IQ Consultants, Felicitas Solutions, ECS Trustees - loan repayment demands

[78paul]

I felt the same on the day of receipt but the following day I sought good advice and now feel fairly confident that these guys are chancing their arm / on a fishing trip and will seriously struggle to enforce the course of action they are proposing.

I spoke again to the Managing Partner of Freeths London today - apparently a number of people have now contacted them about this issue and they are prepared to represent as a group action if it comes to it. I use them through work and only have good things to say about them - they are big hitters and have a wealth of expertise around this area so I for one will be using their services if it comes to it. You guys are obviously welcome to join in - the bigger the group the more weight we have + the further the costs will be shared.

Additionally, we have a team of forensic accountants auditing our 2019 books at work this week - I had a good conversation with the head of the team there today and he’s happy to look over everything for me in the next few days as a favour. On the face of it his advice was the same as I posted in previous comments....

I know it’s not easy when you receive a letter using such aggressive tactics but I wouldn’t lose too much more sleep over this!

Best,

Matt

Hi Matt,

I really appreciate your work on this and I am in total agreement with you.. And I am happy to join up with you on this and get it sorted, keep me posted.

I will be speaking to my accountant again today and submitting my email to Gladstones with my dispute to them, similar to your earlier post.

Paul

[Wazza1882]

I felt the same on the day of receipt but the following day I sought good advice and now feel fairly confident that these guys are chancing their arm / on a fishing trip and will seriously struggle to enforce the course of action they are proposing.

I spoke again to the Managing Partner of Freeths London today - apparently a number of people have now contacted them about this issue and they are prepared to represent as a group action if it comes to it. I use them through work and only have good things to say about them - they are big hitters and have a wealth of expertise around this area so I for one will be using their services if it comes to it. You guys are obviously welcome to join in - the bigger the group the more weight we have + the further the costs will be shared.

Additionally, we have a team of forensic accountants auditing our 2019 books at work this week - I had a good conversation with the head of the team there today and he’s happy to look over everything for me in the next few days as a favour. On the face of it his advice was the same as I posted in previous comments....

I know it’s not easy when you receive a letter using such aggressive tactics but I wouldn’t lose too much more sleep over this!

Best,

Matt

Thanks Matt for the kind words at this frustrating time. Happy to chip in and be part of the big Freeths group if it comes to it. Keep me updated please.

[MrBreaker]

Would like to join the group

I felt the same on the day of receipt but the following day I sought good advice and now feel fairly confident that these guys are chancing their arm / on a fishing trip and will seriously struggle to enforce the course of action they are proposing.

I spoke again to the Managing Partner of Freeths London today - apparently a number of people have now contacted them about this issue and they are prepared to represent as a group action if it comes to it. I use them through work and only have good things to say about them - they are big hitters and have a wealth of expertise around this area so I for one will be using their services if it comes to it. You guys are obviously welcome to join in - the bigger the group the more weight we have + the further the costs will be shared.

Additionally, we have a team of forensic accountants auditing our 2019 books at work this week - I had a good conversation with the head of the team there today and he’s happy to look over everything for me in the next few days as a favour. On the face of it his advice was the same as I posted in previous comments....

I know it’s not easy when you receive a letter using such aggressive tactics but I wouldn’t lose too much more sleep over this!

Best,

Matt

Hi Matt,

Would really like to join the group tackling these guys with Freeths, could you let me know how to go about doing this please?

[jbryce]

Thanks Matt for the kind words at this frustrating time. Happy to chip in and be part of the big Freeths group if it comes to it. Keep me updated please.

Also worth talking to WTT who've been looking at this for a while. They have multiple members impacted and are ahead of the game - they're probably best place to have the volume to kick back.

[Peppapig]

IQ Contracts

Hi all Thanks also for this. Matt please can you keep us posted as its looking like Freeths might be the legal action we may need to take. I want to fight this even if it takes my funds I wanted to use for family holidays. I'm about to submit my complaint to the SRA on Gladstones as I feel this is outrageous.

I've also gone through all my paperwork I have all the original timesheets from my employers, my work contracts and the salary/loan payments from IQ so I have some paperwork to show salary and loan payments. The agreements from IQ were via a dodgy link to a microsite which is obviously not live so I can't see what I may or may not have signed up to in my naivety!!

I'll keep viewing this forum for next steps I guess lets see if Gladstones shows any teeth. Pep

[Wazza1882]

How very strange

So just to give you guys an idea on how strange this letter and request is...

Firstly, it seems they're only bothered by the interest currently. Why? I don't know. Maybe they know they can't enforce the loan repayment and interest payment is a quick win.

Secondly, the way mine is structured shows that they are only chasing me for unpaid interest one 1 of my 4 loans.

I have 4 loans:

1. £xx,xxx.xx
2. £xx,xxx.xx
3. £xx,xxx.xx
4. £xxx,xxx.xx


So their breakdown shows that they're chasing me for interest on loan 1 only by 12th February 2020.

