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Montpelier & Newquay 10% loan repayment demands

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    Originally posted by silver fox 1 View Post
    I just joined this forum as i am about to go contracting again, and saw the sticky note regarding all this Newquay and EBT stuff.
    I too am a previous user of Newquay, back in 2008 to 2009, using a Corrance EBT.
    I have not received any letters yet, but now i am worried i will be getting a letter from them asking for their loan to be repaid or from HMRC wanting some tax!
    Whole thing stinks, cant believe they want us to repay a loan, made up of money that we paid in, in the first place.
    i dont get it!
    but i think i would ignore them if they did send any requests.

    Can someone explain what Big Group is. i assume its a group fighting for those of use caught up in this to find a way out.

    cheers
    Read all about it:

    WTT Consulting | Tax Enquiry Specialists | London

    Also you can read the 'Big Group' thread on here from the beginning to understand the genesis of BG.

    Comment


      Long-time lurker on this thread and several others. Have received loan repayment letter this week.

      Joined Big Group.

      Comment


        If you are planning to repay the 10%

        Even if you still have complete faith in Montpelier...

        Please consider doing just one thing before you pay them...

        Ask them for a copy of the Trust Deed. Amongst other things, this sets out what the trustees can do with the money in the trust fund. For example, they can pay themselves fees out of the fund.

        There is a Deed for each of the three trusts:
        • The Fernleigh Employment Benefit Trust
        • The Newquay Professional Limited Business Benefit Trust†
        • The Newquay Professional Limited Benefit Trust 2011‡


        † Newquay scheme up to Dec 2010
        ‡ Newquay scheme from Jan 2011 onwards

        Comment


          Many people are probably under the illusion that they have their own, ring-fenced, trust fund.

          That was the way the scheme was sold but the reality is very different.

          Comment


            Agree!

            Many are probably also under the illusion, that repaying 10% of the loan is in some way an effective defence against attack from HMRC, which of course it is not.

            I was under the same illusion for sometime until I joined Big Group, which also has a number of people from NTRT and that really opened my eyes to whole MP nightmare and it's captain WG!

            Personally I think refunding our fees rather then asking us to pay 10% to prop up a scheme that does work, of which many members were automatically rolled into from a previous scheme that also did not work.

            What a mess!
            ooc

            Comment


              I know someone from Montpelier. If people knew what was going on there they might not be so quick to risk tens of thousands of pounds of their money.

              The company is down to a shoestring operation. Only TQ left in the UK, and a few in the Isle of Man.

              It's over two years since they ran any schemes, which were their main breadwinner. They owe money left, right and center. Staff don't know from one month to the next whether they'll get paid.

              WG probably only came up with this loan demand ruse because hardly anyone paid his cheeky APN invoices.

              All you're doing by paying the loans is keeping it afloat a while longer.
              Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

              Comment


                Would any of the 4, who have voted "above board", care to share their rationale?

                Comment


                  Originally posted by DonkeyRhubarb View Post
                  Would any of the 4, who have voted "above board", care to share their rationale?
                  If you don't like the answer, don't ask the question.

                  Polls are 2-edged swords.

                  These forums are moderated, but they are public and I have no problem with people answering polls here.

                  Put the same poll up in the BG forum. You'll get the answers you want there.
                  "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
                  - Voltaire/Benjamin Franklin/Anne Frank...

                  Comment


                    Originally posted by DonkeyRhubarb View Post
                    Would any of the 4, who have voted "above board", care to share their rationale?
                    I know I didn't vote for above board but I can see their view....

                    The idea that anyone would agree for their pay to be paid to someone else and then given to them via a loan that they could subsequently be asked to repair is why I never looked at any of the schemes..

                    And that was before I went into the technical details...

                    As I have continually said on this board, if it is your money make sure you have full control of it asap....
                    merely at clientco for the entertainment

                    Comment


                      Certainly it was not me, but if there's an aspect that's not been given a good airing it could well be helpful to all involved ....


                      ooc
                      ooc

                      Comment

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