Montpelier & Newquay 10% loan repayment demands

[Loan Ranger]

Keywords: Montpelier Rathowen Newquay Professional Fernleigh Ronsard Watkin Gittins Corrance Hazelmere

If you have received a letter from the Trustees, demanding repayment of 10% of your loans, follow this thread.

Think very carefully before repaying.

More info to come...

[jimys]

Keywords: Montpelier Rathowen Newquay Professional Fernleigh Ronsard Watkin Gittins Corrance Hazelmere

If you have received a letter from the Trustees, demanding repayment of 10% of your loans, follow this thread.

Think very carefully before repaying.

More info to come...

What happen to the 10% repaid?

[stonehenge]

What happen to the 10% repaid?

Supposedly they're looking at ways of redistributing it in a tax efficient way but they get pretty shirty if you question them.

They want over £40k of me.

[BrilloPad]

Hello WG

Care to comment?

[meanttobeworking]

I was with another, now non-existent provider, but concerned the trustees of the scheme may do the same. What's the legal position about repayment? They have no idea how to contact me now, which may mean I never receive any communication from them. Where would this leave me if they requested repayment to an old address - what could unfold without my knowledge?

The sales line was that the trustees are legally bound to act in the best interests of the loan recipients. On what basis are they asking for a loan repayment?

[jimys]

Supposedly they're looking at ways of redistributing it in a tax efficient way but they get pretty shirty if you question them.

They want over £40k of me.

We need this question to be clarified in written. All who is holding the trust fund? What person?i believe we need specialist person to check this.. Not sure how

[BrilloPad]

I was with another, now non-existent provider, but concerned the trustees of the scheme may do the same. What's the legal position about repayment? They have no idea how to contact me now, which may mean I never receive any communication from them. Where would this leave me if they requested repayment to an old address - what could unfold without my knowledge?

The sales line was that the trustees are legally bound to act in the best interests of the loan recipients. On what basis are they asking for a loan repayment?

On the surface, you are safe.

What year(s) are you in? Have HMRC been in touch?

[meanttobeworking]

On the surface, you are safe.

What year(s) are you in? Have HMRC been in touch?

I was in 09/10 for a few months and I settled under the CLSO. Don't call me names

[BrilloPad]

I was in 09/10 for a few months and I settled under the CLSO. Don't call me names

You in in the clear. Sleep easy.....

[lastManStanding]

You in in the clear. Sleep easy.....

I think the question was alluding to the point that even though settlement has been made with HMRC, the loan from the trust is still outstanding and could be recalled at any time (subject to satisfying the trustees responsibility to the trust beneficiaries).

So you would be paying the tax to HMRC and repaying the loan to the trust. Its a nightmare scenario really especially to those who have hundreds of thousands of pounds worth of loans.

HMRC do not do anything in relation to the loans if you settle (which would be far too efficient and tidy for them). They still remain a legal agreement and a real debt.