NO CREDIT CARDS FOR IOM RESIDENTS

[John Wright]

19 minutes ago, Banker said:

Hooper says on Twitter what does he expect government to do? They can’t force anyone to issue credit cards if they don’t want to 

 

3 minutes ago, Annoymouse said:

Well they managed to get Tesco to extend the date accounts would be closed, so that suggests they can do something.

Any major bank or building society with an existing licence, or seeking to be licensed here, could be required to offer a credit card to Manx residents offering at least the same features as its most popular card in its home market

[Banker]

5 minutes ago, John Wright said:

 

Any major bank or building society with an existing licence, or seeking to be licensed here, could be required to offer a credit card to Manx residents offering at least the same features as its most popular card in its home market

Hooper says not as the cards are provided by Uk companies not the local ones 

[John Wright]

3 minutes ago, Banker said:

Hooper says not as the cards are provided by Uk companies not the local ones 

There’s no reason why they have to be. As you’re a banker, can you explain why NatWest/IoM Bank stopped offering.

[Banker]

19 minutes ago, John Wright said:

There’s no reason why they have to be. As you’re a banker, can you explain why NatWest/IoM Bank stopped offering.

Apparently something to do with unable to enforce any debts offshore with ring fencing also thrown in .

[John Wright]

28 minutes ago, Banker said:

Apparently something to do with unable to enforce any debts offshore with ring fencing also thrown in .

Of course they can enforce and recover. How do NatWest International collect defaulting loans, mortgages, overdrafts?

[Asthehills]

4 minutes ago, John Wright said:

Of course they can enforce and recover. How do NatWest International collect defaulting loans, mortgages, overdrafts?

You might be right that they can, but there must be a reason why they don’t bother?  I can only assume it is more hassle than it’s worth?

It is very easy for people over here to just ignore credit card debt and wait for it to go away.  It happens all the time and often for figures well into five figures.

The credit rating takes a hit for a few years, but they aren’t made to pay it back 

Edited November 6, 2022 by Asthehills

[Happier diner]

1 hour ago, John Wright said:

 

Any major bank or building society with an existing licence, or seeking to be licensed here, could be required to offer a credit card to Manx residents offering at least the same features as its most popular card in its home market

Easy to say, but might be outside of their control. Visa and Mastercard are global offerings. The Isle of Man is insignificant to them. Not sure what clout our little government would have and if you started punishing banks then what would that achieve. 

[Happier diner]

4 minutes ago, John Wright said:

Of course they can enforce and recover. How do NatWest International collect defaulting loans, mortgages, overdrafts?

I reckon that's true but there must be some risk that is putting them off.

[John Wright]

1 minute ago, Asthehills said:

You might be right that they can, but there must’ve a reason why they don’t bother?  I can only assume it is more hassle than it’s worth.

It is very easy for people over here to just ignore credit card debt and wait for it to go away.  It happens all the time and often for figures well into five figures.

The credit rating takes a hit for a few years, but they aren’t made to pay it back 

And that’s it. There are simple work rounds for ring fencing, enforcement, GDPR. They can’t be bothered.

They need telling, you want to offer banking services here you must offer a CC

[John Wright]

2 minutes ago, Happier diner said:

Easy to say, but might be outside of their control. Visa and Mastercard are global offerings. The Isle of Man is insignificant to them. Not sure what clout our little government would have and if you started punishing banks then what would that achieve. 

The banks have franchises/provider agreements to offer under the brand. This is nothing to do with MasterCard or Visa head offices. Your contract is with X bank card services, not Visa/Mcard.

[Asthehills]

Seems like a gap for Conister to step into to me.

Local bank now moving into the UK with what I would assume is a bit of credit history with lots of local residents.

Customer service has always been spot on over thirty plus years for me (a bit flakey in the last six months though) and I would happily have a card with them if they made it an option.

[Happier diner]

Just now, John Wright said:

The banks have franchises/provider agreements to offer under the brand. This is nothing to do with MasterCard or Visa head offices. Your contract is with X bank card services, not Visa/Mcard.

OK. Fair enough. I should have said card visa and Mastercard  issuuers. What do you reckon is putting them off then? I have an MBNA card and a virgin credit card. I wouldn't get the mbna one if I applied now. I would still get the virgin one as it stands. 

[VikingRaider]

19 minutes ago, Happier diner said:

I would still get the virgin one as it stands. 

Are you absolutely sure ? My information differs.

[Omobono]

part of the problem is the Island has a useless debt recovery system the Coroners  pick and choose what they want to collect ,  and are lazy  they cant even collect outstanding parking fines , for government  . the only way to deal with this  is to allow the UK balliffs  to chase UK  banks  credit card or loan defaults or   debts  on the Isle of Man ,  we are becoming an economic  financial backwater  even to Depositors protection scheme  pays less than the UK  system ,  the Government have been going to introduce new debt recovery legislation  for years , so where is it ?  and while Jason is at it  a good  follow up question  would be why do  so many mail order and companies like Amazon refuse to sell or deliver goods to people in the isle of Man , I think there is a link !

[Nellie]

47 minutes ago, John Wright said:

And that’s it. There are simple work rounds for ring fencing, enforcement, GDPR. They can’t be bothered.

They need telling, you want to offer banking services here you must offer a CC

I’ve just read Hooper’s feeble comments on Twitter where he seems to be siding with the Banks, and kicking the whole issue into the ‘too difficult’ tray.

He has responsibility for Economic Development, and for creating the environment for economic growth. No one will bring their business, their family, their career here if they can’t get a Credit Card. He doesn’t seem to grasp that.

As John says, the Banks need telling. “Find a solution.” HSBC have managed it. The others should be given 12 months.