Hello, I stumbled across this forum which has been a godsend in giving me more information and providing some comfort that i'm not on my own.
I too was heavily encouraged to sign up by my accountant and joined the Cirus / Hyrax schemes without fully understanding the potential implications, which are becoming horribly clear now FS Capital have taken assignment of my loans.
Thankfully I was only in it for just over a year, but was still paid an amount of loans that to attempt to repay now would have a massive financial impact, wiping out family savings and then some. On top of the years of uncertainty regarding HMRC action this is taking a serious toll on my mental health - to have agreed a settlement figure and negotiated a payment plan, to then have it snatched away at the 11th hour just as I was in the process of getting the loans written off is a cruel twist that I have to say has hit me hard.
However, all I can do is dig deep and resolve to prepare as best I can, get the best advice possible and hope that there's enough of us to take these opportunist shysters head on. A few quick questions that keep running through my head though:
1. Worst case scenario, if I had to pay off the loans in full, does this make the HMRC settlement disappear i.e. it was a loan and not income, so can't pay it off and pay tax on it? On the basis that any litigation could take years (at least until after the settlement is due/loan charge deadline), could there be a scenario where tax is paid to HMRC first and the loan won’t be written off, and is ultimately due creating a potential liability on both fronts?
2. The company (Peak Performance) linked to my Accountants is forming a Loan Assignment Association with various lawyers to challenge FS Capital - this is undoubtedly a good idea as per the other ones mentioned elsewhere on here (WTT & ETC). If they're all potentially taking action against the same company - FS Capital - wouldn't it make sense to join forces (they've indicated they expect to get well over the 200+ members to proceed). Also, how clear are the relative merits of choosing one over the other?
Lots more questions, but joining forces with a wider group is the top of my list at the moment. Any info or guidance hugely appreciated and aware a number of these points have been raised on similar threads, so please feel free to merge.
Thanks in advance.
I too was heavily encouraged to sign up by my accountant and joined the Cirus / Hyrax schemes without fully understanding the potential implications, which are becoming horribly clear now FS Capital have taken assignment of my loans.
Thankfully I was only in it for just over a year, but was still paid an amount of loans that to attempt to repay now would have a massive financial impact, wiping out family savings and then some. On top of the years of uncertainty regarding HMRC action this is taking a serious toll on my mental health - to have agreed a settlement figure and negotiated a payment plan, to then have it snatched away at the 11th hour just as I was in the process of getting the loans written off is a cruel twist that I have to say has hit me hard.
However, all I can do is dig deep and resolve to prepare as best I can, get the best advice possible and hope that there's enough of us to take these opportunist shysters head on. A few quick questions that keep running through my head though:
1. Worst case scenario, if I had to pay off the loans in full, does this make the HMRC settlement disappear i.e. it was a loan and not income, so can't pay it off and pay tax on it? On the basis that any litigation could take years (at least until after the settlement is due/loan charge deadline), could there be a scenario where tax is paid to HMRC first and the loan won’t be written off, and is ultimately due creating a potential liability on both fronts?
2. The company (Peak Performance) linked to my Accountants is forming a Loan Assignment Association with various lawyers to challenge FS Capital - this is undoubtedly a good idea as per the other ones mentioned elsewhere on here (WTT & ETC). If they're all potentially taking action against the same company - FS Capital - wouldn't it make sense to join forces (they've indicated they expect to get well over the 200+ members to proceed). Also, how clear are the relative merits of choosing one over the other?
Lots more questions, but joining forces with a wider group is the top of my list at the moment. Any info or guidance hugely appreciated and aware a number of these points have been raised on similar threads, so please feel free to merge.
Thanks in advance.
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