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Felicitas Repayment Demands - in a Nutshell

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    Felicitas Repayment Demands - in a Nutshell

    Originally posted by Paulhoylake1976 View Post
    So on what basis do i dispute this demand?
    Here are your choices:

    1. Do your own research and make such representations to the parties involved as you deem fit
    2. Engage your own solicitor to challenge the claims
    3. Join a group that is already doing that

    (I'm assuming that paying the demand is not an option).

    1. Requires a lot of time and probably the collection and collation of evidence that you may not have.

    2. As you have gathered from reading this thread - please do that - you are in specialist territory and educating a lawyer as to the minutae of the issues here is something you will have to pay for.

    3. To the best of my knowledge the people who have had demands and who have sought and perhaps joined a group, have joined either:

    WTT's group (that's me and my firm), or

    ETCtax's group (a guy called Andy Wood with whom we speak regularly)

    I'm aware that other advisers have opined that either the matter is so straightforward that the simplest of rebuttals would suffice to make it all go away whilst others have asked for some quite substantial fees without actually saying what they plan. I have no other details on those.

    We (WTT) offer a free call and a modest joining fee for our group.

    ETCtax I think also offer a free call and will make the initial response for free as well (or at least they were last week).

    I think that covers it.

    No adviser is going to go into detail here as to their strategy.

    Unfortunately there are many opinions and views in this thread to sift. Some are sensible, some not and some frankly are fantasy. However, read them all as it will repay you.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

    Originally posted by De Facto View Post
    2. My clients’ letters state that interest is charged on various years. This appear to be wrong prima facie as in some of those years they obtained beneficial (zero interest) loans which were reported to HMRC via P11D at the time.
    A benefit in kind on a P11D normally just means that no interest has been paid. It does not mean that no interest is charged.

    Originally posted by De Facto View Post
    Spotlight 48 confirmed that “if a settlement is not reached and the loan charge becomes payable, we [HMRC] may accept a payment made to secure a deed of release or exclusion, as reducing the outstanding loan balance if it: (i) represents a genuine repayment of the loan, and (ii) is paid in cash. So for those of you who are considering paying Gladstones, you have to insist on a formal document that states that (1) you are making a loan repayment (so that the value can be deducted for Loan Charge purposes) and (2) the remainder of the debt is written off, and (3) the write off is binding on the creditor and any successors or assigns. Then you may elect to spread the new loan value over 3 years
    This is misleading. If some or all of a loan is repaid now it will not reduce the April 2019 loan charge. Spotlight 48 was a creature of its time. It sets out the right interpretation of the law where the loan was repaid before 6 April 2019. But as the outstanding loan was fixed on 5 April 2019, repaying the loan today does not reduce the loan charge.


      Originally posted by IWasRobbed View Post
      I finally got the Gladstones letter through today. With the offer of an early settlement.

      I emailed Felicitas when I got their letter and demanded to have proof of the loans and haven't heard anything. I'm planning on sending similar to Gladstones.

      Can I demand my money back from the Trustees since the loan was made up of MY money?

      What can I do now?
      Let's be clear - it wasn't your money - you signed it away when you joined the scheme...

      I think webberg outlines your options in https://www.contractoruk.com/forums/...ml#post2733103 as they really are:-

      1) ignore it
      2) join WTT's group
      3) join ETCtax's group

      What I wouldn't be doing is given any of them reason to want to go particularly after a particular person especially when the allegations probably won't stick (it was an internal loan to employees so the IoM FSA aren't involved).

      At the moment it's simply a matter of writing a letter to all parties and waiting for their next moves..
      merely at clientco for the entertainment


        I sympathise with everyone who says that the original thread is too long and too depressing to sift through for pearls of wisdom, so I’ve copied three of the clear, sensible approaches to your problem and then closed this thread.

        If I notice more , I’ll add them.

        But still read the original thread, because as webberg said, it will repay you if you do.
        "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
        - Voltaire/Benjamin Franklin/Anne Frank...


          We know this is highly stressful but now is sadly not the time to be angry about it as responses in anger will likely only make things worse for you...

          This is likely to be another long battle so don't rush into things and for the moment work out how you can respond in a professional manner which for the moment probably means joining one of the actions webberg / eek mention.
          "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
          - Voltaire/Benjamin Franklin/Anne Frank...


            My own summary

            I think this thread has reached a point where my input is now adding little and therefore until the next wave of letters, I will cease posting here.

            My summary of the key points is as follows.

            1. Take the letters seriously. In almost all instances a legal document exists which details rights and obligations and this is the basis of a claim being made. Ignoring hard evidence is foolhardy.

            2. Be careful how you engage with the alleged owner of the loan or their agent. Put them to the test. they are obliged to prove their claim and if they cannot, there is no claim.

            3. Go and find as much paperwork as you can because you may need it.

            4. Be catholic about the advice here and elsewhere. You have read a lot of views and some will be more correct than others. Take a balanced and weighted view of them all. Who has verifiable knowledge or experience? Who is simply venting? Come to a view that is sensible, not one that gives you the answer you first thought of and which suits you.

            5. Keep details of the advisers here for future use.

            Best Forum Adviser & Forum Personality of the Year 2018.

            (No, me neither).