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

[hcr3001]

I had the same to my email to them

Today I'm trying to decide whether to email them a dispute direct, ignore them, or speak to a solicitor to respond to their letter?

I've been given a name of a solicitor at Freeths to try and am still waiting for him to call me back.

Just not sure what route to take.

[H20]

Considered Approach

It's entirely possible that HMRC will argue for IHT.

We and many others believe HMRC to be wrong in that argument, but it remains untested.

As some have stated on here , we are all slightly looking at different scenarios with regards to HMRC and Loan charge / settlement etc and WEBBER is totally right in everything he has said. Having considered my response over the past few days and written numerous email drafts back to Gladstone / Felicitas, going from the extreme of threats etc , to being mr nice,I have decided to sign up with WTT big group, which is looking at this from a rationale approach, not a gut reaction of hate fuelled contempt for them which we all have. I think it best to take a step back and reflect before doing anything rash or engaging with these low life.
If the , ‘perceived loans ‘ were a real debt and defendable, would Felicitas employ a muggy little out fit of ambulance chasing solicitors ? If the felt they had a strong case of wouldn’t they employ the services of a more competent organisation. If you check out some of the stories on line pertaining to Gladstone’s, which relate to chasing parking fines, you will see that in most cases they fail to send someone to court, and in the vast majority of cases where Joe Public have defended themselves in court they have won. Bite the bullet, sign up with WTT big group to fight this ... Strength in numbers I think !!

[sneckie]

P11D Section H Interest free and Low interest loans

Hi All,

I have P11D for all years involved 2012 -2017 with IQ Loan

Can anyone explain what "Cash equivalent of loans after deducting any interest paid by the borrower" as it is considerably less than the loan amount

Thanks

[Scrogbank]

For what it's worth, I have replied to the letter and have disputed the claim using the email address supplied. Has anybody else on here who has disputed their claim received an acknowledgement?

No acknowledgement yet other than an auto email to say it was received

[Scrogbank]

Today I'm trying to decide whether to email them a dispute direct, ignore them, or speak to a solicitor to respond to their letter?

I've been given a name of a solicitor at Freeths to try and am still waiting for him to call me back.

Just not sure what route to take.

Join the WTT group fighting this

[hcr3001]

Join the WTT group fighting this

I've just telephoned them and sent them my letter.

Thank you!

[piebaps]

Moneylenders in the Isle of Man are covered by the Office of Fair Trading and their details are here Isle of Man Government - OFT Licensing and Registration

The 1991 Moneylenders Act is here https://www.legislation.gov.im/cms/i...sAct1991_5.pdf

Remember though that this is IOM domestic law which was introduced to protect IOM residents from loan sharks. (IIRC there were some lenders holding child benefit books as security for small value cash loans and this law was in response). Its also 1991 law so predates IR35 and the mass marketed schemes which IR35 spawned.

Don't be surprised if you find that this angle doesn't assist - worth a shout though!

[DealorNoDeal]

Moneylenders in the Isle of Man are covered by the Office of Fair Trading and their details are here Isle of Man Government - OFT Licensing and Registration

The 1991 Moneylenders Act is here https://www.legislation.gov.im/cms/i...sAct1991_5.pdf

Remember though that this is IOM domestic law which was introduced to protect IOM residents from loan sharks. (IIRC there were some lenders holding child benefit books as security for small value cash loans and this law was in response). Its also 1991 law so predates IR35 and the mass marketed schemes which IR35 spawned.

Don't be surprised if you find that this angle doesn't assist - worth a shout though!

There's a good chance that the original lender didn't follow the rules & regulations.

After all, they didn't need to worry about the "borrowers" complaining to the authorities because the loans were nothing more than a device for disguising earnings.

Selling/tranferring the loans to another party may also not have been kosher.

[Iliketax]

The 1991 Moneylenders Act is here https://www.legislation.gov.im/cms/i...sAct1991_5.pdf

Did you spot the exemption for employees in the regulations? I've no idea what they mean as I know little of IOM law.

(1) The following descriptions of money lending transactions are prescribed
for the purposes of the definition of “exempt transaction” in section 1 of
the Act —

(a) lending by a body corporate (wherever formed, incorporated,
registered or otherwise established) to —

(i) a director, officer or employee of the body corporate;
(ii) another body corporate (wherever formed, incorporated,
registered or otherwise established); or
(iii) any other person other than an individual who is a sole
trader or who deals as consumer in relation to the lending;

(b) lending by a person acting in the capacity as trustee of a trust or
settlement (whatever the proper law of the trust or settlement) to
any person other than an individual who is a sole trader or who
deals as consumer in relation to the lending;

[Wazza1882]

Moneylenders in the Isle of Man are covered by the Office of Fair Trading and their details are here Isle of Man Government - OFT Licensing and Registration

The 1991 Moneylenders Act is here https://www.legislation.gov.im/cms/i...sAct1991_5.pdf

Remember though that this is IOM domestic law which was introduced to protect IOM residents from loan sharks. (IIRC there were some lenders holding child benefit books as security for small value cash loans and this law was in response). Its also 1991 law so predates IR35 and the mass marketed schemes which IR35 spawned.

Don't be surprised if you find that this angle doesn't assist - worth a shout though!

But if you read the act carefully, it says they have to abide by regulations of the moneylending act and OFT even if the agreement is with someone not living on the Isle of Man.

Therefore if these moneylenders are registered moneylenders and advertised their money lending as an income scheme for contractors, then by definition (and I am not a lawyer so not sure) they have mis-sold their service to us.

That's my view on it anyway. Please dont take this advice, please speak to professionals at WTT and ETC Tax, Solicitors etc for their opinions.