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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10458
Experience:  Barrister 17 years experience
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Good evening Sir/Madam, Ref: Isle of Man Bank Current account For

Customer Question

Good evening Sir/Madam,
Ref: Isle of Man Bank Current account
For many years I have had an Isle of Man Bank current account with a 3.2K overdraft facility.
early this year the bank notified me that they wanted to close all mainland accounts as they did not intend to renew their banking licence for non Isle of Man residents such as myself.
initially I thought this applied only to the couple of dormant accounts, however in September they rang me to ask about what were to be my alternative banking arrangements. It was at this juncture I realised they meant all accounts.
The bank representative at this point said that they would open up a Natwest Isle of Man account for me. They were asked, what about the overdraft, the said that the new account would be opened with a Zero balance transfer, unless the existing account was in credit to which they would transfer those funds.
I asked exactly what that meant "Zero balance", the representative went onto explain that if there was an overdraft and was within the agreed limit, this would be written off by the bank. if I needed a future overdraft I could apply to the new bank after three months.
At a later date I received an informal demand for the repayment of these funds in the form of a note saying all funds were to be repayed in ten days.
Question 1). Do I take the bank at their representatives word that the overdraft will be written off and hold them to that statement in original phone conversation.
Question 2). In the past I asked for a bank loan from the Isle of Man Bank, I was refused on the grounds that I was a non resident of the Isle of Man that because they would have no recourse to recover any funds should the loan be defaulted etc.
If in the event and along the same parallel would this be true of this overdraft and if in the event refuse to pay on the duel reason that they quoted that the overdraft would be written off and in any event would unreasonable to recover it for the second reason that they would have no jurastriction in the mainland uk.
What would be the best way forward.
Yours sincerely
David J Donovan (*****@******.***)
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Dear *****, to deal with your first question, I regret to say that the verbal representation by the bank representative that the overdraft amount would be written off is not an enforceable agreement in law. This is because in order for there to be a contract, there must be some consideration (or something of value) being given by you in exchange for this oral promise. Otherwise, no agreement comes into existence. There is merely what is known as a bare promise which is not enforceable in law, as there is no agreement reached which is enforceable at law. 2. However, this promise or representation would be enforceable if you can show you acted to your detriment in reliance upon this promise or representation. An example would be where you applied the money for purpose which cannot be revoked or taken back.3. To deal with your second question, an Isle of Man bank would be able to come to mainland Britain and sue you for any debt owing. There is nothing to prevent an Isle of Man bank from suing you in mainland UK for any debt you owe. They can obtain jurisdiction by serving you with a writ in the UK AND suing you in your local court for the amount owing on the overdraft. There is nothing preventing them obtaining jurisdiction. Stating that the overdraft would be written off is not an enforceable agreement for the reasons I have offered in number 1 above. However, given that the amount is so small, I doubt that they will pursue you for it as legal costs would be too much to make it worth their while.
Expert:  Buachaill replied 1 year ago.
4. Please RATE the Answer as unless you RATE THE ANSWER, your Expert receives none of the monies you have paid the website so there is no incentive to answer any further questions.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10458
Experience: Barrister 17 years experience
Buachaill and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.
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Customer: replied 1 year ago.
I would seem too have three options as I am still liable,
1). settle by agreement.
2). Write to them and tactfully press the point that it was their declaration to write off the overdraft and that I would hope and expect them to observe this as per their reps telephone conversation.
3).Ignore it and hope it goes away, probably the worst optionWhile I do not wish to volunteer repaying these monies, I am open to any other advice before I commit myself to paper along the lines of option 2).Regards
and thank youDave Donovan
Expert:  Buachaill replied 1 year ago.
4. I would advise you to write to them and tactfully press the point that it was their undertaking to write off the overdraft. Ultimately, my own view is that they won't follow you in the UK for £3,200. So,you need to leave it open to them to write it off for you or at least leave a trail of correpondence which allows them to write it off for you.
Customer: replied 1 year ago.
bank wrote off overdraft without any hassles

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