Montpelier & Newquay 10% loan repayment demands

[webberg]

these trustees are regulated by the Iomfsa the trustees duty is towards their beneficiaries sounds like fraud to me I would get legal advice or complain to the Iomfsa it's the only way they will back off the Iomfsa duty is to regulate the industry so it does not bring disrepute on the iom they won't like this neither will the local gov or the courts and I for one will make my life's quest to publicise all these incidents until the regulators act and close the lying scum down

A few facts.

The IOM FSA exists to protect the financial reputation of the IOM. It does not exist to protect the rights of individuals.

IOM FSA does not regulate trusts. It sets minimum standards of conduct.

IOM Law does have rules for trustees to follow. A decent guide is here. See section 4.

https://www.applebyglobal.com/public...ruary-2016.pdf

In some trusts, you may be surprised at who the beneficiaries actually are. Check the trust deed.

If you are NOT the beneficiary then the trustee has no duty of care toward you.

[contractor20]

A few facts.

The IOM FSA exists to protect the financial reputation of the IOM. It does not exist to protect the rights of individuals.

IOM FSA does not regulate trusts. It sets minimum standards of conduct.

IOM Law does have rules for trustees to follow. A decent guide is here. See section 4.

https://www.applebyglobal.com/public...ruary-2016.pdf

In some trusts, you may be surprised at who the beneficiaries actually are. Check the trust deed.

If you are NOT the beneficiary then the trustee has no duty of care toward you.

in which case as MP repeatedly told their clients they were the beneficieries either they lied so fraud and mis selling or they are the beneficiaries in which case their conduct is way out of line

[Iliketax]

Even if you are a beneficiary, most (read, all) trust deeds where there is a professional trustee allow the trustee’s remuneration (and any other costs) to be paid from the trust fund ahead of the beneficiaries.

So if the trustee has not had any cash for the last seven years to pay themselves, guess what will happen when you pay them some cash now.

[contractor20]

[QUOTE=Iliketax;2608759]Even if you are a beneficiary, most (read, all) trust deeds where there is a professional trustee allow the trustee’s remuneration (and any other costs) to be paid from the trust fund ahead of the beneficiaries.

So if the trustee has not had any cash for the last seven years to pay themselves, guess what will happen when you pay them some

which is in direct conflict with their obligation to look after their beneficiaries and why the IOM fsa has a lot to answer for if it allows it's trust's to blatantly swindle and steal from a public who on the whole did not have the background to know what they were letting themselves in for - shameless extortion

[Iliketax]

Even if you are a beneficiary, most (read, all) trust deeds where there is a professional trustee allow the trustee’s remuneration (and any other costs) to be paid from the trust fund ahead of the beneficiaries.

So if the trustee has not had any cash for the last seven years to pay themselves, guess what will happen when you pay them some

which is in direct conflict with their obligation to look after their beneficiaries and why the IOM fsa has a lot to answer for if it allows it's trust's to blatantly swindle and steal from a public who on the whole did not have the background to know what they were letting themselves in for - shameless extortion

No. Paying themselves a proper wage is not a direct conflict. It is invariably expressly allowed in the trust deed. And I have read lots and lots of trust deeds. But even if it is not, IoM law explicitly states that a professional trustee can charge reasonable remuneration out of the trust funds for any services provided. The only exception to that is if the trust deed specifically limits things (and no professional trustee would ever take it on if it did).

Just to be clear, I'm very far from support the spivs who promoted these thing or those who are trying to scare people to generate fees, etc. But for a contractor who is paid by means of a loan, repaying any amount would seem to be a foolish thing to do.

By all means contact the IoM regulator and/or take the trustee to court. But on the question of whether you would be able to show that a trustee could not charge costs and reasonable remuneration against the trust fund, you would lose hands down.

[contractor20]

No. Paying themselves a proper wage is not a direct conflict. It is invariably expressly allowed in the trust deed. And I have read lots and lots of trust deeds. But even if it is not, IoM law explicitly states that a professional trustee can charge reasonable remuneration out of the trust funds for any services provided. The only exception to that is if the trust deed specifically limits things (and no professional trustee would ever take it on if it did).

Just to be clear, I'm very far from support the spivs who promoted these thing or those who are trying to scare people to generate fees, etc. But for a contractor who is paid by means of a loan, repaying any amount would seem to be a foolish thing to do.

By all means contact the IoM regulator and/or take the trustee to court. But on the question of whether you would be able to show that a trustee could not charge costs and reasonable remuneration against the trust fund, you would lose hands down.

lets hope that threatening people with 1 week to come up with 10% or face a full 100% loan recall and a judicial decision that may bankrupt them and prevent them working again fails the test of reasonable and also looking after your beneficiaries best interests I do also vaguely recall that amongst the lies sold and witnessed by many is that the fees will cover the trust admin and as there is now no activity in these trust's there can hardly be much in expenses to cover oh yes I forget dawn wants to keep up her lavish lifestyle she has been boasting about on Facebook for years at the expense of other people's children

[webberg]

I appreciate your frustration is real and a sense of outrage at how you have been treated may also be appropriate.

However, you are now in a situation where the actions of the trustee are governed by Manx law and consequently if you want to challenge those actions, you have a set of rules that are in the public domain, subject to judicial oversight and disputes will be aired in public.

This is a time to be clinical and objective and to marshall evidence that is relevant to the point at hand.

[QUODM]

Repaying Loans

But for a contractor who is paid by means of a loan, repaying any amount would seem to be a foolish thing to do.

So whats your answer then to avoiding liability for a loan after having paid the loan charge to HMRC?
Is there a solution to this other than hoping they'll write it off as a goodwill gesture?

[CUK1357819]

lets hope that threatening people with 1 week to come up with 10% or face a full 100% loan recall and a judicial decision that may bankrupt them and prevent them working again fails the test of reasonable and also looking after your beneficiaries best interests I do also vaguely recall that amongst the lies sold and witnessed by many is that the fees will cover the trust admin and as there is now no activity in these trust's there can hardly be much in expenses to cover oh yes I forget dawn wants to keep up her lavish lifestyle she has been boasting about on Facebook for years at the expense of other people's children

Are we missing key facts here.
1. