Reply to: Are Umbrella loan repayment pending?

[zulucod]

Editing post as I have been corrected on certain information.

[Fred Bloggs]

Yes I noted this too, I queried why their website is down and they said they are only working in the private sector now. Not sure how that relates to their website. They also constantly use the term “former employees” but on their phone line it states they are still offering referral bonuses meaning still actively running.

What do you make of their website/company house page? Writing on the wall?

I'd just care to observe that the sole director isn't going to starve, by the looks of it.

[zulucod]

Thanks. Their website (Elite Synergy) is kind of "interesting".

What do you make of their website/company house page? Writing on the wall?

[Fred Bloggs]

Umbrella in question is Elite Synergy, also known as elite management and consultancy. I was referred to them via my medical agency RM medics.

Thanks. Their website (Elite Synergy) is kind of "interesting". (The companies house page too.)

[zulucod]

Advised to remove information whilst awaiting legal input.

[DealorNoDeal]

Yes, no harm in naming the scheme.

There may be others reading this forum, in the same situation as you, who want to get the loans written off.

[eek]

Please do - if a mod thinks it’s inappropriate I’m sure they can remove the name if they want to

[zulucod]

Thank you all, will update thread once HMRC get back to me and any response from my umbrella.

[DealorNoDeal]

Any ideas as to why they won’t write it off? Are they still in denial or ulterior motives like selling it off?

Who knows. I would keep chasing them about the discussion they were meant to be having with Venables.

I know someone in another scheme where the company was resisting writing the loans off. The person just kept asking every couple of weeks or so and eventually they gave in.

[zulucod]

That's clearly horse/bull tulip. The game is up on loan schemes and they know it. writing your loan off won't jeopardise anyone.

Any ideas as to why they won’t write it off? Are they still in denial or ulterior motives like selling it off?

[DealorNoDeal]

That's clearly horse/bull tulip. The game is up on loan schemes and they know it. writing your loan off won't jeopardise anyone.

I agree. Writing off one person's loans, because they've settled with HMRC, won't affect anyone else's position. Other schemes have not had any qualms about doing this for people.

Unfortunately, if you can't persuade them to do it, there's probably not much you can do to make them.

[piebaps]

So informed my Umbrella that I have declared the loans to HMRC but umbrella still state they can't write off the loan as it might jeopardise their many 1000 other contractors/employees.

That's clearly nonsense. The game is up on loan schemes and they know it. writing your loan off won't jeopardise anyone.

[zulucod]

Yes, and the even more dumb thing is that these loan schemes have been around for 20 years, and yet HMRC still aren't able to stop companies selling them.

Most loan schemes have not attempted to recall the loans or sell them. This has only happened in a handful of cases, and the schemes in question seem to involve the same companies and/or individuals.

So informed my Umbrella that I have declared the loans to HMRC but umbrella still state they can't write off the loan as it might jeopardise their many 1000 other contractors/employees. Apparently they will be discussing it with the QC Mr Robert Venables. I also discussed with the umbrella the concerns about them selling off their debt book and they simply said they could do this, so hardly reassuring. It also appears the money is not in a trust yet and still with the umbrella yet they mention they are acting as part of trust law.


I am not sure why they are unable to write my loans off after my HMRC declarations so would appreciate any further advice/input on how to pursue this further.

[DealorNoDeal]

You are right, it baffles me how the legislation hasn’t caught up. It’s so short sighted, HMRC could stop it at the primary source instead they go down stream which just seems so inefficient and ultimately still losing revenue.

Are all umbrellas loan likely to be recalled loans or sell of their debt books? How would one know or predict if their umbrella are likely to do the same, at this stage it is pure speculation on my part based on the IQ/felicitas situation.

Yes, and the even more dumb thing is that these loan schemes have been around for 20 years, and yet HMRC still aren't able to stop companies selling them.

Most loan schemes have not attempted to recall the loans or sell them. This has only happened in a handful of cases, and the schemes in question seem to involve the same companies and/or individuals.

[zulucod]

You are right, it baffles me how the legislation hasn’t caught up. It’s so short sighted, HMRC could stop it at the primary source instead they go down stream which just seems so inefficient and ultimately still losing revenue.

Are all umbrellas loan likely to be recalled loans or sell of their debt books? How would one know or predict if their umbrella are likely to do the same, at this stage it is pure speculation on my part based on the IQ/felicitas situation.

I doubt HMRC will do anything to them. HMRC only ever seem to go after the users. Which is part of the problem. There's no real deterrent for companies flogging these dodgy schemes. If it was somehow made a criminal offence, with jail time, then that would give them pause for thought.

Imagine if the Police only fought drug crime by going after the users...