Montpelier & Newquay 10% loan repayment demands

[neil99]

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.

[FunkyMoped]

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

Joined Big Group.

[Loan Ranger]

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

[ns1]

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.

[Out Of Cash]

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!

[DealorNoDeal]

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.

[DonkeyRhubarb]

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

[cojak]

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.

[eek]

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....

[Out Of Cash]

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