Montpelier & Newquay 10% loan repayment demands

[CUK1357819]

I have just received an email someone claiming to be the Trust Help Line asking us to purchase a deed of release or repay the loans. They claim to represent Sanzar, Darwin Pay and Garraway (amongst others).

There is a belief on the thread below that the it a phishing mail as there's no phone number nor anything.
https://www.contractoruk.com/forums/...mail-help.html

I just wondered how your group got on since this thread started 2 years ago. Have MP continued to ask for the 10% or have they gone away?

Does the Big Group only cover users of MP schemes?

[GreenMirror]

MP have started asking again for the 10%.

[contractor20]

I have just received an email someone claiming to be the Trust Help Line asking us to purchase a deed of release or repay the loans. They claim to represent Sanzar, Darwin Pay and Garraway (amongst others).

There is a belief on the thread below that the it a phishing mail as there's no phone number nor anything.
https://www.contractoruk.com/forums/...mail-help.html

I just wondered how your group got on since this thread started 2 years ago. Have MP continued to ask for the 10% or have they gone away?

Does the Big Group only cover users of MP schemes?

no BG covers tax and loan related advice for any of these schemes

[webberg]

Big group has around 120 schemes in its books.

really the only ones not covered are the early Montpelier/Steed schemes that used the double tax treaty route.

Everything else is included.

[QUODM]

Repay at your peril

MP have started asking again for the 10%.

I repaid one of my trusts (before I realised it was probably a waste of time with earmarking) under an agreed plan with them to get it back as a payment (and pay relevant tax) and MP have since refused to pick up the phone to me or answer any emails. All calls go through a 'secretary' which gives them enough time to realise they don't want to talk to you and let it go to voice mail. Then no call back ever arrives.
I can't personally conclude anything more than fraud at this point and that I'll ever see this money again, especially the way the nested trust structure appears to have WG as the ultimate beneficiary of it all.
I suspect they are using any of this cash to fund their lost case on BN66/DTA agreement (which they need to just give up on).

I really don't recommend anyone repays this at this point.
Has anyone received any letter since the one in April outlining options (or the one saying they are still looking at options for the DTA case)?

[contractor20]

I repaid one of my trusts (before I realised it was probably a waste of time with earmarking) under an agreed plan with them to get it back as a payment (and pay relevant tax) and MP have since refused to pick up the phone to me or answer any emails. All calls go through a 'secretary' which gives them enough time to realise they don't want to talk to you and let it go to voice mail. Then no call back ever arrives.
I can't personally conclude anything more than fraud at this point and that I'll ever see this money again, especially the way the nested trust structure appears to have WG as the ultimate beneficiary of it all.
I suspect they are using any of this cash to fund their lost case on BN66/DTA agreement (which they need to just give up on).

I really don't recommend anyone repays this at this point.
Has anyone received any letter since the one in April outlining options (or the one saying they are still looking at options for the DTA case)?

yup they lied and missold the scheme to beneficiaries and now they are resorting to extortion which is more likely to pay dawn and gitttons a Xmas bonus than fund any legal action definitely don't pay. Join one of the contractor groups to get some peace of mind wtt lcag or others

[passerby]

I repaid one of my trusts (before I realised it was probably a waste of time with earmarking) under an agreed plan with them to get it back as a payment (and pay relevant tax) and MP have since refused to pick up the phone to me or answer any emails. All calls go through a 'secretary' which gives them enough time to realise they don't want to talk to you and let it go to voice mail. Then no call back ever arrives.
I can't personally conclude anything more than fraud at this point and that I'll ever see this money again, especially the way the nested trust structure appears to have WG as the ultimate beneficiary of it all.
I suspect they are using any of this cash to fund their lost case on BN66/DTA agreement (which they need to just give up on).

I really don't recommend anyone repays this at this point.
Has anyone received any letter since the one in April outlining options (or the one saying they are still looking at options for the DTA case)?

So you repaid the full loan in the expectation of receiving taxable income in return but received nothing, did I get this right?

[QUODM]

Expectation fail...

So you repaid the full loan in the expectation of receiving taxable income in return but received nothing, did I get this right?

Yes, repay the loans, take the repaid funds out of trust as full taxable income and pay whatever tax due on it at that point.
As an idea, you don't escape the tax but avoids loan charge, and clears any further loan liabilities so does terminate this (IHT unknown). MP agreed this plan and I think it would work if they hadn't just lied and run off with the money.

Despite what you hear on here though, noone has a solution to you still owing money to lenders as well as paying tax to HMRC. This is what gets me with HMRC interjecting in the middle of a fully legal loan as even if I pay their charge, I am sure these loans are going to be passed to vulture debt collectors and we're stuffed twice. Not HMRCs problem though. I am hoping LCAG can address this issue next as its a fraudulent misrepresentation to Parliament that this is in the interests of fairness.
The only real solution to that double whammy is repaying the loans which avoids the charge and clears any outstanding loan and you paying whatever tax is due on them when the money is returned (maybe being offshore helps but seems unlikely). But the truthful reality is you can't trust any of the providers with returning the money, they may not have been properly put into the trusts in the first place and any efforts to repay them meets bemused ears and triggers a delayed response realising they can scam you again if they agree.
So repaying the loan does solve the problem but is a practical impossibility and I am sure HMRC knew this...

I presume at least this repayment is off my loan charge balance (since they won't talk to me I don't know) but I might end up paying this 3 times, HMRC, MP and a vulture loan company...).

[contractor20]

Yes, repay the loans, take the repaid funds out of trust as full taxable income and pay whatever tax due on it at that point.
As an idea, you don't escape the tax but avoids loan charge, and clears any further loan liabilities so does terminate this (IHT unknown). MP agreed this plan and I think it would work if they hadn't just lied and run off with the money.

Despite what you hear on here though, noone has a solution to you still owing money to lenders as well as paying tax to HMRC. This is what gets me with HMRC interjecting in the middle of a fully legal loan as even if I pay their charge, I am sure these loans are going to be passed to vulture debt collectors and we're stuffed twice. Not HMRCs problem though. I am hoping LCAG can address this issue next as its a fraudulent misrepresentation to Parliament that this is in the interests of fairness.
The only real solution to that double whammy is repaying the loans which avoids the charge and clears any outstanding loan and you paying whatever tax is due on them when the money is returned (maybe being offshore helps but seems unlikely). But the truthful reality is you can't trust any of the providers with returning the money, they may not have been properly put into the trusts in the first place and any efforts to repay them meets bemused ears and triggers a delayed response realising they can scam you again if they agree.
So repaying the loan does solve the problem but is a practical impossibility and I am sure HMRC knew this...

I presume at least this repayment is off my loan charge balance (since they won't talk to me I don't know) but I might end up paying this 3 times, HMRC, MP and a vulture loan company...).

these trustees are regulated by the Iomfsa the trustees duty is towards their beneficiaries sounds like fraud to me I would get legal advice or complain to the Iomfsa it's the only way they will back off the Iomfsa duty is to regulate the industry so it does not bring disrepute on the iom they won't like this neither will the local gov or the courts and I for one will make my life's quest to publicise all these incidents until the regulators act and close the lying scum down

[piebaps]

https://www.iomfsa.im/media/1518/tru...tedpractic.pdf

Here are the guidelines for an IOM Trustee.