's been 'frozen'.

 

[Donkmeister]

OK, so Northern Rock's out.

Anyone know where I can buy a mattress with a suitably large compartment for stuffing wads of used fivers?

I'm pretty miffed but I'll bet there's people worse off. I had bought my first load of materials on credit card (to pay off with cash from the aforementioned savings), but my other half has offered to lend me enough to cover that at an interest rate of "one big hug per day"... y'have to love those terms! I've also got parents to call on if things had been really sticky.

People without that safety net, especially the avid savers who scrimp away every penny they can into the bank, they might find themselves feeling decidedly awkward until the Icelandic government pays up.

 

[ellal]

People without that safety net, especially the avid savers who scrimp away every penny they can into the bank, they might find themselves feeling decidedly awkward until the Icelandic government pays up.

They can't 'pay up' because they are bankrupt and there are no loans out there for them to tap into

A quote from a little earlier from their PM after coming back with an empty begging bowl from Europe...

“The danger is real, dear citizens, that the Icelandic economy, along with banks, could be overwhelmed by the ocean and the nation would become bankrupt.”

 

[joe-90]

OK, so Northern Rock's out.

Anyone know where I can buy a mattress with a suitably large compartment for stuffing wads of used fivers?

but my other half has offered to lend me enough to cover that at an interest rate of "one big hug per day"... y'have to love those terms!

That mattress will come in handy then.

 

[JohnD]

Royal Bank of Scotland's share price is down by a third today, and about 55% down over 12 months. Must be some reason for it...

 

[ellal]

Royal Bank of Scotland's share price is down by a third today, and about 55% down over 12 months. Must be some reason for it...

No money...

 

[JohnD]

they've got a bit of mine

 

[ellal]

they've got a bit of mine

It could be worse..

as the OP should now know his money is probably with the russians..

 

[RF Lighting]

Don't bank it in China either.

I heard today that the bank of origami has folded today, and to make matters worse, the sumo bank has also gone belly up.