NO CREDIT CARDS FOR IOM RESIDENTS

[wrighty]

Received my new M&S Mastercard today, with an expiry date in 2028. 
 

So has this problem been resolved, or is it just because I’ve had their card for ages that I’m considered ‘safe’ despite being on the IOM?

[Nellie]

6 minutes ago, wrighty said:

Received my new M&S Mastercard today, with an expiry date in 2028. 
 

So has this problem been resolved, or is it just because I’ve had their card for ages that I’m considered ‘safe’ despite being on the IOM?

We received new Amex cards a couple of weeks ago with similar long expiry dates.

I don't think the underlying issue has been resolved. The last I read, IOMG were still asking the Banks to explain exactly what the problem is, so that they could try to address it.

However it does seem that most (maybe all) card issuers are renewing for existing customers. 

Incidentally, Andy Bass from Conister Bank was on MR last week, and he hinted that they may have a local credit card offering, next year. That would be helpful, and potentially good business for them.

Edited August 21, 2023 by Nellie

[Albert Tatlock]

Connister Bank apparently looking into providing a Manx credit card over the next year or so.

[quilp]

Just now, Albert Tatlock said:

Connister Bank apparently looking into providing a Manx credit card over the next year or so.

Could've sworn I just read this somewhere else 🤔

[Happier diner]

7 hours ago, quilp said:

Could've sworn I just read this somewhere else 🤔

You can say that again

[Banker]

8 hours ago, Nellie said:

We received new Amex cards a couple of weeks ago with similar long expiry dates.

I don't think the underlying issue has been resolved. The last I read, IOMG were still asking the Banks to explain exactly what the problem is, so that they could try to address it.

However it does seem that most (maybe all) card issuers are renewing for existing customers. 

Incidentally, Andy Bass from Conister Bank was on MR last week, and he hinted that they may have a local credit card offering, next year. That would be helpful, and potentially good business for them.

It’s just the same as I applied for an Amex 2 weeks ago , got indications it was all approved but got second email saying declined due to address outside Uk 

[mad_manx]

3 hours ago, Banker said:

It’s just the same as I applied for an Amex 2 weeks ago , got indications it was all approved but got second email saying declined due to address outside Uk 

Yes..They are only allowing existing  customers to keep the cards ( don't know for how long ) 

I've been with Amex for nearly 20 years and hope that I won't lose it ..:-(

They are probably the best customer focused card on the market and very good if things go wrong.

 

[NoTailT]

The problem for credit card companies is debt collection and enforcement.

More powers needed for debt collection here.

[Major Rushen]

1 hour ago, mad_manx said:

Yes..They are only allowing existing  customers to keep the cards ( don't know for how long ) 

I've been with Amex for nearly 20 years and hope that I won't lose it ..:-(

They are probably the best customer focused card on the market and very good if things go wrong.

 

Traveled extensively in the US … American what????

[TheTeapot]

2 hours ago, NoTailT said:

The problem for credit card companies is debt collection and enforcement.

More powers needed for debt collection here.

The Coroners have (arguably) excessive powers already. Can the CC companies not just pay them a fee to collect on their behalf?

[The Old Git]

In my experience of chasing debtors the coroners were absolutely useless. They didn’t used to be 30 years ago, but they gradually became more and more useless. It was ok getting execution through the small claims process but then it was a dead end. 

[Banker]

10 minutes ago, The Old Git said:

In my experience of chasing debtors the coroners were absolutely useless. They didn’t used to be 30 years ago, but they gradually became more and more useless. It was ok getting execution through the small claims process but then it was a dead end. 

Correct absolutely useless unless there’s property or bank account to seize they’re not interested in trying to get any payments by seizure of other items like cars, laptops, tvs etc

[Nellie]

5 hours ago, NoTailT said:

The problem for credit card companies is debt collection and enforcement.

More powers needed for debt collection here.

That seems to be the anecdotal version, but I recall that Cannan wanted the Banks (presumably  through the Banker's Association) to explain exactly what the issues are, so that the Government could see how their concerns could be alleviated. Individual banks had apparently given different versions of their concerns, when challenged. 

I suspect that DoE,  Johnston (who has become a totally invisible Minister in record time) and Lewin will have done sweet FA about it. 

Edited August 22, 2023 by Nellie

[NoTailT]

4 hours ago, TheTeapot said:

The Coroners have (arguably) excessive powers already. Can the CC companies not just pay them a fee to collect on their behalf?

 

2 hours ago, Nellie said:

That seems to be the anecdotal version, but I recall that Cannan wanted the Banks (presumably  through the Banker's Association) to explain exactly what the issues are, so that the Government could see how their concerns could be alleviated. Individual banks had apparently given different versions of their concerns, when challenged. 

I suspect that DoE,  Johnston (who has become a totally invisible Minister in record time) and Lewin will have done sweet FA about it. 

The coroners have very little enforcement powers. They are not like bailiffs.

They either need more powers, or private bailiffs need to be permitted in law.

[newaccount]

I haven't checked if this was posted 

 

https://www.manxradio.com/news/isle-of-man-news/islands-debt-collection-laws-need-to-be-modernised