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

[tax is taxing]

Ok - so I have just spoken to a Lawyer, an expensive one (but free as a colleague of my cousins).
His view was that a collective approach to this would likely prove too tricky for a company like Gladstones. They will be hoping for low hanging fruit to cave in rather than a protracted, and expensive, set of court actions. I, for example, would be bankrupted by having to repay the loans and the courts would likely look very carefully at the detail and purpose of the loans. in addition, court action would likely lift the rock on a lot of slugs ho ould rather remain hidden.

From a Trust perspective, settlement and a write off would allow them to move on. He considered the acions by Baker Tilly shortsighted given the reputational damage to them and IoM as a finance centre.

He stressed that collections such as LCAG, BigGroup and others (for instance EtcTax) should be able to push back on this and come to some form of agreement as regards writing off of loans for a nominal and realistic fee.

He also recommended an approach to MPs as there is a clear demarcation between the good guys and the bad guys here; something politicians like.

in summary, tell them to FO.

Thanks Jbyrce,

Much appreciate it.

I was with sanzar for 2009, 2010 years. There were circa 150 active contributers during that period. Contributions ranged from 30K - 80K per year per person. For calculation purposes, shall we say an average of 50K, which works out to be 15 Mil over 2 years. I suspect there were 10s of similar schemes operational and hence even a commision of 1%, would tempt Baker Tilly to take a risk on reputational damage.

My legal advice is not much different to yours.

Given Gladstones' involvement, they will not go away that easily. However, they may not be so keen on going all the way to the courts, as there are enough reasons for their intention to fail (which have all be discussed openly in this forum) Either way, we will need access to decent legal firm sooner or later, which obviously becomes cheaper with numbers.

Moving forward, yourself, Old Kent Road etc are active again. We can consider reactivating the private group which we formed in 2015 and access legal advice directly or go with other groups which are recommended in this forum.

My take on this is:

Should I loose my sleep over it - NO
Should this be dealt with appropriately - YES

[cojak]

Moderator note

I have deleted a number of posts regarding a potentially illegal action.

Let me make this VERY CLEAR.

If I see any posts suggesting (or defending) such actions, I will delete the posts and permaban the posters.

I do NOT expect to repeat this note.

[SouthKD]

Another envelope...

Has anyone recieved a second letter from Gladstones 'demanding' interest on ANOTHER portion of loan? This time with a different interest rate, and payments from now must be made MONTHLY to Gladstones! OR another 5 days to settle.....

[webberg]

"Normally PAYE" whilst I hear you, the issue here is whether a loan, backed by an agreement you signed, can force you to repay money.

Doesn't matter what you think the money was - it has been papered as a loan.

Therefore denying the alleged lender what they consider is due has to be primarily based on legal actions.

You also need to be careful calling all of this a sham or something deliberately designed to avoid tax. That is drifting you towards evasion which is major league trouble.

[H20]

"Normally PAYE" whilst I hear you, the issue here is whether a loan, backed by an agreement you signed, can force you to repay money.

Doesn't matter what you think the money was - it has been papered as a loan.

Therefore denying the alleged lender what they consider is due has to be primarily based on legal actions.

You also need to be careful calling all of this a sham or something deliberately designed to avoid tax. That is drifting you towards evasion which is major league trouble.

Read the judgments and re- read posts.. Judgements at they are not a scam, but are deliberately structured to avoid paying tax... not my words but words contained within supreme court judgement...All i am saying is the fact that there are twi different laws here, does not mean they are not connected. They are, the judgment makes this clear

[jbryce]

Thanks Jbyrce,

Much appreciate it.

I was with sanzar for 2009, 2010 years. There were circa 150 active contributers during that period. Contributions ranged from 30K - 80K per year per person. For calculation purposes, shall we say an average of 50K, which works out to be 15 Mil over 2 years. I suspect there were 10s of similar schemes operational and hence even a commision of 1%, would tempt Baker Tilly to take a risk on reputational damage.

My legal advice is not much different to yours.

Given Gladstones' involvement, they will not go away that easily. However, they may not be so keen on going all the way to the courts, as there are enough reasons for their intention to fail (which have all be discussed openly in this forum) Either way, we will need access to decent legal firm sooner or later, which obviously becomes cheaper with numbers.

Moving forward, yourself, Old Kent Road etc are active again. We can consider reactivating the private group which we formed in 2015 and access legal advice directly or go with other groups which are recommended in this forum.

My take on this is:

Should I loose my sleep over it - NO
Should this be dealt with appropriately - YES

Tbh I think WTT along with others is the way to go here. I'd hope that they and others would be able to JOINTLY push back on this. Going after parking tickets is one thing, going after a seriously organised group that can point at potential fraud is another. The lawyer reckoned that the likelihood of having to repay these loans is very small but that Gladsotones, Naker Tilly, Felicitas and the IoM regulator may have to take a swift kick to the nuts.

The point here is a large organised group has a lot of clout and will be able to outgun these d1cks. Also factor in LCAG and their ability to noise up MPs and all of a sudden the hunted may start to become the hunters.

So join LCAG and speak to WTT.

[NormallyPAYE]

"Normally PAYE" whilst I hear you, the issue here is whether a loan, backed by an agreement you signed, can force you to repay money.

Doesn't matter what you think the money was - it has been papered as a loan.

Therefore denying the alleged lender what they consider is due has to be primarily based on legal actions.

You also need to be careful calling all of this a sham or something deliberately designed to avoid tax. That is drifting you towards evasion which is major league trouble.

Thank you for your sound advice on here Webberg. It is really appreciated. I know we all need to be so careful what we say. I think for many of us the situation is unprecedented. Thank you for taking the time to help others on here.

[cherries]

Has anyone recieved a second letter from Gladstones 'demanding' interest on ANOTHER portion of loan? This time with a different interest rate, and payments from now must be made MONTHLY to Gladstones! OR another 5 days to settle.....

Yes I have but no surprise there.

[jbryce]

Has anyone recieved a second letter from Gladstones 'demanding' interest on ANOTHER portion of loan? This time with a different interest rate, and payments from now must be made MONTHLY to Gladstones! OR another 5 days to settle.....

...better get my cheque book ready...

[DealorNoDeal]

Presumably it's Felicitas, who now hold the loans, who have engaged Gladstones?

Meaning, origin and history of the name Felicitas - Behind the Name

Latin name meaning "good luck, fortune".