Blade Runner Posted March 21 Share Posted March 21 If you don't pay you CC on the Rock, they cant get the money back. They can, but it costs them serious amounts to do so Ergo they don't want Fraggy Island customers......... Quote Link to comment Share on other sites More sharing options...
Banker Posted March 21 Share Posted March 21 1 hour ago, John Wright said: I’m not struggling. The points I’ve made are correct. It’s not ring fencing. The question as to whether the UK parent is willing and able to issue a CC to a customer in the IoM who is a customer of their IoM subsidiary is about risk, administration, collection. It’s nothing to do with the ring fencing. Yes it is 2 Quote Link to comment Share on other sites More sharing options...
Kevlar Posted March 21 Share Posted March 21 1 hour ago, Blade Runner said: If you don't pay you CC on the Rock, they cant get the money back. Exactly it’s got nothing to do with ring fencing. It’s VISA and Mastercard nor being able to enforce debts amongst without incurring significant costs and other issues. 1 1 Quote Link to comment Share on other sites More sharing options...
Blade Runner Posted March 21 Share Posted March 21 17 minutes ago, Kevlar said: Exactly it’s got nothing to do with ring fencing. It’s VISA and Mastercard nor being able to enforce debts amongst without incurring significant costs and other issues. Maybe IOM Gov should take out a couple of corporate Black Cards......... 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted March 21 Share Posted March 21 From Barclays Bank reported recently in Jersey Barclays confirmed Channel Islands customers are no longer eligible to apply for a Barclaycard as a result of UK ring-fencing legislation. The company said: "We remain committed to providing an excellent level of service to customers in the Channel Islands, and we continually review the products and services on offer in that market. "Barclaycard sits within our UK ring-fenced bank, and its products are designed for UK residents. "As such, anyone applying for a new Barclaycard must have a permanent UK address. There is no change to arrangements for existing cardholders in the Channel Islands, who we will continue to support." Perhaps John Wright and non believers would like to let them know he disagrees with them and it’s nothing to do with ring fencing 😂 Quote Link to comment Share on other sites More sharing options...
Banker Posted March 21 Share Posted March 21 From a few years ago but another from Jersey Consumer council, same issues for Guernsey and IOM fter being contacted by the Consumer Council, the Jersey Bankers’ Association – along with help from Jersey Finance – are going to look into why so many of you are having difficulty when applying for credit cards or other forms of credit. We know it is related to ring-fencing – when the banks stop offering services outside of their jurisdiction – but quite why it has hit Jersey so hard in recent months remains a mystery. The complaints received have revealed that nearly all major banks and multiple other businesses appear to have put a blanket ban on Jersey credit card applications, with the exception of HSBC, regardless of an individual’s credit rating. Following the ring-fencing that was implemented earlier this year, the situation has grown and even insurance companies have started rejecting Jersey addresses. In terms of why these problems are occurring, it mainly hinges on Jersey being considered a separate jurisdiction. As Jersey is not part of the UK, aspects of the regulatory, legal and consumer regimes differ. Many of the regulations that apply to UK applicants will not apply to Jersey residents, meaning a company must put in place different regulatory systems to deal with Jersey customers. I Quote Link to comment Share on other sites More sharing options...
Kevlar Posted March 21 Share Posted March 21 7 minutes ago, Banker said: "As such, anyone applying for a new Barclaycard must have a permanent UK address. There is no change to arrangements for existing cardholders in the Channel Islands, who we will continue to support." Yes as it’s got nothing to do with ring fencing and all to do with debt recovery costs and recovery potential. But it’s easy for banks to try to blame ring fencing as it’s an easy argument that glosses over the real issue. 1 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted March 21 Share Posted March 21 Is there also a bit of cross-border regulatory issues? Quote Link to comment Share on other sites More sharing options...
Blade Runner Posted March 22 Share Posted March 22 8 hours ago, Banker said: From Barclays Bank reported recently in Jersey Barclays confirmed Channel Islands customers are no longer eligible to apply for a Barclaycard as a result of UK ring-fencing legislation. The company said: "We remain committed to providing an excellent level of service to customers in the Channel Islands, and we continually review the products and services on offer in that market. "Barclaycard sits within our UK ring-fenced bank, and its products are designed for UK residents. "As such, anyone applying for a new Barclaycard must have a permanent UK address. There is no change to arrangements for existing cardholders in the Channel Islands, who we will continue to support." Perhaps John Wright and non believers would like to let them know he disagrees with them and it’s nothing to do with ring fencing 😂 They are hardly going to announce that if you don't pay your card they wont touch you are they? Lots of old duffers on the rock, probably plenty with CC debt, why pay it? Quote Link to comment Share on other sites More sharing options...
TheTeapot Posted March 22 Share Posted March 22 I'm not sure the debt recovery issue really stacks up. They can get the money back here, through the small claims courts (up to 10k) and the coroner. And the cost to them would be relatively low. In the UK they simply get a CCJ and sell the debt to private bailiffs, for pennies on the pound. They would probably get more money back from debtors here in the end, but being the Isle of Man it would obviously take longer, because everything does. The credit card providers are all very happy for their customers to use their cards here of course. Quote Link to comment Share on other sites More sharing options...
Kevlar Posted March 22 Share Posted March 22 32 minutes ago, TheTeapot said: I'm not sure the debt recovery issue really stacks up. They can get the money back here, through the small claims courts (up to 10k) and the coroner. Via having ro appoint a Manx advocate etc. it’s not something their standard debt recovery departments can do as standard procedure cheaply as a process as they can in the UK or other places. They aren't going to have an in-house Manx or Jersey advocate to file for them and manage the process. 1 Quote Link to comment Share on other sites More sharing options...
Banker Posted March 22 Share Posted March 22 9 hours ago, Kevlar said: Yes as it’s got nothing to do with ring fencing and all to do with debt recovery costs and recovery potential. But it’s easy for banks to try to blame ring fencing as it’s an easy argument that glosses over the real issue. FFS Barclays have made an announcement that it’s ring fencing is the issue and you & others are still saying it isn’t!!! 1 1 Quote Link to comment Share on other sites More sharing options...
newaccount Posted March 22 Share Posted March 22 https://www.iomtoday.co.im/news/nothing-to-stop-uk-banks-from-issuing-credit-cards-on-the-isle-of-man-financial-services-authority-642529 1 Quote Link to comment Share on other sites More sharing options...
Weliveinhope Posted March 22 Share Posted March 22 (edited) Why are people continuing to get aggro over the reasons? The fact is most dont offer them so why continue with these petty squabbles? What purpose does it serve and whats going to change? Every thread desends into squabbling and name calling, and I admit, sometimes my frustration gets the better of me, although hopefully for a reason rather than just being petty. I do feel the overall levels of negativity are growing, life on the isle is becoming such a major stress. Cant we all just accept people may have a different point of view, accept it and be kind? Edited March 22 by Weliveinhope typo 1 Quote Link to comment Share on other sites More sharing options...
Kevlar Posted March 22 Share Posted March 22 1 hour ago, Banker said: FFS Barclays have made an announcement that it’s ring fencing is the issue and you & others are still saying it isn’t!!! Every forum has a poster like you. No matter how many times you shout at people who disagree with the nonsense you post doesn’t make you right. You got your ring fencing dates wrong for a start. What bank do you work for the bank of toy town? Quote Link to comment Share on other sites More sharing options...
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