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Montpelier loan repayment demands

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    Montpelier loan repayment demands

    We are aware that just before Christmas, a company within the Montpelier group acting as a trustee for the Newquay Professional arrangements, sent letters to borrowers asking for the loan to be repaid and if not, threatening action in a Manx Court to obtain a judgement.

    If such a judgement is obtained the obvious next step would be to have a UK Court sanction that decision.

    It is claimed that failing to repay the loan will result in a judgement being applied for in January 2019.

    We are not lawyers and cannot comment on whether the loan and the route via which it was made, are legally valid or not. For the moment we have chosen to deal with the various papers at face value.

    Following a discussion with local lawyers, we believe that the threat of immediate action or a Manx Court giving any decision in the next few months is overstated. Further we believe that there are a number of actions that borrowers can, could, should, might, take that can impact the final outcome. We are working with IOM lawyers to give our clients a range of options.

    In short, repaying the loan without a clear understanding of the tax effect, the right/obligation of the trust to make a distribution, the destiny of the money, is unwise.

    Be very careful and consider carefully the situation.

    The trustee has certain obligations toward you enshrined in law. A company within the Montpelier Group may be your tax agent and owe you a duty of care. However the obligation of the trustee and the tax agent are not the same, even if they are owned by the same ultimate parent. If you are taking advice from trustee/agent, make sure that you understand the capacity in which that advice is given and whether that advice might be subject to a potential conflict of interest.

    If you have any doubt, take independent advice.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

    #2
    Originally posted by webberg View Post
    In short, repaying the loan without a clear understanding of the tax effect, the right/obligation of the trust to make a distribution, the destiny of the money, is unwise.
    Fecking insane more like.

    The trust deed confers very wide discretion as to what the trustees can do with the money. The trustees being Gittins and his missus.

    You might as well hand your money over to Nigerian scammers.

    Comment


      #3
      The Isle of Man Courts website is here Isle of Man Courts of Justice

      In the listings section you'll find details of all listed cases for which a hearing date has been set. The listings are normally updated weekly (on Friday).

      A look in the judgements section and a search on MP will show that most of the litigation involving the company is usually in the other direction! Isle of Man Judgments Online

      Comment


        #4
        If anyone repays the loans I think I can guess what the money will be used for...

        ...to take legal action against those who don't repay.

        Comment


          #5
          Some idiots have paid up 10% which will never be seen again.

          WG is close to bankruptcy. And there are rumours of large debts to HMRC. Its could be quite funny watching someone totally vindictive go to prison. A small chance he will just take what money he has and disappear. At rock bottom and still digging.

          Comment


            #6
            Originally posted by GreenMirror View Post
            Some idiots have paid up 10% which will never be seen again.

            WG is close to bankruptcy. And there are rumours of large debts to HMRC. Its could be quite funny watching someone totally vindictive go to prison. A small chance he will just take what money he has and disappear. At rock bottom and still digging.

            whats is WG?

            Comment


              #7
              Originally posted by passerby View Post
              whats is WG?
              I'm guessing Edward Watkin Gittins

              Comment


                #8
                Originally posted by dammit chloe View Post
                I'm guessing Edward Watkin Gittins
                I can think of more appropriate acronyms. But lets stick with yours.

                Comment


                  #9
                  Another ill-informed reply about a great man!

                  Originally posted by GreenMirror View Post
                  Some idiots have paid up 10% which will never be seen again.

                  WG is close to bankruptcy. And there are rumours of large debts to HMRC. Its could be quite funny watching someone totally vindictive go to prison. A small chance he will just take what money he has and disappear. At rock bottom and still digging.
                  A wise man once said; Do not argue with an idiot. He will drag you down to his level and beat you with experience. This is so appropriate in your case!

                  If anyone cared to undertake just a little research in these claims you will find a great man who had the balls to create legal tax loop holes and what is more poignant is that he defended these structures in Court with the HMRC who ultimately dropped the case against him. That really does say a lot for his intellect and ability to legally take on the establishment and is surely worthy of applause rather than ridicule and idle speculation.

                  Mr. Gittins enjoys an enviable and well deserved lifestyle and will go from strength to strength. Take if from someone who has had the pleasure to know and work with Mr. Gittins for over 30 years, he is a good egg!

                  Comment


                    #10
                    Originally posted by DavidSterling View Post
                    A wise man once said; Do not argue with an idiot. He will drag you down to his level and beat you with experience. This is so appropriate in your case!

                    If anyone cared to undertake just a little research in these claims you will find a great man who had the balls to create legal tax loop holes and what is more poignant is that he defended these structures in Court with the HMRC who ultimately dropped the case against him. That really does say a lot for his intellect and ability to legally take on the establishment and is surely worthy of applause rather than ridicule and idle speculation.

                    Mr. Gittins enjoys an enviable and well deserved lifestyle and will go from strength to strength. Take if from someone who has had the pleasure to know and work with Mr. Gittins for over 30 years, he is a good egg!
                    Oh my.

                    Oh my oh my...

                    Now, you are not going to see this too often, and I will decide when to restrain this thread, but until then...

                    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
                    - Voltaire/Benjamin Franklin/Anne Frank...

                    Comment

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