Trust demanding repayment of loan

[Forsythia]

Hi

Very worried. Received a letter from FS Capital who say Pinotage Ltd have passed my loan to them for repayment. Pinotage seem to be
connected with Lighthouse Trustees who was the trustee of the Contractor Solutions Trust which became The Cirus Contractor Solutions Trust.

They are demanding repayment of the loan within 7 days.

Grateful for any thoughts

[Paralytic]

Hi

Very worried. Received a letter from FS Capital who say Pinotage Ltd have passed my loan to them for repayment. Pinotage seem to be
connected with Lighthouse Trustees who was the trustee of the Contractor Solutions Trust which became The Cirus Contractor Solutions Trust.

They are demanding repayment of the loan within 7 days.

Or they will do what?

[Forsythia]

They say interest will start accruing from that date. Although they do not say what rate. I did not think a Trust could do this sort of thing (as in not being in the best interests of the beneficiary).

[Snooky]

Or they will do what?

Stamp their little feet probably.

AIUI, trustees are required by law to always act in the best interests of the beneficiaries, within the bounds of the law. I'm not sure this really falls into that category.

[DealorNoDeal]

AIUI, trustees are required by law to always act in the best interests of the beneficiaries, within the bounds of the law. I'm not sure this really falls into that category.

They could argue that, by calling in the loans, they are saving people a massive tax bill (LC).

[DavidD]

They could argue that, by calling in the loans, they are saving people a massive tax bill (LC).

That would not be in your best interest as the loan will be larger than the tax.

[DavidD]

That would not be in your best interest as the loan will be larger than the tax.

Just saw your smiley face ! Sorry - stupid iPhone.

Personally, I would ignore this - once the trust asks for money back when they know HMRC has categorised it as taxable income it’s become a ‘scam’ in my humble opinion.

[DavidD]

Just saw this as well :

https://www.contractoruk.com/forums/...formation.html

[Forsythia]

Just saw this as well :

https://www.contractoruk.com/forums/...formation.html

Thank you everyone for your comments. I am hoping that a trust cannot request the loan be repaid if it adversely affects a beneficiary. But I am beginning to wonder how I would know
if I am classed as a beneficiary or just someone the trustees lent money to.

[webberg]

Take a deep breath and read the letter again.