This amounts to £x,xxx.xx
And Interest is charged as follows:
5 April 2015 - 3.25%
5 April 2016 - 3.00%
5 April 2017 - 3.00%
5 April 2018 - 2.5%
5 April 2019 - 2.5%

That would bring the account "up to date", but that I would be needing to pay interest on the next due date of 5th April 2020.

If I don't do either it says then in accordance with clause 3 of the loan, they can demand full repayment with 1 month's notice. But full repayment of what? This 1 loan or all 4? Are my other loans up to date with interest?

They've made me an offer to settle all interest AND loan amounts in full.

I've done the calculations on the amounts based on the interest model above and totalled the interest payments on all 4 loans and it comes to the same amount being requested by them to settle (roughly).

This tells me:

They are purely just after the interest it seems
This seems like an attempt to make a quick quid on the vulnerability of people

So for most people the amounts being asked for just by the 12th of Feb are 'negligible' by comparison to the total of the loans. However they are also offering that you settle all business with them by paying the interest on all the loans you have with them by the 12th of Feb, else you're liable for a payment in April.

My guess is, if you pay the amount they ask in Feb, they'll note your details and send you a letter in April.

Thought I would just vomit this information out and see if it made sense to anyone.

[Wazza1882]

Also worth talking to WTT who've been looking at this for a while. They have multiple members impacted and are ahead of the game - they're probably best place to have the volume to kick back.

Yep already kicked off. Awaiting a reply. Thanks.

[NC71]

@MattWills78 - thank you for your posts on this subject.

I like many on here came home yesterday to a letter which when I opened and read made me feel sick to the stomach. Having previously settled with HMRC, which required additional borrowing, to then be faced with a demand for another large sum of money left me wondering what to do and how many more instances of this will I be faced with.

I am a fairly simple individual when it comes to this subject and do not have the knowledge that some people have shown on here. I entered into an agreement with both Sanzar and Garraway for their schemes and it has been without doubt the worst thing I have ever done.

I will indeed dispute the demand and would be interested in joining in any joint group should it arise.

[neveragain]

So just to give you guys an idea on how strange this letter and request is...

Firstly, it seems they're only bothered by the interest currently. Why? I don't know. Maybe they know they can't enforce the loan repayment and interest payment is a quick win.

Secondly, the way mine is structured shows that they are only chasing me for unpaid interest one 1 of my 4 loans.

I have 4 loans:

1. £xx,xxx.xx
2. £xx,xxx.xx
3. £xx,xxx.xx
4. £xxx,xxx.xx


So their breakdown shows that they're chasing me for interest on loan 1 only by 12th February 2020.

This amounts to £x,xxx.xx
And Interest is charged as follows:
5 April 2015 - 3.25%
5 April 2016 - 3.00%
5 April 2017 - 3.00%
5 April 2018 - 2.5%
5 April 2019 - 2.5%

That would bring the account "up to date", but that I would be needing to pay interest on the next due date of 5th April 2020.

If I don't do either it says then in accordance with clause 3 of the loan, they can demand full repayment with 1 month's notice. But full repayment of what? This 1 loan or all 4? Are my other loans up to date with interest?

They've made me an offer to settle all interest AND loan amounts in full.

I've done the calculations on the amounts based on the interest model above and totalled the interest payments on all 4 loans and it comes to the same amount being requested by them to settle (roughly).

This tells me:

They are purely just after the interest it seems
This seems like an attempt to make a quick quid on the vulnerability of people

So for most people the amounts being asked for just by the 12th of Feb are 'negligible' by comparison to the total of the loans. However they are also offering that you settle all business with them by paying the interest on all the loans you have with them by the 12th of Feb, else you're liable for a payment in April.

My guess is, if you pay the amount they ask in Feb, they'll note your details and send you a letter in April.

Thought I would just vomit this information out and see if it made sense to anyone.

Part of the Clause 3 states, the loan shall become due and payable one month after the service of a written demand by the Lender on the borrower.
Which is governed by Clause 8, IOM Laws. Still curious on this.

[Wazza1882]

Hi all Thanks also for this. Matt please can you keep us posted as its looking like Freeths might be the legal action we may need to take. I want to fight this even if it takes my funds I wanted to use for family holidays. I'm about to submit my complaint to the SRA on Gladstones as I feel this is outrageous.

I've also gone through all my paperwork I have all the original timesheets from my employers, my work contracts and the salary/loan payments from IQ so I have some paperwork to show salary and loan payments. The agreements from IQ were via a dodgy link to a microsite which is obviously not live so I can't see what I may or may not have signed up to in my naivety!!

I'll keep viewing this forum for next steps I guess lets see if Gladstones shows any teeth. Pep

Yeah it's that bad that they didn't even give us a copy to keep. Only accessible via their site.