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

[Dinnerticketboy]

Found my contract

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

Thanks for all the help guys with this, I'm sending my dispute email to Gladstones on Monday (10th Feb), stating I've just received this notice and asking for more information from them.

I've found an IQ Contract and pasted the LOAN AGREEMENT part here:
Let me know if you want more of it.


THIS LOAN AGREEMENT records the terms on which a loan was made on 15/11/2012.

BETWEEN:

(1) IQ CONSULTANTS LIMITED of 2a Lord Street, Douglas, Isle of Man, IM99 1HP (“the Lender”); and

(2) Mr xx xx of xxxxxxxxxxx (“the Borrower”).
WHEREAS the Lender agrees to lend the Principal Amount to the Borrower, and may loan additional amounts as may be necessary from the time upon the terms and conditions hereinafter set forth.
IT IS AGREED as follows:

1. The Facility and Security
1.1. The lender grants the Borrower, upon the terms and conditions of this Agreement, a loan being the Principal Amount.
1.2. The Lender may lend to the Borrower and the Borrower may borrow from the Lender such additional amounts from time to time as are agreed between the parties. Any additional amount will be added to the Principal Amount and subject to the same terms and conditions of this Agreement.
1.3. The loan is only available in Sterling; drawdown in any other currency will not be possible.
1.4. The loan shall be unsecured.
1.5. The Lender will transfer Sterling in respect of the loan by credit transfer to an account nominated by the Borrower for this purpose.
1.6. Any costs associated with the loan including all bank costs and charges are the exclusive responsibility of the Borrower.

2. Interest
2.1. Interest shall be charged on the Loan Facility at the rate set down in regulations and published by HMRC as the official rate in connection with employment-related loans.
2.2. Interest shall be due and payable annually on or before the 5th April under this Loan Facility. Payment shall be made by the way of a transfer of funds to the Employer in a form approved by the Employer or by deduction .
3. Repayment
3.1. The loan shall become due and payable one month after the service of a written demand by the Lender on the Borrower, on the borrower reaching his 70th birthday, or on the death of the borrower, whichever is sooner.
3.2. The loan must be repaid in Sterling; repayment in any other currency will not be accepted.

4. Event of Default
4.1. There shall be an Event of Default if:
4.1.1. the Borrower fails to pay the loan on the due date; or
4.1.2. the Borrower suspends payment of his debts or is unable or admits inability to pay his debts as they fall due or (without having given written notice to the Lender of his intention so to do and received their consent) proposes or enters into any composition or other arrangement for the benefit of his creditors generally or any of creditors.
4.2 Upon the occurrence of an Event of Default at any time thereafter the Lender may by notice in writing to the Borrower declare that the loan shall become immediately due and payable without further notice or demand and such declaration shall be immediately effective.
5. Waiver
5.1. No omission or delay on the part of the Lender in exercising any right power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right power or privilege preclude any further or other exercise thereof of any other right power privilege. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

6. Assignments
6.1. The Borrower may not assign any of his rights under this Agreement without the consent of the Lender.
6.2. The Lender may assign all or any part of its rights or benefit under this Agreement without the consent of the Borrower.

7. Notices
7.1. Any notice, communication or demand to be given or made pursuant to this Agreement shall be in writing and shall be deemed duly served if delivered personally or sent by telex or facsimile transmission or by pre-paid registered post to the address given above or at such other addresses (or telex or facsimile number) as the party to be served may have notified for the purposes of this Agreement.
7.2. Any notice sent by telex or facsimile shall be deemed served when despatched and any notice served by pre-paid registered post shall be deemed served 72 hours after posting. In proving the service of any notice, it will be sufficient to prove in the case of a letter that such letter was properly stamped, addressed and placed in the post or delivered or left at the current address if delivered personally and in the case of a telex or facsimile that such telex or facsimile was duly despatched to the telex or facsimile number of addressee.

8. Governing Law
8.1. This Agreement shall be governed and constructed in all respects in accordance with the laws of the Isle of Man. The parties hereto submit to the exclusive jurisdiction of the Isle of Man Courts.

[DealorNoDeal]

Remember the last attempt to extort money from the loans was a 15% write off fee?


Ignore the letters, do not engage. Certainly DO NOT send them any money. They're relying on some people caving to make this worth their while.

Yes, and they'll probably only need a handful of capitulators to break even (cover admin costs, postage etc). Everything after that will be easy profit.

[webberg]

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

Did you ask?

[Wazza1882]

Did you ask?

A few times, but as with everything, distraction techniques. Couldn't worry about it then as had project deliveries to worry about - 10 hour days etc.

Same with asking for P45 at the end of the service - arrived finally after 4 months.

[hcr3001]

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 too contact Freeths, it was their lawyer in Nottingham. I have sent them a copy of my Gladstone letter, together with the (sparse) information I have dating back to Darwin/IQ. They didn't seem completely up to speed on the complexitites, however would review the info, speak to their London office (I'd said that you'd spoken to them). I am hoping to hear early next week. I too would like to join a bigger group for joint advice & action. Unfortunately I am also suffering sleepless nights... I thought this nightmare was behind us.

[Socialsarah73]

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

That’s why I made a subject access request and have received all correspondences including illustration. Evidence of my rate of pay, agreements etc although interestingly they didn’t send me payslips or pd11 or any copies of the text messages confirming payments (thou I did kept these)

You can contact the trustees directly

[Wazza1882]

That’s why I made a subject access request and have received all correspondences including illustration. Evidence of my rate of pay, agreements etc although interestingly they didn’t send me payslips or pd11 or any copies of the text messages confirming payments (thou I did kept these)

You can contact the trustees directly

That’s great. When did you make this and how long does it take?

[Wazza1882]

That’s why I made a subject access request and have received all correspondences including illustration. Evidence of my rate of pay, agreements etc although interestingly they didn’t send me payslips or pd11 or any copies of the text messages confirming payments (thou I did kept these)

You can contact the trustees directly

In addition, I never received any updates from them with regards to how they would be handling my data following the introduction of GDPR.

[zimcruza]

I can neither confirm nor deny ...

Newbie to this forum - interesting sets of responses - lots of (understandable) knee-jerk reactions, lots of sage advice. I'll be following with interest, especially as I am domiciled in Scotland and who knows, it may be an independent state before all of this is resolved

In the meantime I can neither confirm nor deny that I too am in possession of a letter pertaining to Garraway loans that may or may not have ruined my day on Tuesday

I've spoken to the tax accountants who are representing me with HMRC and they have confirmed that proper legal, litigation-level advice be taken, so I will pursue that, and look to align with a group in order to reduce my costs - at this rate, we will all be further out of pocket, the lawyers will (continue) to be happy and HMRC will continue to make arbitrary pronouncements

Been doing a deep-dive through all my email (thanks Google for not throwing stuff away) and interestingly i have a mix of laws that a referred to by Garraway - some are IoM and Some English. How tht will affect Scottish contractors remains to be seen I guess. Hopefully not too dissimilar.

Take care all, have a great weekend, don't let them get to you, and if it didn't come signed-for and tracked, it never arrived ....

[Socialsarah73]

That’s great. When did you make this and how long does it take?

I did this initially through TLH (5%) that got me my “master loan agreement” from infinity. iq and infinity were joined together when DOR (10%) contacted so again made a subject access request they made contact “Allegedly” with both trusts


Infinity Solutions Limited (IOM) acting as trustee of the Infinity Contractor Services Employee Benefit Trust

ECS International Trustees (Isle of Man) Limited (IOM) acting as trustee of the IQ Contractors (UK) Employee Benefit Trust

It took a number of months as initially they only provided part of the information from their “unstructured data” however what they did end up providing was emails, P45's, identity documents, details of salary, employers, your contract of employment, your master loan agreements, among other documents. This all arrived at the same time but was missing key docs such as PD11 we’re missing (had these) but kept challenging - DOR seems to also have disappeared in the last couple of weeks.

This suggests (to me) same people behind the schemes are clearly behind it all. I did challenge why the trusts have personal information including email communication between agent from IQ/infinity but did not get a response.

I am making a complaint to the information commissioner as the information is not proportionate. In respect of GDPR - DOR stated

The data we hold is financial in nature.

We hold this data because we have been instructed by two of your creditors to communicate with you about loans you owe. We act as a data administrator and communications provider. The data we have was obtained from those creditors.