Montpelier & Newquay 10% loan repayment demands

[BrilloPad]

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

...and another newbie... requesting PM access...

I got my 10% repayment Newquay letter a few weeks ago (payment due date end of April) but have only just found this thread. BigGroup sounds like something I should be joining?

If anyone can PM me with newbie advice/direction please, it would be much appreciated.

Thanks in advance.

Currently opinions are divided as to way forward. Some say ignore WG letter and wait. Some say join BigGroup. They are preparing a letter to be sent by individuals to WG.

Whether paying the 10% will help is questionable. Then there is the question of where the money goes.

Personally I recommend the big group route. I don't think anyone will be paying Montpelier.

BP

[Incredulous]

For those contemplating paying who have not already seen "The Spirit of Montpelier" now repossessed by Price Waterhouse, Cooper to repay some of a reported £2m debt of "The Spirit of Montpelier Limited", just weeks before the loan demands came out

You can buy it for about £650k at

Spirit of Montpelier

or read the court liquidation findings at

https://www.judgments.im/content/J1724.htm

[CanPayButWouldRatherNot]

Join big group ...it's out of the public eye and there are 100's of impacted contractors on board ...getting sensible advice at sensible prices ....the good ship Montpellier ...that didn't sink ...it got repo'd as per the above link

[nfn01]

Hi, another newbie here impacted by Newquay letter. How do I get PM access please!

[NotAllThere]

Hi, another newbie here impacted by Newquay letter. How do I get PM access please!

I've requested the rights for you.

[nfn01]

Thank you - BP I've seen your helpful comments to other newbies re this - could I PM you or could you PM me once access granted.....

[CanPayButWouldRatherNot]

Nfn01 you have a pm

[Fireship]

For those contemplating paying who have not already seen "The Spirit of Montpelier" now repossessed by Price Waterhouse, Cooper to repay some of a reported £2m debt of "The Spirit of Montpelier Limited", just weeks before the loan demands came out

You can buy it for about £650k at

Spirit of Montpelier

or read the court liquidation findings at

https://www.judgments.im/content/J1724.htm

Sorry, I'm lost, isn't that the ruling relating to costs for the case brought against the liquidator for damages due to a claimed sale at an undervalue?

The holding company went into administration almost 2 years ago, in the end the liquidator sold the vessel to one of the other creditors which also happens to be owned by WG (Montpelier Holdings LLC). As I understand it the other Montpelier group companies which were also creditors brought a case for damages (I can only assume to leverage the sale for further financial benefit to the group) against the liquidator.

The case was ultimately dismissed as it was clearly taking the p**s, however the vessel was purchased from the liquidator by Montpelier at a dirt cheap price hence one could argue this is a non story as it wasn't ripped away from WG with him kicking and screaming, in fact he seems to have done rather well out of the situation as it got the monkey off his back - I only wish he could do the same for us!!

Don't get me wrong, I'm s*****g bricks over this whole loan repayment issue, but I do think we need to be careful posting non stories such as this and making out they are recent events as doing so could cause further worry for those worst affected.

FS.

[Donut]

Hi, another newbie here impacted by Newquay letter. How do I get PM access please!

Hi, ditto for me too, I just received the MP letter. Could someone PM me please?

[CanPayButWouldRatherNot]

PM sent