Edge EBT thread

[Cerbera]

That is why I do not call them. It seems to be very frequent that on the phone they just make things up on the fly when they don't know - with no consequences whatsoever. (Personally, it blows my mind)

Do everything, or at least demand confirmation of everything in writing.

Agreed. Sound advice.

[DotasScandal]

He rattled off some nonsense about deferred payments which made absolutely no sense given the amounts were included in the stament and in the total so decided to write to them. Letter not sent yet but will send today. .

That is why I do not call them. It seems to be very frequent that on the phone they just make things up on the fly when they don't know - with no consequences whatsoever. (Personally, it blows my mind)

Do everything, or at least demand confirmation of everything in writing.

[Cerbera]

What did they say when you rang them up?

They actually rang me first. I thought it was in reply to a query I rang them about in relation to 2014 self assessment as the voicemail was ambiguous.

I called back and the chap said the call related to APN's and to confirm i'd received them. At that point I had not so he forwarded them by email.

I asked a question relating to a statement which included the APN amounts, however due to later payments on my account meant that the balance was several thousand lower. He rattled off some nonsense about deferred payments which made absolutely no sense given the amounts were included in the stament and in the total so decided to write to them. Letter not sent yet but will send today.

[AlCapone]

I do but it isn't relevant to the point about the 6 year statute barring of debt where some are optimistically (IMO) believing that if they haven't heard from the trustees in 6 years then magically it is gone. I don't believe that would be the case unless it were 6 years following the point at which repayment was due - care to comment?

Out of interest what were the re-payment terms?

[bluemonkey71]

Morning all,

I'm in a position to pay the entire APN amounts, however this will leave me very financially exposed. I was proposing to suggest a lump sum followed by 12 monthly payments to clear the amount.

Has anyone managed to negotiate payment terms?

What did they say when you rang them up?

[webberg]

I do but it isn't relevant to the point about the 6 year statute barring of debt where some are optimistically (IMO) believing that if they haven't heard from the trustees in 6 years then magically it is gone. I don't believe that would be the case unless it were 6 years following the point at which repayment was due - care to comment?

I'll comment but I fear it's value is low.

My opinion is that the 6 year period STARTS once the loan has defaulted, i.e. become due but has not been repaid.

The loans here are generally long, 85 years, so default is not going to happen soon.

One area Big Group is working on is bringing an end to the loans. There are a number of options there (write off, forgiveness, repaying at a discount, etc) and they have different tax effects so picking and arranging the right one is critical.

The point being that just sitting and waiting is not going to release the liability, nor remove the trustee from your life. Doing something that creates a new tax problem is worse.

[Dylan]

Do you have a copy of the loan agreement?

What does that say about repayment etc?

I do but it isn't relevant to the point about the 6 year statute barring of debt where some are optimistically (IMO) believing that if they haven't heard from the trustees in 6 years then magically it is gone. I don't believe that would be the case unless it were 6 years following the point at which repayment was due - care to comment?

[Cerbera]

Payment Terms for the APN

Morning all,

I'm in a position to pay the entire APN amounts, however this will leave me very financially exposed. I was proposing to suggest a lump sum followed by 12 monthly payments to clear the amount.

Has anyone managed to negotiate payment terms?

[webberg]

If you agree that it doesn't need paying back for 50 years then I would expect to pay it back in 50 years, you not contacting me for 6 years wouldn't change that. At the point of 50 years if I didn't pay I would expect enforcement to become a valid option, and I believe it is that point that the 6 year clock starts ticking.

Do you have a copy of the loan agreement?

What does that say about repayment etc?

[Dylan]

Surely as soon as I lend you money (and we agree it's a loan) then you're in my debt.

If you agree that it doesn't need paying back for 50 years then I would expect to pay it back in 50 years, you not contacting me for 6 years wouldn't change that. At the point of 50 years if I didn't pay I would expect enforcement to become a valid option, and I believe it is that point that the 6 year clock starts ticking.