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Things about to get very serious and much more real? / Felicitas Letters

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    Originally posted by DealorNoDeal View Post
    I wonder how Felicitas justify this in their own minds?
    Oh that's easy. They have the morals of a cat.

    Wait. That's too harsh. I take it back.

    They don't have the morals of cat.

    (With thanks to the late T Pratchett).
    Down with racism. Long live miscegenation!

    Comment


      The thing that I don't get about this situation is - how were these loans structured? 100 year loan with 0.0001% interest? Anything otherwise would have been a completely idiotic thing to sign up to.

      Comment


        Originally posted by cannon999 View Post
        The thing that I don't get about this situation is - how were these loans structured? 100 year loan with 0.0001% interest? Anything otherwise would have been a completely idiotic thing to sign up to.
        I wouldn't have thought there would have been much to try understand. They will be incredibly contrived so as to avoid the tax so be too complex to explain or understand. A bit of clever sales to focus on the outcome would cover the workings up. Remember these were not aimed at people that were going to do the sums and understand the workings. They were after someone with dollars in their eyes at only paying 10% tax.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          Originally posted by cannon999 View Post
          The thing that I don't get about this situation is - how were these loans structured? 100 year loan with 0.0001% interest? Anything otherwise would have been a completely idiotic thing to sign up to.
          It was set up as a trust and trusts work by lending you things that are then returned or passed on to your descendants (who as part of the inheritance become beneficiaries of the trust).

          So everything looked ok and posh (look the Duke of Westminster does the same) until you discover that the Duke of Westminster has full control over his trusts and the members of these schemes didn't.
          Last edited by eek; 15 December 2020, 13:49.
          merely at clientco for the entertainment

          Comment


            Originally posted by northernladuk View Post
            I wouldn't have thought there would have been much to try understand. They will be incredibly contrived so as to avoid the tax so be too complex to explain or understand. A bit of clever sales to focus on the outcome would cover the workings up. Remember these were not aimed at people that were going to do the sums and understand the workings. They were after someone with dollars in their eyes at only paying 10% tax.
            or the hassle of IR35...
            merely at clientco for the entertainment

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              Describes me in a nutshell

              Originally posted by cannon999 View Post
              The thing that I don't get about this situation is - how were these loans structured? 100 year loan with 0.0001% interest? Anything otherwise would have been a completely idiotic thing to sign up to.
              Thick
              Greedy
              Vulnerable
              Easily Lead

              Could well be quotes from my school report.

              It's no wonder it ended badly. I have no excuses.

              Comment


                Originally posted by cannon999 View Post
                The thing that I don't get about this situation is - how were these loans structured? 100 year loan with 0.0001% interest? Anything otherwise would have been a completely idiotic thing to sign up to.
                The sales blurb I remember well, as will many others here.

                Salesperson - "We pay you a loan each month. Just like a loan from Barclays. You don't pay tax on a loan".
                Me - "You have to pay loans back".
                Salesperson - "You won't pay it back, it's made to look like a loan for tax purposes".
                Me - "Well, I have to pay it back to Barclays if I borrow off them. Why is your loan different?".
                Salesperson - "Everyone's doing this now, trust me, it isn't really a loan, it just looks like a loan for tax. You have nothing to pay back or worry about just trust me, nudge wink"....... lots of matey sounding, soothing sales patter about how nothing can go wrong, take home 90 per cent of day rate, all your pals are doing it, IR35 proof, QC opinion, fully compliant, HMRC approved etc...
                Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                Officially CUK certified - Thick as f**k.

                Comment


                  Originally posted by Fred Bloggs View Post
                  The sales blurb I remember well, as will many others here.

                  Salesperson - "We pay you a loan each month. Just like a loan from Barclays. You don't pay tax on a loan".
                  Me - "You have to pay loans back".
                  Salesperson - "You won't pay it back, it's made to look like a loan for tax purposes".
                  Me - "Well, I have to pay it back to Barclays if I borrow off them. Why is your loan different?".
                  Salesperson - "Everyone's doing this now, trust me, it isn't really a loan, it just looks like a loan for tax. You have nothing to pay back or worry about just trust me, nudge wink"....... lots of matey sounding, soothing sales patter about how nothing can go wrong, take home 90 per cent of day rate, all your pals are doing it, IR35 proof, QC opinion, fully compliant, HMRC approved etc...
                  pretty much the conversation I had with Darwin.

                  Just add on a bit at the end where they say "it's all about your appetite to risk"
                  To which I replied "you told me earlier there's no risk. I'm out. Goodbye"
                  See You Next Tuesday

                  Comment


                    Originally posted by Lance View Post
                    pretty much the conversation I had with Darwin.

                    Just add on a bit at the end where they say "it's all about your appetite to risk"
                    To which I replied "you told me earlier there's no risk. I'm out. Goodbye"
                    The salesman really screwed that sale up, didn't he.
                    merely at clientco for the entertainment

                    Comment


                      Originally posted by eek View Post
                      The salesman really screwed that sale up, didn't he.
                      It was a terrific game for a while, several times a week from the different schemes. There's me sounding really enthusiastic and raising the salesman's expectations until the penny dropped and they realised I was taking the pi55 out of them. Was great fun seeing how long they would stay on the phone for. Even better, they usually called in time I was being paid for.

                      One thing I never worked out was why they always cited loans from Barclays bank in their pitch? I guess they were all using the same preformatted sales blurb.
                      Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                      Officially CUK certified - Thick as f**k.

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