Reply to: Knox House Trust have sold debts to an independent finance company

[dangermaus]

Just out of curiosity I've been looking over some past threads and I'm wondering why some loans were passed onto another company by KHT and some weren't.

I had loans from Knox House Trust and also directly from SP Management (when they became Malta rather than IOM) written off last year (post-settlement with HMRC) so I'm just wondering what people's scenarios were where their loans with KHT were transferred to another company. Which promoter were they using, if perhaps not SP Management?

Perhaps that had a bearing on which loans KHT sold on and which they kept hold of...

[ShockedConfused]

Yes I got this email to. tried calling and just hangs up and not spoken to anyone yet.

I have now arranged a phone call with WTT for a phone call next week Thursday.

[webberg]

Would you reckon this is maybe a ploy to squeeze some extra cash out of us when / if it comes to getting the loans released?

My opinion here is worth little as I don't know anything of the motives.

If I had to guess it looks like a separation of UK and non UK assets/people/businesses.

However the new finance company, whomever that may be, now seems to own a valuable asset and businesses are in business to exploit such assets.

[Worried 72]

The telephone number is from Manchester.

Vanquish Options are in Manchester

VANQUISH OPTIONS LIMITED - Overview (free company information from Companies House)

The people behind Vanquish are/were connected with AML.

Remember that changing the lender does not mean that the terms are changed (yet).

Would you reckon this is maybe a ploy to squeeze some extra cash out of us when / if it comes to getting the loans released?

[webberg]

The telephone number is from Manchester.

Vanquish Options are in Manchester

VANQUISH OPTIONS LIMITED - Overview (free company information from Companies House)

The people behind Vanquish are/were connected with AML.

Remember that changing the lender does not mean that the terms are changed (yet).

[Worried 72]

Do they mean the new company the loan has been transferred too can't call in the loan? If so will they put that in writing? I'm guessing so, for an 'admin fee'...?

You stole my thunder, if we can get an answer to that it might help us sleep a bit better at night...

[here4beer]

The company KHT has transferred to told me on the phone that they "cannot call in the loans", for what it's worth

Do they mean the new company the loan has been transferred too can't call in the loan? If so will they put that in writing? I'm guessing so, for an 'admin fee'...?

[What a cluster]

Who is the new finance company? Are they in the UK, and can you see them on companies house?

Might just be passing the issue to another company that sends out a few threatening emails and then vanishes altogether.


I assumed you've settled with HMRC anyway...?

So weird (only paranoid when you're wrong I say) but when I copy and pasted the e mail it totally took out the phone number automatically :/ anyways the number is 0161 710 0249 so Manchester but they don't give a name when the [finally] answer!!!

[What a cluster]

They finally answered and they are a company who will "replace the loan with a smaller one" for a fee. They told me to get details from AML Tax at the Knox House Group. I am hoping that my contacting HMRC (thank god I noted date and time I called) stands for something as far as deadlines go.

The company KHT has transferred to told me on the phone that they "cannot call in the loans", for what it's worth

[cojak]

Based in Isle of Man

Home | Knox House Trust | Corporate Service Provider Isle of Man

https://opencorporates.com/companies/im/125808C

I think that they mean the unnamed independent finance company rather than KHT.

[What a cluster]

A lot of people received this info recently. Obviously the Loan Charge is a very real thing. Most people aren't quite sure of what this latest move means.

They finally answered and they are a company who will "replace the loan with a smaller one" for a fee. They told me to get details from AML Tax at the Knox House Group. I am hoping that my contacting HMRC (thank god I noted date and time I called) stands for something as far as deadlines go.

[Yates1992]

Who is the new finance company? Are they in the UK, and can you see them on companies house?

Might just be passing the issue to another company that sends out a few threatening emails and then vanishes altogether.


I assumed you've settled with HMRC anyway...?

Ive not a clue who they are, tried ringing yesterday a number of times but never got through. Be filling for bankruptcy if they start coming for me.

