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

[eek]

eek, now be honest, you're

"merely here for the entertainment"

aren't you?

Nope, I'm here because I've always find these schemes interesting - the "loan" bit was always the bit that immediately scared me away from schemes, because if it's a loan they may ask for it to repaid especially when you are not the person in charge of the trust.

So there is a reason why I'm finding this bit really interesting and suitably distracting (albeit not at all entertain) as I wait to see if my fears where unfounded or are completely confirmed.

And it's clear that my fears regarding schemes were not completely unfounded as the trust is demand some level of repayment, the question is is that enough or will they seek the full amount.

[DealorNoDeal]

The problem is that I don't know - as I said in my last reply this could be the final roll of the dice, as they collect the final crumbs off the table and then walk into the sunset.

Equally this could be the perfect pay day, they head to court and collect everything the trusts "loaned" out all those years ago...

The issue is that no-one except Felicitas can answer that question and even if the answer is the sunset option the threat is required to maximise the final crumbs.

Which is why there isn't much point people worrying about it. If people have decided not to pay them, then they need to just forget about it and get on with their lives. Endless speculation, as to whether Felicitas will or won't, isn't going to achieve anything.

The irony is, I wouldn't be surprised if WTT and ETC are making more money out of this than Felicitas.

[DavidD]

It is either a loan and can be called in or it is disguised income and can be taxed. The government believes it is the latter and whilst this is the case no amount of BS or smoke and mirrors about different laws (trust, contract or tax) will make a jot of a difference. Only people who cant see the 'woods for the trees' or have an agenda will tell you any different. This debate goes round and round in circles but ultimately you will never settle with HMRC and be forced by a court to pay the loan.

If you ever pay a single penny to the loan providers you are barking mad - It's just a scam.....

[Tezz]

<Mod: Post modified to protect a poster.>

I agree, well said DavidD.
D and to add strength even further none of us even conducted any business with the ones asking for payment! It's just an utter scam and shakedown[/QUOTE]Let’s stop going round in circles and post USEFUL info rather than worrying and sometimes biased views (eek please take note, and stop posting useless comments)


Stay safe and strong fellow professionals!

[cojak]

I thought it worth reposting this here...

Here are your choices:

1. Do your own research and make such representations to the parties involved as you deem fit
2. Engage your own solicitor to challenge the claims
3. Join a group that is already doing that

(I'm assuming that paying the demand is not an option).

1. Requires a lot of time and probably the collection and collation of evidence that you may not have.

2. As you have gathered from reading this thread - please do that - you are in specialist territory and educating a lawyer as to the minutae of the issues here is something you will have to pay for.

3. To the best of my knowledge the people who have had demands and who have sought and perhaps joined a group, have joined either:

WTT's group (that's me and my firm), or

ETCtax's group (a guy called Andy Wood with whom we speak regularly)

I'm aware that other advisers have opined that either the matter is so straightforward that the simplest of rebuttals would suffice to make it all go away whilst others have asked for some quite substantial fees without actually saying what they plan. I have no other details on those.

We (WTT) offer a free call and a modest joining fee for our group.

ETCtax I think also offer a free call and will make the initial response for free as well (or at least they were last week).

I think that covers it.

No adviser is going to go into detail here as to their strategy.

Unfortunately there are many opinions and views in this thread to sift. Some are sensible, some not and some frankly are fantasy. However, read them all as it will repay you.

[cojak]

Which is why there isn't much point people worrying about it. If people have decided not to pay them, then they need to just forget about it and get on with their lives. Endless speculation, as to whether Felicitas will or won't, isn't going to achieve anything.

The irony is, I wouldn't be surprised if WTT and ETC are making more money out of this than Felicitas.

People need to speak to professional advisors, just making positive posts between themselves without knowledge isn’t going to help anyone.

[eek]

I thought it worth reposting this here...

I would regard this one as more important here

Be clear.

These are loans.

Money was paid to you. There are a limited number of definitions that could be.

Could be money for work done = employment income ( but you would have paid tax at the time)

Could be a gift ( not plausibly really is it).

Could be money given but expected to be repaid.

None - or all - of the above can be subject to a contract or not. Sometimes transfer of funds is enough to create a contract.

The Consumer Credit Act is irrelevant. There were no goods or services exchanged and I suspect that in the majority of instances the value exceeds the limits there.

Many of the loans from the 20+ schemes are subject to IOM law. Very similar in some ways to UK law but not always exactly the same.

So I repeat.

Be precise and clear as to what you have to deal with.

We are now 160+ pages in and I fear all that has been established is a fairy tale based on hopes of imperfect legislation and make believe that a judge would give any weight to moral/ethical issues.

I'm sorry of this sounds harsh, but it is a hard reality and you need to be prepared to deal with that.

But its clear that the posters here wish to live in their fantasy world - So I hope it works out for you but I suspect it won't.

I have however told people what the problem is and what to look for so at least I know I've done my best when the very large demands arrive.

[pnr8uk]

I would regard this one as more important here



But its clear that the posters here wish to live in their fantasy world - So I hope it works out for you but I suspect it won't.

I have however told people what the problem is and what to look for so at least I know I've done my best when the very large demands arrive.

Thanks EEK I am falling much more in agreement with you now actually and I do thank you and webberg for your very valuable/balanced contributions, we all have to sit up and take notice of what you say.

In other more frivolous (though possibly as important to you) I hope the A level results went the right way.

All the best

[Superfly]

People need to speak to professional advisors, just making positive posts between themselves without knowledge isn’t going to help anyone.

The problem with advice from professional advisers is that they have a vested interest in Felicitas having a valid claim, even if they may not have one. Sometimes they are required to play their part in propping up the sartorial image of the emperor otherwise they lose out on the pay day.

People need to remember this when they weigh up the advice of advisers. It is not gospel, it is advice (it may even be advice to the advantage of the adviser rather than the client).

A tax adviser friend ended up leaving his profession because it didn't sit well with his conscience, professionals in the tax field will know what I mean.

[cojak]

The problem with advice from professional advisers is that they have a vested interest in Felicitas having a valid claim, even if they may not have one. Sometimes they are required to play their part in propping up the sartorial image of the emperor otherwise they lose out on the pay day.

People need to remember this when they weigh up the advice of advisers. It is not gospel, it is advice (it may even be advice to the advantage of the adviser rather than the client).

A tax adviser friend ended up leaving his profession because it didn't sit well with his conscience, professionals in the tax field will know what I mean.

Also there are bad actors who will try to keep you away from those advisors who can help.