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

[WoffleCopter]

If another company had obtained such an advantageous ruling, I doubt the loans would have been sold on in the first place. The fact that they did not try to obtain such a ruling speaks to their confidence of success.

Also such a ruling would set precedent on the veracity of the "loans" themselves regardless of who owns them.

IMHO

[DealorNoDeal]

I've heard a number mentioned that I've discounted as scuttlebutt.

Even if we go for half of that though, £500m.

How much did they pay?

I have no idea. I'm guessing very little upfront with perhaps a kickback if they become valuable?

Playing devil's advocate. If I held those loans, and thought there was a realistic prospect of getting a court to enforce repayment, I would focus on one or two cases and do it 100% by the book. Cross every legal "i" and "t".

I wouldn't attempt wider collection until I had a court ruling in my favour.

[Paralytic]

Playing devil's advocate. If I held those loans, and thought there was a realistic prospect of getting a court to enforce repayment, I would focus on one or two cases and do it 100% by the book. Cross every legal "i" and "t".

I wouldn't attempt wider collection until I had a court ruling in my favour.

Playing devil's advocate, why not do both?

[mrprofit]

Not sure how useful this is to others or if it was already mentioned here about Time limit on recovering a debt:


"...a firm must not attempt to recover a statute barred debt in England, Wales or Northern Ireland if the lender or owner has not been in contact with the customer during the limitation period." 7.15.4 Rule
"It is misleading for a firm to suggest or state that a customer may be the subject of court action for the sum of the statute barred debt when the firm knows, or reasonably ought to know, that the relevant limitation period has expired." 7.15.7 Guidance
"A firm must not continue to demand payment from a customer after the customer has stated that he will not be paying the debt because it is statute barred." 7.15.8 Rule

https://www.nationaldebtline.org/EW/...rred-debt.aspx

Statute Barred Debt & Debt Recovery. StepChange

[DealorNoDeal]

Playing devil's advocate, why not do both?

Because, by issuing thousands of demands, it becomes a logistical nightmare to follow the correct procedures to take cases to court. If it was me, I'd want to be meticulous to give claims the best chance of success.

https://www.justice.gov.uk/courts/pr...s/debt-pap.pdf

I think ETCtax have already highlighted how the correct procedures have not been adhered to even right from the get go.

If these firms are serious about taking cases to court, they're going about it in a very odd way.

[piebaps]

Not sure how useful this is to others or if it was already mentioned here about Time limit on recovering a debt:


"...a firm must not attempt to recover a statute barred debt in England, Wales or Northern Ireland if the lender or owner has not been in contact with the customer during the limitation period." 7.15.4 Rule
"It is misleading for a firm to suggest or state that a customer may be the subject of court action for the sum of the statute barred debt when the firm knows, or reasonably ought to know, that the relevant limitation period has expired." 7.15.7 Guidance
"A firm must not continue to demand payment from a customer after the customer has stated that he will not be paying the debt because it is statute barred." 7.15.8 Rule

Time limits for recovering debts | Statute barred debt

Statute Barred Debt & Debt Recovery. StepChange

It has been mentioned Mr P, several times in fact. I know its a big thread, but a read may help you with the background. There are also some stickies at the top of the page which summarise things in a much more concise way.

[dk27]

Because, by issuing thousands of demands, it becomes a logistical nightmare to follow the correct procedures to take cases to court. If it was me, I'd want to be meticulous to give claims the best chance of success.

https://www.justice.gov.uk/courts/pr...s/debt-pap.pdf

I think ETCtax have already highlighted how the correct procedures have not been adhered to even right from the get go.

If these firms are serious about taking cases to court, they're going about it in a very odd way.

What is very strange even if we consider these as loans for a minute is .. original lender has not provided any terms and conditions or interest rate and never asked for any payment of principle or interest. Lenders then sell these so called loans to THL, THL sends emails and asks for payment. Hopefully no one paid them at the time. THL then sells it to Felicitas and now Felicitas is asking for money. When should one think loans started and when one should think repayment is due. In all of this fiasco no one is clear where the original loan papers are or at the time it was clearly agreed that these were loans. There are some electronic copies of some employment agreements but no one is sure of loan terms and conditions. If Gladstone and Felicitas think this is a solid ground on which they can base their case in court then best of luck to them. I will be following full legal process from my side in this but my free advise to Felicitas is they should stop spending money on this and end the goose chase as they are not going to get anything out of this. Key for us to stay within law and show unity. Stay safe stay strong!

[creativity]

DOR Resolutions Ltd hired THL (actually created them) before they were swiftly closed. DOR are now behind the latest scam, so yes the 6 year clock could have started a while back already, depending viewpoints.
Believe me these charlatans have very little in the way of credible evidence (certainly that can be considered in court, of which I mean you knew exactly what you were getting into) and have followed no due process since.
Go visit them in IoM or better still find the directors and visit thier homes. Some live close by (not in IoM). Whilst there leave a message.

[creativity]

DOR Resolutions Ltd hired THL (actually created them) before they were swiftly closed. DOR are now behind the latest scam, so yes the 6 year clock could have started a while back already, depending viewpoints.
Believe me these charlatans have very little in the way of credible evidence (certainly that can be considered in court, of which I mean you knew exactly what you were getting into) and have followed no due process since.
Go visit them in IoM or better still find the directors and visit thier homes. Some live close by (not in IoM). Whilst there leave a message.

Apologies DOR was created after THL closed, to pick up any loose ends no doubt. The Baker Tilly dross is a nightmare to get a handle on. You really think any court would ablidge these morons whose form is to scare and misinform?

[Superfly]

DOR Resolutions Ltd hired THL (actually created them) before they were swiftly closed. DOR are now behind the latest scam, so yes the 6 year clock could have started a while back already, depending viewpoints.
Believe me these charlatans have very little in the way of credible evidence (certainly that can be considered in court, of which I mean you knew exactly what you were getting into) and have followed no due process since.
Go visit them in IoM or better still find the directors and visit thier homes. Some live close by (not in IoM). Whilst there leave a message.

You are mixing up two seperate DOR Resolutions entities.

One DOR Resolutions was incorporated in IoM (https://opencorporates.com/companies/im/016055V), and was designed to work hand in glove with THL. THL collects the money and then passes it on to DOR Resolutions in IoM. When the THL exercise finished DOR Resolutions in the UK appeared and was presented as a sweep-up entity for those who did not 'settle' with THL. It has since been rename to Fiscus Management (FISCUS MANAGEMENT LIMITED - Overview (free company information from Companies House)). DOR Resolutions IoM was dissolved in September 2019, less than two years after it was incorporated.