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

[NickLeeson2]

I think it's safe to say that there are more than a few errors and issues with the whole approach, both in relation to Felicitas and GS. This to me just adds more weight to the likelihood of this being a shake of the tree to see if anybody panics and pays up. After all, it only takes a handful of people to pay in order to make the letter sending exercise worthwhile. If this was a professional and bona-fide attempt to recover alleged debt, then given the vast sums potentially involved, you would think that a more professional approach would have been taken.

As you look more into it, one of the companies has been liquidated at the third attempt. Part of the conditions, if I'm reading it correctly, is that there is £5m+ outstanding debt that will be recovered to HMRC.

[MrO666]

As you look more into it, one of the companies has been liquidated at the third attempt. Part of the conditions, if I'm reading it correctly, is that there is £5m+ outstanding debt that will be recovered to HMRC.

Which company is that ?

[Doggysoft]

I've emailed them asking if I settle my enquiry from HMRC does that end my matter with Felicitas. They replied back saying that I should seek financial advise as they are not financial advisers, which did not answer my question.

I remember THC were trying to legitimately/illegitimately 'settle' their side of things by asking for 5%; I'm trying to understand what Felicitas want. Are they asking for the whole amount or are they happy to write it off once HMRC side of it has been settled? I suspect the former but I would like them to let me know.

[MrO666]

I've emailed them asking if I settle my enquiry from HMRC does that end my matter with Felicitas. They replied back saying that I should seek financial advise as they are not financial advisers, which did not answer my question.

I remember THC were trying to legitimately/illegitimately 'settle' their side of things by asking for 5%; I'm trying to understand what Felicitas want. Are they asking for the whole amount or are they happy to write it off once HMRC side of it has been settled? I suspect the former but I would like them to let me know.

I would suggest extreme caution when engaging with either Felicitas or GS. Remember they are not there to help you in anyway at all.

I understand that Felicitas are asking for 12% in order to "write off" all outstanding alleged debt. However, I wouldn't be surprised if someone paid the 12%, only for Felicitas to then come back for more. In the cases I've looked at, based on the paperwork I've seen, I fail to see how Felicitas or GS would be able to provide evidence that any legally binding loan was made. I've yet to get sight of any consumer credit agreements, repayment schedules, or any annual statements detailing loans and interest, all of which would be required by a court in order to prove any loan actually existed. In addition, I suspect that some scheme users would be able to claim that any debts were Statute Barred, as some of these schemes closed ten years ago, with absolutely zero contact from that point.

[minihanetony]

A Letter template to help

Hi all
I have had the following template from my Lawyer and am happy to share it with you all.
HISTORICAL LOANS

Dear Sirs

Further to your recent letter, Un-Referenced, dated 05-02-2020.

I do not recognise the lenders’ nor your capacity to act and therefore would ask initially that you treat this letter as Subject Access Request and that you provide all personal data that you hold of mine, and advise me how it was provided to you, when and by whom. I would also request to see the underlying legal arrangements by which my alleged loans have been transferred to you.

I do not acknowledge any debt in the absence of any proof of your claim.

In the absence of such proof, and the fact that your letter seems nothing more than carpet begging of the worse kind, I will now be reporting both you and your alleged clients to the Isle of Man Financial Services authority and them to the Solicitors Regulation Authority.

Penultimately I would advise you that the validity of the loans, on authority of the Supreme Court in RFC these payments were no more than “disguised remuneration” rather than genuine loans.
Finally, I would note that the timing of your letter does not appear to adhere to the pre-taxation protocols required to commence legal (recovery proceedings).


Yours faithfully



---------------
Then actually put a complaint in to both governing bodies.

[DealorNoDeal]

Were the loans you received

(a) employer -> employee
OR
(b) trust -> beneficiary

In either case, I imagine the compliance rules might be quite different to consumer or business credit agreements.

Would the statute of limitations still apply with (a) or (b)?

[webberg]

I've been away this morning doing the day job so this is a round up of comments on some of the above.

Statute barred/6 year rule

The loan agreements we have seen have a repayment clause that can be exercised pretty much at the lender's discretion. There is therefore no statute bar to that action.

Further, the 6 year rule applies to actions that are initiated but which the lender does not follow up for 6 years. In other words, the 6 year clock starts when the loan is asked to be repaid.

If the loan was in the form of a deed, it's 12 years.

P11D

There is a thought above that the demands are only going to "those people who submitted P11D's". That is - with respect - wrong on many levels.

The P11D is a form submitted to HMRC by the employer. Unless therefore the employer or HMRC has shared a client list with Felicitas, it will not be that case that only those loans reported to HMRC are included.

Sanzar

The claim in Sanzar schemes is that some of them at least had the loan repaid every tax year. If that is correct (and here I offer no tax opinion on that), then there is no loan agreement and no loan to be repaid.

Change of lender

The loan agreements do not oblige the lender to notify the borrower of a change of lender. Indeed this is not a requirement nor a common practice with any lender.

Consequently, the fact that the loan is now in different hands and the first you knew was when the demand appeared, does not in any manner remove any of the lender's rights.

Notice of assignment

There are letters circulating from ECS International and Professional independent Trustess (sic) - both wholly owned, licensed trust services providers of Baker Tilly, 2A Lord St, Douglas, IOM, saying that loans have been assigned from the trusts that they operate to Felicitas. These are NOT loan demands. They are simply notices.



After saying all of the above there are significant legal and other obstacles that can be placed in the path of a loan repayment and for those who have contacted us, you will know how we are proceeding.

[rexx]

Were the loans you received

(a) employer -> employee
OR
(b) trust -> beneficiary

In either case, I imagine the compliance rules might be quite different to consumer or business credit agreements.

Would the statute of limitations still apply with (a) or (b)?

What is main difference between the two in terms if compliance ? I am think my one is employer to employee.

[NickLeeson2]

Which company is that ?

Companies house search under this number 08737296, at first I thought it wasn't related but after checking out name changes it is.

The final liquidation report has the information.

[WoffleCopter]

I've been following this thread with interest.

I too have received the notice from Felicitas but no demands so far.

I am wondering if it's worth doing anything at this stage? What are the downfalls of watching and waiting?

In particular, why should I respond to "Junk Mail" or threats?

Would not the first call to action be an official letter direct from a court or other recognised authority indicating that they have actually initiated legal action? This of course to be validated by a call to the court in question.

The only reason I can think of to seek legal advice would be for reassurance.

[edit]
btw, as far as I recall I signed nothing, just completed an online form for IQ. The contract of employment PDF I received doesn't even have my signature.