New settlement terms

[Laith]

To get the loan written off I would have to speak with the liquidator regardless? Not sure if that’s a good idea. Let sleeping dogs lie as the saying goes…

If I didn’t get the loan written off am I looking at IHT?

[Fred Bloggs]

To get the loan written off I would have to speak with the liquidator regardless? Not sure if that’s a good idea. Let sleeping dogs lie as the saying goes…

If I didn’t get the loan written off am I looking at IHT?

That's why you need advice. You have already been asked spread to pay back the loan. If you ask for it to be written off you are agreeing you have a debt to settle. I would ignore the snarky comments about WTT and give them a call. As far as I am aware, they are the only advisers out there who have not been involved at some time in promoting schemes so they have no axe to grind.

As far as I am aware, the first call is free and without obligation. Pick up the phone and talk to them. The advice you will get here is worth exactly what you paid for it.

For the avoidance of doubt and further snarky comments I have nothing to do with WTT. Never spoke to them even.

[GregRickshaw]

I used Gilbert Tax for settling/dealing with HMRC to get the settlement amount agreed.

I then asked my MP for help, she then got me an extended repayment term.

[luxCon]

Which part of what terms should I accept is answered in your question l?

Why make it simple, when its more fun for you to make it complex.

He has 2 choices, Loan Charge, or 2020 Settlement Terms.

For £27,000 he is better off to SETTLE. Loan Charge is risky as HMRC could in future keep coming back. Just settle for between 6 to 12K depending on circumstances. Any money spent on advisers is good after bad

[eek]

Why make it simple, when its more fun for you to make it complex.

He has 2 choices, Loan Charge, or 2020 Settlement Terms.

For £27,000 he is better off to SETTLE. Loan Charge is risky as HMRC could in future keep coming back. Just settle for between 6 to 12K depending on circumstances. Any money spent on advisers is good after bad

And that answers the question in a way your previous response didn't.

Now the risk then is that you can't settle the loan within the time frame required but that would depend on who the liquidators are and how bothered they are in recovering sums once HMRC (probably the largest most important debtor) are happy. Speaking to someone who knows the current status of the loans from scheme XYZ is probably worthwhile there.

[GregRickshaw]

Any money spent on advisers is good after bad

The value on advisers isn't always purely about a financial loss/gain. I found the cost to speak and work with a good adviser was worth every penny, yes it was my good money chasing the mess I made by accepting bad money, but the improvement to the quality of life they returned back to me is almost immeasurable.

[dammit chloe]

I would ignore the snarky comments about WTT and give them a call. As far as I am aware, they are the only advisers out there who have not been involved at some time in promoting schemes so they have no axe to grind.

I would agree about giving them a call on this topic. However there is a history with WTT too and they have not even won an FTT case yet so there is that to consider if thinking about fighting.

[Laith]

Thanks for the help folks. I think it may be worth getting a few quotes from advisors and taking it from there. Inclined to lean towards settling myself and then contacting the liquidators to square off or even waiting for them. The risk is that I reopen the can of worm on something that they may have already buried but either way if they have buried it I would need confirmation from them to provide HMRC.

[eek]

I would agree about giving them a call on this topic. However there is a history with WTT too and they have not even won an FTT case yet so there is that to consider if thinking about fighting.

But the OP isn't thinking about fighting, he just wants to settle on the best terms possible. Given that HMRC are (shall we say) dishonest and obtuse and the added complexity of getting the loan written off some advice is probably worthwhile if it's not going to cost too much and stops / discourages HMRC trying to pull tricks on the unwary.

WTT, ETC, Gilbert Tax are all people worth ringing to find out how they could help and how much their would want for doing so.

[Laith]

Precisely I’m not here for a fight I’m here for resolution without getting my pants pulled down again. I’m trying to get a stone wall resolution so I can sleep easy going forward.