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

[webberg]

I’m pretty sure though, that they can’t take action for non-payment as they have to go to court before proceeding legally and prove to them that the loan & interest are legit & payable in English courts/law, as we have been taxed on it my HMRC.

Still curious how the loan agreement which states is governed by IOM laws & courts, is allowed to be actioned in English law.

A debt under Manx law that is proven before a Manx Court, can be collected in the UK under a reciprocal legal arrangement.

If the debt is subject to Manx law (and not all are) then it may become necessary in due course to defend there.

This is a route we explored a year or so ago and as a result have a series on contacts in IOM ready to do this.

[DealorNoDeal]

...or accidently saying something that confirms the debt is valid.

This.

IMHO, it's better not to respond at all than respond without professional guidance.

[webberg]

If legal action starts(which I doubt) then go to webberg or one of the others. Interesting how the only few people in this field all seem to recommend themselves or others. Sadly they are all super busy and cannot cope with the demand.

It's a difficult one here.

I posted a long piece about this earlier but to summarise.

The bigger firms (assuming they will want the reputational risk) will have the required skill set but can be expensive.

Medium size firms will say that they have the skill set and then cost you 10+ hours learning it.

Some medium size firms may well have the skill set but finding them is hard.

Of the tax specialists in this space, all are small firms or one man bands.

They further divide into those advisers who have historic connections with a particular scheme or schemes (not necessarily a bad thing if you are looking for advice on a different scheme) and those who don't.

If - as here - you need a combination of tax and legal skills, then the pool narrows again.

You are left with either a tax firm with good legal connections who have spent time educating lawyers or a law firm who have decent tax people.

It's entirely possible for a tax adviser to bring a legal type up to speed quite quickly and at a reasonable cost but usually these matters are sprung upon us and time is of the essence.

So the pool is small. We have been here 5 years and have a range of skills that we think we need (and which have been needed) and being totally honest, I don't know of any other outfit like us.

I'm not for a moment saying that the other advisers here cannot do the necessary job but just be careful. Tax people tend to have a very good grasp of the basics of legal principles and vice versa. Here though the questions are specific and detailed and that is why we either defer some questions to our in house legal team or seek external help through a network we have built.

Again, other advisers may be similarly placed but if they are, I'm not aware of it.

[neveragain]

A debt under Manx law that is proven before a Manx Court, can be collected in the UK under a reciprocal legal arrangement.

If the debt is subject to Manx law (and not all are) then it may become necessary in due course to defend there.

This is a route we explored a year or so ago and as a result have a series on contacts in IOM ready to do this.

Thanks for the info.

Just have to wait and see what they/someone does.
Still nervous about what they can do.

[sanzarsuck]

Potentially very interesting

I'm pretty sure from the conversation I've had with HMRC today, that if you have settled with them - there will be no more tax to pay. That is assuming you've already disclosed these loans and agreed a figure to pay - even if you haven't yet paid it like me. HMRC were not aware of this - but they are now - and indicated this might affect settlements paid if the loans are valid. They've asked me to send in my letter to them so they can investigate this. If would be nice for once if HMRC actually did something useful and stamped all over these low life scum.

I for one would be very interested to hear what HMRC come back with after they receive the demand letters. It would be a massive game changer if they look at the paperwork and deem them valid loans.

[Wazza1882]

Thanks for the info.

Just have to wait and see what they/someone does.
Still nervous about what they can do.

I understand your nerves, I am nervous too. But logically, why would the original trustees pass it on to a different group who then use an ambulance chasing solicitor with 1 star reputation to threaten people for money?

Surely the original lenders would recoup the millions in unsecured debt that they are 'owed' using top notch solicitors?

[Wazza1882]

For the record, I will NEVER:

1. Be a contractor again
2. Not read every single word of what I am signing up to before I sign up for it
and
3. Go with an idea that seems too good to be true.

Lesson learned. I just want the anxiety, the stress, the panic, the stinging eyes, the pain in the shoulders and chests, the fuzzy heads, the lack of focus and the tiredness to stop.

[eek]

I understand your nerves, I am nervous too. But logically, why would the original trustees pass it on to a different group who then use an ambulance chasing solicitor with 1 star reputation to threaten people for money?

Surely the original lenders would recoup the millions in unsecured debt that they are 'owed' using top notch solicitors?

Urgent need for some cash, better things to do, personal believe that no money is owed, closure / liquidation of the original company to avoid claims... There are a lot of reasons why you may sell the debt on to someone less scrupulous.

[neveragain]

For the record, I will NEVER:

1. Be a contractor again
2. Not read every single word of what I am signing up to before I sign up for it
and
3. Go with an idea that seems too good to be true.

Lesson learned. I just want the anxiety, the stress, the panic, the stinging eyes, the pain in the shoulders and chests, the fuzzy heads, the lack of focus and the tiredness to stop.

Agree on all your points.

[Trust Punisher]

Hold your nerves people

Hi

just throwing in my penny worth to try to calm the nerves...

- Got the despicable letter from Gladstones like most on here
- Spoke to HMRC on this, they were surprised at the cheek but advised it does not change anything on the tax side and so asked me to seek independent legal advice
- Sought advise from a couple of local solicitors on contract law, briefed them on contractor loan schemes and settlements with HMRC. They said no point to spend so much on fees to respond back disputing as it sounds its them who will have a fight in court to prove all this, ignore and let them proceed
- A lot of flaws were shown in the letter highlighted by members in this forum, most valid others just running off on a tangent with emotions, people keep it real! it is what it is, these are opportunists waiting for a % to buckle.
- We all had that sickening feeling when those brown envelopes dropped on our mats and we are dealing it all in our own ways
- No expert on any of this but as I am in the same boat lets not start speculating on stuff.
- I have not responded back to them
- I will be keeping an eye out on WTT posts and any info with Freeths as if it does go to court then happy to itch in my share collectively to keep costs down so dont want to panic and start selling my kidneys to pay for expensive representation. Both responsible / respectable companies so if they find a road map to fight this then best to stick to people who see the whole picture.
- Oh yes, checked with home insurance, as I had free legal cover from high st bank, they also looked into this and said the same as above it would be Gladstones up hill battle to prove this in court

So,
- don't pay them
- don't engage with them
- don't start throwing silly money around with any solicitor

do write to the previous mentioned (on this forum) governing bodies on what these parasites are doing.....this is all we can do for now.

I don't acknowledge these loans, I don't have the money to pay them, I don't have assets that I can sell to pay them so I'm going to let them have their day in court to show me this is a debt belonging to me. I'm not going to loose any sleep over this.

This has to end and im guessing it will end with these people but not in their favour.

stay calm and keep it real guys.