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

[Culps67]

I was with Target 4 years and 100% it was a loan.

I'm not questioning whether its a loan or not. I am saying that it was never mentioned to me when I signed up. I was told to sign on page one of a 24 page document. The loan bit is mentioned on page 19.

It has been suggested here that folk knew what they were signing up for. Eh ? You get paid for doing work but you only get loaned the money and have to pay it back ?

Who in their right mind would agree to that ? Unless I have misinterpreted what has been said. I'm not having a go at anyone here I'm just baffled why anyone would willingly sign up for a scheme where you have to pay the money back.

Totally ludicrous.

[Scrogbank]

Good, you’re getting focus. Forget about second quality paper, focus on their proof of the loan and whether or not they have a valid claim.

COJAK
Can you advise how I privately message someone on this site?
John

[Wazza1882]

Isle of Man Moneylending Law

Before you read this, let me caveat this by saying I don’t know what implications this has for us, but that I’m posting it simply to state that there are moneylending regulations in the Isle of Man. These are regulated and serious.

Please note the points I found interesting in bold.

MONEYLENDING IN THE ISLE OF MAN

PUBLISHED: 1 JAN 2014
TYPE: INSIGHT
Article first published by Appleby Finance Newsletter, Q1 2014

The Moneylenders Act 1991 (the 1991 Act) was intended to regulate lending practices in the Isle of Man by providing a regulatory framework for consumer loan agreements.

The Act however has suffered from its open drafting, and has created a regulatory burden and an environment of uncertainty for businesses on the Island which have had to assess, until this year, even innocuous intra-group lending to determine whether registration under the Act is required.

In 1908 the first Moneylenders Act (the 1908 Act) was enacted on the Island following the introduction of the 1900 Act in the UK in order to regulate moneylending. It introduced the requirement that any person who carried on a business of moneylending or advertised himself as such on the Island, had to register in order to do so or be liable on conviction to a fine and/or imprisonment.

Tynwald (the Parliament of the Isle of Man) recognised the need for further legislative protection for the potential victims of ‘loan sharks’, leading to the introduction of the 1991 Act. The 1991 Act updated the framework of the 1908 Act and also included supplementary provisions relating to the harassment of debtors, canvassing outside of trade premises and powers for the then Board of Consumer Affairs (now the Office of Fair Trading (the OFT)) to introduce regulations to regulate certain credit transactions.

The 1991 Act requires that any potential party, not otherwise exempt in terms of the Act or by Order, would need to be carrying on a ‘business’ of lending money in the Island in order to fall within the definition of a moneylender and therefore be required to register. The 1991 Act describes a list of institutions that are exempt from the requirement to register and includes, among others, those institutions holding an Isle of Man licence to hold deposits, certain Isle of Man building societies, and authorised Isle of Man insurers. In addition to the listed institutions, there is a power to exempt by regulation of Tynwald. The 1991 Act did not distinguish between different types of lenders and borrowers, and as such could include any lending in the course of a business which is outside the stated exemptions, even in situations of corporate intra-group financing.

The OFT has taken the stance that the requirement to register under the 1991 Act does not extend to the provision of hire purchase or credit sale facilities, or the issuing of credit cards. However, the 1991 Act makes it clear that merely collecting money due under a loan or a related transaction does count as carrying on a business of lending money. It is immaterial if that contract or loan is technically entered into outside the Isle of Man if the money is to be collected here.

If a person carries on a business of moneylending on the Island and is not registered or exempt, an offence will be committed and the person will be liable to a fine. However, the consequence of illegality is that, whether or not it is in the interests of justice between the lender and borrower, the legal right to recover money under a loan contract is lost.

[webberg]

??

Would you be so kind as to let us know if a strategy has been found within your domain and if that requires payment then let me know as I would be interested? Thanks.

I can't do this and remain within the unwritten rules of the forum.

All I can say is that we have existing clients and we are moving on with our strategy. It has a plan, a process and an objective. I cannot and do not guarantee that 100% of the objective will be achieved at this time. There remain elements to be worked on.

Non clients who have spoken with us and wish to join in are being sent a joining instruction and an indication of fee. Those who chose to return the engagement will be required to pay the fee. It's modest - perhaps a good night out.

The fee has been set based on a core group coming together and paying a low value each.

In the event that we have to go further and get more legal advice, there may be further costs ahead. Obviously sharing costs is cheaper than paying your own.

In the interests of balance other advisers are available and some I see promise that the letters you have are a nonsense and can be answered at no cost at all and no threat of loans being repayable. perhaps that is so.

Call us.

[webberg]

This is a personal opinion, please all stop the part of the feeling brain and engage the rational brain. Everyone please listen to Webberg his advise is solid and I feel empathy when he is attacked for it.

If you want to fight this, the WTT costs are minor, sign up now; whether or not you are fighting just the loan/interest demands or the tax implications.

Thank you for the support.

I would not dream of censoring honest opinion and can assure you that I'm a big boy now and can take the occasion blow to my ego.

[webberg]

Before you read this, let me caveat this by saying I don’t know what implications this has for us, but that I’m posting it simply to state that there are moneylending regulations in the Isle of Man. These are regulated and serious.

Please note the points I found interesting in bold.

MONEYLENDING IN THE ISLE OF MAN

PUBLISHED: 1 JAN 2014
TYPE: INSIGHT
Article first published by Appleby Finance Newsletter, Q1 2014

The Moneylenders Act 1991 (the 1991 Act) was intended to regulate lending practices in the Isle of Man by providing a regulatory framework for consumer loan agreements.

[/B]

My understanding from speaking with the IOM FSA is that Felicitas is registered as a money lender.

[Scrogbank]

??

Would you be so kind as to let us know if a strategy has been found within your domain and if that requires payment then let me know as I would be interested? Thanks.

Wazza
Suggest you contact WTT direct and see what they offer, I did and I am delighted!
Scrogbank

[Wazza1882]

My understanding from speaking with the IOM FSA is that Felicitas is registered as a money lender.

The question then is, were the original lenders registered? And if they weren’t, then does that make the contract void? Obviously not questions we want to or can answer on here, but worth investigating.

[grahamc]

The question then is, were the original lenders registered? And if they weren’t, then does that make the contract void? Obviously not questions we want to or can answer on here, but worth investigating.

Exactly, was Sanzar and Garraway registered as money lenders?

[Scrogbank]

Thank you for the support.

I would not dream of censoring honest opinion and can assure you that I'm a big boy now and can take the occasion blow to my ego.

Me neither
Has anyone considered whether any discontent is driven by lurkers for Gladstone’s or Felicitas