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Gutted - Lost life savings

  • 10-10-2008 10:22am
    #1
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭


    I had £35k deposited in the Kaupthing Isle of Man branch. I tried transfering it out in the last week but it seems to be frozen somewhere, (1 of the transfers left the account and is unaccounted for, the others were waiting to be transfered)

    The deposit protection scheme is rubbish, there is no money in it so it could take years to repay.

    The possibility of another bank taking up the depositors book also looks bleak, as apparently no assets left on the IoM. Most were transfered back to Iceland/Uk on interbank loans.

    I believe the bank is going to get away with this. Many depositors are in a far worse position than me. The current state of the markets will not help either, this is just a complete mess.

    I have lost all this money which has taken me years to save.

    I can't eat or sleep, and i can barely cope with this anxious feeling in my stomach.

    I'm absolutely gutted


Comments

  • #2
    SerialComplaint
    Registered Users, Registered Users 2 Posts: 2,644 ✭✭✭SerialComplaint


    Sorry to hear of your troubles. Can I ask how you came to choose Kaupthing IOM to hold your deposits?


  • #3
    scary_tractors
    Closed Accounts Posts: 66 ✭✭scary_tractors


    That is horrendous. I am so sorry.


  • #4
    thetyreman
    Banned (with Prison Access) Posts: 451 ✭✭thetyreman


    Not much consolation but it is only money,look at it(try)like if someone that you love needed that 35k to stay alive and you gave it to them,
    At the end of the day nobody died.


  • #5
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,804 ✭✭✭GerardKeating


    Shell shocked wrote: »
    The deposit protection scheme is rubbish, there is no money in it so it could take years to repay.

    Maybe not...

    Tynwald Approves Raising of £50,000 Savings Guarantee

    "Isle of Man Pledges Action on Kaupthing Collapse


  • #6
    youcancallmeal
    Registered Users, Registered Users 2 Posts: 8,066 ✭✭✭youcancallmeal


    Sorry to drag up an old thread but I was wondering could somebody explain to me in laymans terms what happens to the money that OP deposited when banks declare bankruptcy like this? I knew a few people who were affected by the KS&F bankruptcy but didnt want to bother them with trivial questions like this at the time.


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