Talent Resource Management

[jasonedu]

i have been using these guys for about a year and no problems (get on average about 87%). I cant say I fully understand how it works but it does. I would have been sceptical as well before joining if I did not know of someone who has been using them for several years now with no problems.

so give them a go.

[cojak]

that's what I thought. they sent their documents and it says that loan is repayable after five years. When I queried this they said that loan is forgiven and a P45 is issued when you leave.

So basically there is nobody on these forums who use them or have dealt with them in the past? Please share your experiences so that others don't get ripped off.

If nobody on this board has any recommendations to give regarding these types of schemes/scams - you have your answer.

PS - Anyone replying to any 'too good to be true' threads with 1 post to their name doesn't count...

[r0bly0ns]

i have been using these guys for about a year and no problems (get on average about 87%). I cant say I fully understand how it works but it does. I would have been sceptical as well before joining if I did not know of someone who has been using them for several years now with no problems.

so give them a go.

[MickeyP]

I know somebody who's been using them with no problems. Wouldn't do so myself as I think it's just a matter of time before Hector catches up with you and it's bend over time.

If you're off in 6 months anyway however.....

[Steve2008]

Consider SEC option

58% sounds a very bad deal indeed.

There are 3 possible routes you can take and Umbrella is least efficient of them. For you I would suggest the "Self Employed Contractor" option which I will call SEC.

• Umbrella is the best option if your income is low and allowable expenses are high. Typically umbrella is best for an annual income upto 24K assuming you can claim up to 6 towards expenses. With 24K billing and 6K expense, you can take home about £17K. The lower the income, better is the % return
  
• Limited company is the best (provided you have a technically sound contract to avoid IR35 risk) if your income goes beyond 50K mark.
  
• The SEC suits best when your income is medium between 25-50K typically. I have used this option myself and works very well. There are reliable companies who are providing this service that I can recommend to you from my experience.
  
  With 24K billing and 6K expenses, SEC yields the best return. You can take home over 19K

I have used this option myself and works very well. There are reliable companies who are providing this service that I can recommend to you from my experience.

Steve

[Torran]

58% sounds a very bad deal indeed.

There are 3 possible routes you can take and Umbrella is least efficient of them. For you I would suggest the "Self Employed Contractor" option which I will call SEC.

• Umbrella is the best option if your income is low and allowable expenses are high. Typically umbrella is best for an annual income upto 24K assuming you can claim up to 6 towards expenses. With 24K billing and 6K expense, you can take home about £17K. The lower the income, better is the % return
  
• Limited company is the best (provided you have a technically sound contract to avoid IR35 risk) if your income goes beyond 50K mark.
  
• The SEC suits best when your income is medium between 25-50K typically. I have used this option myself and works very well. There are reliable companies who are providing this service that I can recommend to you from my experience.
  
  With 24K billing and 6K expenses, SEC yields the best return. You can take home over 19K

I have used this option myself and works very well. There are reliable companies who are providing this service that I can recommend to you from my experience.

Steve

Hmmmmm

[shelby68]

I have never heard of this lot, but if it sounds too good to be true, it usually is...

Ditto, you know the old saying, friend of mine is currently being investigated by the IR because of his dealing with a Guernsey based company, don't know if its this lot though, I'd be very cautious of anything off shore at the moment.

[argoran]

The correct legal term is "Forgiving the loan"; however TRM have said that they no longer send out letters "forgiving the loan"
I know of 5 people on this scheme all working with me; they have received a letter from Talent Resource Management telling them that the loan has been transferred over to a new company called Redding finance capital limited and that the outstanding amount ( which was well over the £30K mark in some cases £50 K + ) is payable to them on a 1% above the rate of England.
I have seen the letter which states that Redding is not capable of receiving phone calls and any queries should be directed to them via email.
Also ( to complete the picture) they have said that all arangements with TRM still stands.

My verdict is even if this company is legal ( for arguments sake ) the very fact that they have and are in the process of transferring the loan to another seperate company leaves you as a contractor completely vulnerable to the second company if it demands the loan on the spot and assurances that it will be forgiven on death is B^lls%^t - for two reasons :

1) they have already reneged on their promise to their existing employees that they will forgive the loan on leaving the company.
2) when you're dead you can not fight back or deny that you indeed had taken a loan off them leaving your family completely exposed.

So to summarise - I would agree with Steve 2008 on his recommendations, and would stay away from this company - for 5% more it's not worth it; just get a decent acountant be VAT registered and take advantage of the 1% tax back claim for first yr registers.

[Dark Knight]

The so called loan letters

Argoran and everyone else.

Thanks for notifying us regarding the latest development.

I am one of the people who has been using the services of this company and I have received similar letters regarding the loans.

Can you please ask everyone of your friends in similar situation to join this thread in order to unite against the TRM outrageous plan?

Please do not sign these letters! By doing so you have confirmed in writing that the fake loans are real and you actually owe them a lot of money!

1) We have never signed any loan agreement with the original company, therefore, the original loan does not legally exist and hence it not can to be re-assigned to the new company. Furthermore, we are told by them that all the extra payments in our accounts are tax free and we did require to declare them to HMRC. There has never been any declaration to HMRC that any loan existed and there has never been any P11Ds issued.

2) The whole plan is to save them from any tax implications (due to the ongoing HMRC investigations) and additionally to claim lots of money from the poor victims in the future.

3) They have probably been advised by their accountants to obtain in writing an evidence that the fake loans are legitimate and hence protect themselves at the price of bankrupting the poor participants of their scheme.

4) Please contact your lawyer and your tax advisor regarding the matter ASAP.

5) Stop using their services and either join a legitimate PAYE umbrella or form your own limited company.

6) If you have any email or letter from them that confirms their promises that you never have to pay back the so called loans, keep them as evidence and please share the details with everyone else on this forum.

7) Contact professional experts such as PCG for advice and alert all other victims of the scheme.

8) You are better off to face them now rather than later otherwise you will end up paying all your hard earned wages to them or the administrators when they declare insolvent.

9) We should join and unite against their viscous and fraudulent plan. We can hire the best lawyer firm in the country to defend our case.

10) In the worst case scenario we will be better off to declare the received funds as salaries to the Inland Revenue and pay the outstanding taxes to the government rather than allowing these cowboys get away with our earnings.

Best Regards and please spread the word!

[trucker t]

Calling in loans

Hey Dark Knight and argoran, thanks for the posts - it's pretty bad receiving a letter asking for 50 Gs on a rainy Friday morning and so it's nice to be able to get some info.

Dark Knight - have your solicitors said anything definite regarding these loans? The letter looks very dodgy, there isn't even a name of someone in the company on my letter (just a signature) so I am thinking that this is a shady attempt to get the loans "repaid." If not, well...it is worrying either way. I agree that the worst case scenario would be having to pay the tax back, which would be ok.

We can see how things progress, but I would be willing to pool resources with other people facing TRM/Redding.

Thanks again