[here4beer]

I received the same email on Friday and am also bricking it now. This was the first I had heard of it and not a clue what to do. I tried ringing the number 4 times today and not had any answers.
Ive contracted Bredrock Tax for some advice as SP Management told me it wasn't to do with them anymore either. If we settle with HMRC whats now to stop this new company coming at us for the loan?

Who is the new finance company? Are they in the UK, and can you see them on companies house?

Might just be passing the issue to another company that sends out a few threatening emails and then vanishes altogether.


I assumed you've settled with HMRC anyway...?

[dammit chloe]

I found this e mail in my Junk Box today...so a couple of notes.

1. I live in the States and not a UK taxpayer anymore
2. I receive a photocopied letter from HMRC, about a year ago I guess, which I actioned by calling and leaving a voicemail. As with many HMRC e mails I get, I basically thought it was a scam when I heard nothing back.
3. I have called the number on the e mail below half a dozen times and it just rings out.

I am catching up on google but wondering have I missed deadlines, I have zero info having moved 5 times then overseas after 2009 (this is the only time I can think they're talking about). Anyone else get this or are you past this????

Totally confused...

Date 5 April 2019
Your Unique Reference: XXXX

Dear XXXXXXX
2019 Loan Charge: Update relating to your contractor loan
Last Spring we emailed advising you of the impending 2019 Loan Charge.
The 2019 Loan Charge applies an income tax charge on loans that are due by you to us, which remain outstanding at 5 April 2019.
Knox House Trustees Limited has carefully considered what actions could be taken to mitigate the impact of this legislation. To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
As part of the regulatory requirements relating to the Loan Charge legislation, you will be required to report the amount of the debt outstanding as at 5 April 2019 to HMRC. When reporting you should advise them of the details of the new loan.
We have engaged a specialist firm to liaise with contractors regarding their loan arrangements. Under the terms of a data sharing agreement the necessary information has been transferred to this team to act as a single point of contact so that enquiries are handled swiftly. Please contact them (Phone lines will be open from 9am on Monday 8th April ) for details of your new loan agreement. Please quote your unique reference which is detailed at the top of this email.
We trust that this matter will be of interest to you and urge you to take action quickly.
Kind regards
Knox House Trustees Limited

A lot of people received this info recently. Obviously the Loan Charge is a very real thing. Most people aren't quite sure of what this latest move means.

[What a cluster]

What the hell

I found this e mail in my Junk Box today...so a couple of notes.

1. I live in the States and not a UK taxpayer anymore
2. I receive a photocopied letter from HMRC, about a year ago I guess, which I actioned by calling and leaving a voicemail. As with many HMRC e mails I get, I basically thought it was a scam when I heard nothing back.
3. I have called the number on the e mail below half a dozen times and it just rings out.

I am catching up on google but wondering have I missed deadlines, I have zero info having moved 5 times then overseas after 2009 (this is the only time I can think they're talking about). Anyone else get this or are you past this????

Totally confused...

Date 5 April 2019
Your Unique Reference: XXXX

Dear XXXXXXX
2019 Loan Charge: Update relating to your contractor loan
Last Spring we emailed advising you of the impending 2019 Loan Charge.
The 2019 Loan Charge applies an income tax charge on loans that are due by you to us, which remain outstanding at 5 April 2019.
Knox House Trustees Limited has carefully considered what actions could be taken to mitigate the impact of this legislation. To this end, we have signed a contract with an independent finance company who will takeover the debt that is due by you to us. In return, a fee is paid by us to the finance company. As part of this contract, it has been necessary to replace the original loan agreement with a new loan.
As part of the regulatory requirements relating to the Loan Charge legislation, you will be required to report the amount of the debt outstanding as at 5 April 2019 to HMRC. When reporting you should advise them of the details of the new loan.
We have engaged a specialist firm to liaise with contractors regarding their loan arrangements. Under the terms of a data sharing agreement the necessary information has been transferred to this team to act as a single point of contact so that enquiries are handled swiftly. Please contact them (Phone lines will be open from 9am on Monday 8th April ) for details of your new loan agreement. Please quote your unique reference which is detailed at the top of this email.
We trust that this matter will be of interest to you and urge you to take action quickly.
Kind regards
Knox House Trustees Limited