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Having established my small web design business, I have submitted my details to many online directories for SEO and marketing purposes. Unfortunately, this also has the side-effect of being bombarded by cold callers anxious to sell me their wares.

As much as I hate being on the receiving end of cold calls, I don't have anything against the people or companies making the calls. The tele-sales people are only doing their job after all. I've read many reports and articles that testify that cold-calling is a great sales and marketing method and I have no evidence to support otherwise. I guess cold-calling must be successful, otherwise the companies wouldn't do it - I'm actually considering learning how to do it myself or hiring someone to do it for me.

Anyway, I thought that it may be interesting to some folk to read who I (as a young small business) have been getting cold-calls from. I've written my own personal experiences of the companies that have called me, but depending on the individual that calls, your experience may be different. So without further ado:

08453677200: InfoServe/Yahoo
This is company called Infoserve that act on behalf of Yahoo for the UK to sell online advertising space. Contrary to other reports I've read, they are a legitimate company and they will only contact you after you fill in this form to be included in Yahoo's Local Search (so perhaps not really a cold call).Unfortunately, to ensure your business is listed in Yahoo Local, you have to submit your details and take a call from them.

Most of the folk I've spoken to at InfoServe were fairly friendly and not too pushy. I've found that you have to pretend you're interested in buying the advertising space to ensure they put you in the correct category and geographical location but that's just my experience.

01903765181 - Federation of Small Businesses
Not sure exactly how these guys got my details but I'm guessing they found me in an online directory. They are legitimate and help owners with all aspects of running their business for an annual membership fee. I am seriously considering joining up as I think they have a lot to offer, however we keep missing each other's calls.

They called me first and left a message on my voicemail, I called them back but there was no answer. Someone else from the FSB called me a few days later and left message, I called them back but they were on another call. This happened a few times until I gave up. I still get calls from them about once a week but, by sheer coincidence, they only call when I'm away from the phone!

0870500660 - CreditSafe
This is a Welsh company that sells a searchable and downloadable databases of businesses. They are very persistent, although not altogether rude, but it can be quite difficult to get them off the phone. Their product looked quite interesting. They gave me a demo over the phone and I thought the potential of having a list of local businesses would be useful for direct mailing and cold calling purposes. Their main selling point was the credit ratings they give to the businesses along with director names, and CCJ's - although this wasn't a very good selling point to me as I always get payment up front.

After telling the guy I was slightly interested but wouldn't be buying today, he got quite pushy and kept offering me more and more discounts. I think it went from £400 for a list of my local businesses to £70 to free access for two months with a host of added extras. He made analogies that didn't make sense such as telling me I spend more on milk and pens than marketing my business. When I replied that I'll spend £1 on milk for a week but £40 on a newspaper advertisement he got a little upset!

01315618480 - BT Tradespace
I get quite a few calls from BT since I set up what they call a TradeSpace on their website. I'm not quite sure exactly what they're selling (or, to be honest, what the point in TradeSpace is) because I've not been around when they've phoned. I think it's something to do with networking but, on first impressions, it isn't very compelling. Perhaps I'll be persuaded after talking to them.

01189603979 - Yell.Com
Not really a cold call as Yell contacted me after I submitted my details for free listing in their directory. Only had one call from them, in which I said I was only interested in the free listing for now. They were very friendly and professional and I've not heard from them since.

01252516111 - Thomson Directory
Same as Yell (above). Very professional and courteous and not pushy when i said I was only interested in the free listing.

There's been a few more, but I can't remember them right now. I'd love to hear your experiences of cold-calls from the companies listed above to see how they vary from mine. Feel free to drop a comment with your experiences of cold calls from other companies,too.

Today I received an email from the FSCS detailing the compensation procedure. I've reproduced it below for IceSave depositors that haven't got it yet (and for those that are just interested).

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:

1. 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.

2. 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.

3. 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.

4. 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.

5. 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

Last Tuesday, I awoke to the news that Icelandic bank, Landsbanki, had be nationalised, it was in the hands of the receivers and was expected to go into liquidation. For me, this was a disaster! I'd put a sizeable chunk of my cash in my IceSave account - IceSave being a UK subsidiary of Landsbanki. And, what's more, IceSave had stopped depositors making withdrawals.

At first I was concerned, but I knew that I could claim my money back from the Icelandic financial services compensation scheme so I thought I may lose a little interest but at least my money's safe. Checking up with the news, I was gutted to find out that the Icelandic economy was in turmoil and the Icelandic Prime Minister had said it would take care of domestic depositors but this guarantee did not extend to International customers.

My heart dropped! I was worried, anxious and felt like crying - as a grown man, being close to tears is hard for me to admit but that is exactly how I felt. My hard-earned savings were lost and there was nothing I could do about it. Fair enough if I had put my money in shares or other riskier investment vehicles - that would be a bitter pill but manageable - but this was a savings account with a regulated financial institution. On top of the sadness and anxiety, I also felt angry and cheated and helpless.

Further investigation revealed that the Icelandic compensation scheme did not have enough reserves to fulfil it's obligations. I thought about taking legal action against the Icelandic authorities but what would be the point of suing an organisation with no money? I began to wish that maybe I should have been more diligent or even just spent the money or put on my mortgage. At least the cash would have been put to good use.

Fortunately, I was extremely busy at work so it helped to take my mind off it. When I got home and told my wife, she was extremely supportive (as always). I was convinced our money was gone and couldn't stop blaming myself but she was a tower of strength and made me feel a bit better about it - and for that I am extremely grateful and consider myself very lucky.

The only ray of light was rumours in the news that the British Financial Services Authority (FSA) would step in to help. There was a chance that they would compensate savers up to the £50'000 covered by their compensation scheme. Although this would have helped me, I felt gutted for those that had deposited more than this figure in their IceSave accounts.

That night, I was restless with worry and didn't sleep very well.

First thing the next day I checked the news but there was no update about IceSave accounts, however there was a press conference scheduled by the government to address the issue.

A little later, I checked the news again and read that the chancellor had guaranteed that no IceSave Saver would lose their deposits. I cannot describe to you the relief I felt. A cliché, I know, but it felt like a huge weight had been lifted from my shoulders. If Alistair Darling had been in the room I would have given him a great big kiss! I was almost brought to tears again!

Since last Wednesday, I've had chance to reflect upon the situation and think about what lessons I could learn from the experience. Despite Landsbanki having an excellent credit rating up until it went bust, I feel that the 'writing was on wall', as it were, with regards the Icelandic economy. Unfortunately, the warning signs were very well hidden and perhaps impossible to see without thorough research. I think that my due diligence was lacking and spending more time and effort on it could have avoided the situation. A number of people started to withdraw their cash the week before, whilst I was completely oblivious to the situation. These people, I applaud and aspire to be like them.

A week on from this crisis and IceSave depositors are no closer to finding out when they will get their money back or how they go about claiming it. The government have frozen Icelandic assets in the UK and are in discussions with the Nordic "powers-that-be".

I am extremely pleased with the British government for digging me out of this hole and assuring me I will get my savings back. Now I am just hoping for a speedy announcement from them telling me what I need to do next so that I can get the wheels in motion for a quick recovery of my money.

I am worried sick and feel like crying.

IceSave's parent company, Landsbanki, have gone under the control of the Icelandic government and the security of UK savings accounts remains unclear. I have two accounts with IceSave.

I am providing updates on the situation over on my IceSave Review page.

I need to take a lot of deep breaths to stop me from cracking!

Arkad