Originally posted by NeedTheSunshine
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HMRC settlement Deadlines/delays and the LC
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Originally posted by ChimpMaster View PostThe problem with TTP is the 4.25% interest rate, which is this day and age is tantamount to extortion. A mortgage on your home is only charged at 1.4% (can be a little less or more depending on your circumstances) , which means that HMRC are charging 300% (3 times) more interest than a standard high street bank would.Comment
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The "loan" is unsecured.
You would not get an unsecured loan for the same rate as a mortgage.
I agree it's a lot but please compare apples and apples.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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Originally posted by webberg View PostThe "loan" is unsecured.
You would not get an unsecured loan for the same rate as a mortgage.
I agree it's a lot but please compare apples and apples.Comment
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Originally posted by Hitchphil View PostIs it unsecured? ............ mine were issued on receipt of signed off personal net wealth statements from me to show coverage & excess.Comment
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Originally posted by Dmac View PostGood point. Whilst HMRC say no-one will be forced to sell their main home, I believe they will have the right to put a charge against your house (so you can't just sell off and ride into the sunset, leaving them high and dry). So technically their "finance" (AKA TTP) is quasi-securedComment
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Originally posted by Dmac View PostGood point. Whilst HMRC say no-one will be forced to sell their main home, I believe they will have the right to put a charge against your house (so you can't just sell off and ride into the sunset, leaving them high and dry). So technically their "finance" (AKA TTP) is quasi-securedComment
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The loans from promoter vehicles are almost always unsecured (or at least I've not seen one that has the benefit of security).
Secured means that a specific valuable asset is at risk if you fail to pay.
The best example is a mortgage, secured on the property.
Most schemes loans are not secured.
An HMRC "loan" of the outstanding is not secured. If you fail to pay, HMRC recourse is to make you insolvent and go against your total assets, not a specific valuable asset.
Do not confuse being asked to prove your credit worthiness with security - very different things.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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charging order on property
Do you know of anyone that has got a charge on their main property from HMRC, and what does it entail, for example can they force you to sell it under a certain time frame? As I assume, you could just never sell it till you die, and it would form part of your estate?Comment
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The charge AFAIK is simply a legal mechanism which prevents you from pocketing the sale proceeds without first settling the debt. It won't prevent a sale, however when a purchaser notes the charge they may try to browbeat the price down as they sense a "firesale". If you have no short/medium term intention to sell, then it shouldn't be a problem. They're only likely to force a sale if you fail to meet whatever your agreed payment plan is.Comment
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