Views of deed of release - confused

[Socialsarah73]

Just received email in respect of outstanding loan I haven’t registered with HMRC as declared income on SA and paid all tax due.

A company have sent an email stating if you have settled you will need to prove the loan is no longer outstanding and are stating
The cost per Deed of Release and Deed of Exclusion is 5% of the outstanding loan amount, plus a £250 administration charge.

Any view or advice would be appreciated - I was only in the scheme a short time. As a public sector worker this has a significant impact.

[Loan Ranger]

As I said in another thread, this has the whiff of sharks exploiting the situation.

Worse than ambulance chasers, more like grave robbers.

[BankingContract0r]

That is criminal

I haven't settled yet but I received a similar (generic) letter by email yesterday:


"Your Options
Two pro-active options that may be open to you are:

If you have received an APN already and made payments to HMRC,

(1) Contact Helpline Services Limited to purchase a “Deed of Release” which is the trustee’s agreeing to your formal legal release from the debt, and

(2) Obtain further advice on how to discharge/settle and close your case with HMRC.

If you have not received an APN yet,

(1) Register your interest to enter into a settlement opportunity with HMRC by 31 May 2018;
Please note, even if you go ahead with the settlement opportunity, the loans you received created a genuine liability, which is still due and repayable as per the terms of your original loan agreement. Therefore, the loans will be still outstanding even if you settle with HMRC. If settlement is the route you are inclined to take, it is advisable that you contact Helpline Services Limited regarding the purchase of a Deed of Release; or

(2) Repay the loans that you have taken. There will then be the potential for the trustees to make a distribution from the trust to you or others within the class of the beneficiaries."

[Socialsarah73]

There is an email and was considering sending the following

I have been contacted by you via email (unsolicited) and you appear to hold personal information regarding myself. I have been requested to provide further information.

In accordance with GDPR please can you advise what information you hold, how you obtained the information, how you plan to use the information currently and in the future and send this to me within one month in accordance with my subject access request.

Thoughts

[rebecca44]

Just received email in respect of outstanding loan I haven’t registered with HMRC as declared income on SA and paid all tax due.

A company have sent an email stating if you have settled you will need to prove the loan is no longer outstanding and are stating
The cost per Deed of Release and Deed of Exclusion is 5% of the outstanding loan amount, plus a £250 administration charge.

Any view or advice would be appreciated - I was only in the scheme a short time. As a public sector worker this has a significant impact.

I have received the same, bastards are out for more money. I am getting legal advice about this

[cojak]

I would advise reading this post carefully.

https://forums.contractoruk.com/hmrc...ml#post2557427

[howcanigetyoualoan]

Is this 5% to cover the Inheritance tax the trustees will suffer if the loan is written off? So they will only release us from the loan if we cover their cost?if that’s the case, how will HMRC view this?

[Loan Ranger]

Is this 5% to cover the Inheritance tax the trustees will suffer if the loan is written off? So they will only release us from the loan if we cover their cost?if that’s the case, how will HMRC view this?

I doubt it but ask them why the fee is so high.

5% + £250 is an extraordinary amount if all it involves is a bit of admin.

[howcanigetyoualoan]

I doubt it but ask them why the fee is so high.

5% + £250 is an extraordinary amount if all it involves is a bit of admin.

out of interest, why do you doubt it?Do you know that it's definitely NOT the case that the trustees will be charged 5% inheritance tax if the loan is written off?

[Loan Ranger]

out of interest, why do you doubt it?Do you know that it's definitely NOT the case that the trustees will be charged 5% inheritance tax if the loan is written off?

No, that's why I said ask what it's for.