1,000 GBP PER ACCOUNT OR JOINT ACCOUNT HOLDER - TYNWALD STILL TO DECIDE ON ELIGIBILITY

  • Anonymous
  • unspecified
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Posted: Thu, 01/01/2009 - 06:32

Yesterday I received detailed answers by e-mail from the IoM Treasury to clarify several issues concerning the application for early payment of the 1,000 GBP, particularly in the case of joint account holders, and was informed that Tynwald will only decide on eligibility (including whether payments will be per account or per joint account holder) at its first sitting this month. Happy New Year!

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EPS

  • tsunamivictim
  • 11/10/08 n/a (free)
  • a depositor
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  • Tue, 20/01/2009 - 01:33

Apparently Tynwold will decide on the Early Payment Scheme today (tuesday). Payments will start later this week.


Memorandum, in case of <£1000 deposited

  • daveh01
  • 06/01/09 31/05/09
  • not prepared to answer
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  • Tue, 06/01/2009 - 13:49

I've just sent this question by email (and got an out of office reply! yay! :-( ... ) :

For depositors with less than £1000, Warranty #2, and Undertakings, 2.1. imply that we have a balance of £1000 or more, which may not be the case.

Should we sign the whole thing and send it back anyway?


What to do if you have less than £1000 in KSFIOM

  • daveh01
  • 06/01/09 31/05/09
  • not prepared to answer
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  • Tue, 06/01/2009 - 16:30

I have just got off the phone with the Treasury and they acknowledged that the memorandum that is to be signed is missing a few 'up to's !! They are happy for us to correct it, initial the changes and then sign and return it.

My suggestions for the corrections:

Warranties, number 2, currently:
The Account Holder warrants that there is a positive balance of £1,000 (one thousand
pounds sterling) owing to him from the Bank after netting-off of all claims and rights of setoff

...etc.

Delete "of £1,000 (one thousand pounds sterling)"

Undertakings, currently

2.1 In return for the Advance, the Account Holder as legal owner assigns to the Treasury all of the Account Holder's right, title and interest in the sum of £1,000 (one thousand pounds sterling) forming all or part of the Account Holder's Bank Claim.

Delete £1,000 (one thousand pounds sterling) and insert the positive balance owing to him from the Bank as defined in "Warranties", clause 2

I did suggest they put something on the website to this effect, so if you're not in a hurry, you could wait for their suggestions!

Hope that helps
Dave


12 pages and 6 pages of

  • Anonymous
  • Offline
  • Tue, 06/01/2009 - 16:43

12 pages and 6 pages of guidance notes....amazing


Especially so when compared

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Tue, 06/01/2009 - 18:29

Especially so when compared with the half dozen lines of the 'Parental Guarantee'............. :-(


£1000 per account?

  • German Mike
  • 13/10/08 31/05/09
  • a depositor
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  • Thu, 01/01/2009 - 18:49

There is some difficulty in the arithmetic here.

There is supposedly £11M available and 8100 depositors, Whether these depositors are 'accounts' or 'account holders' is not clear. However, at first sight there is enough available to cover a significant proportion of joint account holders.


Memo of Assignment re: £1000 Claim

  • Anonymous
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  • Thu, 01/01/2009 - 15:09

I'm having difficulty understanding some aspects of the Memorandum of Assignment form which must accompany the Early Payment Scheme application. Before I write to IOM Treasury, has anyone touched base with them on the following points.

  1. In light of what Scottr says above, if a decision has yet to be made as to whether each joint holder of a specific account will have a separate £1,000 claim against the early payment scheme, would it therefore not require each of the joint holders to complete a separate Memorandum of Assignment form as the one included in the package appears to accommodate only one claimant?

  2. Can someone explain who is to sign the last page of the Memorandum of Assignment. At first glance it looks as though it requires the signatures of two witnesses. However, I can find no other place on this specific form where the account holder is required to sign, so I wonder if they are to sign in one of the boxes even though it reads "Signed For and on behalf of the Account Holder". Any Thoughts?


Memorandum of Assignment

  • Anonymous
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  • Thu, 01/01/2009 - 22:10

The IoM Treasury representative informed me that all joint account holders should sign the MoA (each in a block "Signed for and on behalf of the account holder"). If there are say three joint account holders then just make a further copy of the page for the third joint account holder to sign. Also quite important is that the joint account holders can each nominate a Sterling bank account of their choice but it need not necessarily be an account in their name and they can also, if they like, all nominate the same account into which the payment should be made. If Tynwald decides on 1,000 GBP per account then the 1,000 GBP will be split between the joint account holders, or paid into the one account if so nominated.


M of A

  • Sophie
  • 16/10/08 31/05/09
  • a depositor
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  • Thu, 01/01/2009 - 15:28

The copy of two emails will partly answer your query. Read the ;last one first ---------------

Mr ------,

Correct

Kind regards

Christine

Christine Clucas

Corporate Strategy Division, Treasury

Government Office, Douglas

Isle of Man, IM1 3PU

Tel: +44 (01624) 687068

Fax: +44 (01624) 685662

E-mail: christine [dot] clucas(?)treasury [dot] gov [dot] im


Sent: 26 December 2008 12:24
To: KSFDepositors
Subject: Memorandum of Assignment

Please confirm that the

Memorandum of Assignment

does not need to be witnessed and it is sifficient for the account holders only to sign.

many thanks


Received my letter this

  • donal_f
  • 10/10/08 31/05/09
  • unspecified
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  • Sat, 03/01/2009 - 10:17

Received my letter this morning. Thanks for the above info - useful as my account was held jointly with my wife.