Montpelier & Newquay 10% loan repayment demands

[stonehenge]

Indeed, which is why we are suspicious.

Too right.

If everyone else says paying back the loans won't make any difference, why are Montpelier doing this?

I smell a f*****g big rat.

[meanttobeworking]

Indeed, which is why we are suspicious. That coupled with the fact that, allegedly, the company is in financial difficulty.

In a perverse way, we envy those of you whose promoter has disappeared.

Ah so it's likely being driven by the promoter, not the trustees. Definitely suspicious - I wish you guys all the best.

[stonehenge]

Ah so it's likely being driven by the promoter, not the trustees.

They are one and the same. The CEO of Montpelier is one of two trustees. The other being his missus.

[DotasScandal]

They are one and the same. The CEO of Montpelier is one of two trustees. The other being his missus.

Wow! What could possibly go wrong with that setup!

[lastManStanding]

Wow! What could possibly go wrong with that setup!

b***** hell is that true? I suppose I had best find out who the trustees are of schemes I was involved in...

[ns1]

What if you can't pay the demand? Could they take people to court?

[BrilloPad]

What if you can't pay the demand? Could they take people to court?

Hopefully WG can answer that.

[lucozade]

This is a massive concern.

10% demand from me will be circa £20K.

I can't afford that now NOR over 10 months.

Even if I could commit any level of funds to this I'm not going to do it whilst there is no clear guidance as to whether this will make any difference to the outcome if/when the new law comes into force in 2019.

It's about time we all get together and form another sub group to help finance a challenge against all of this. Burying our heads in the sand and hoping it will go away if someone else does something about it is not the right answer.

A good few of us have been on the receiving end of some terrible decisions from Montpelier recently. They are rapidly loosing any respect they have had.

[TAF4]

There is real danger here as I see it.
My situation in a 'shellnut'.
I have 11 months of 'Loans' outstanding and Hector has enquiries open on the two FY's that they span. Hector therefore has all the time in the world to reclassify these loans into income. It will be done by legal sleight of hand or outright dishonesty but nonetheless it WILL come to pass eventually. The tax due will then be loaded with NI and interest.

OK - I've probably depressed you enough, but here comes the kicker.

The 'Loans' are LOANS! The trustees can recall them - all of them. The direction of travel of WG is that he is doing exactly that. If you think that is bad then the next bit is worse. If the 'debt' is small and you pay it off, the Trustees should (might!) redistribute it, minus fees, to the beneficiaries. Guess what - It becomes income and you pay tax on it again.


If I have got any of this wrong please enlighten me, but right now things are looking bad and getting worse.

[stonehenge]

The term "spit roasting" comes to mind.

HMRC screwing you from one end and now Montpelier from the other.

Does anyone out there still trust Montpelier?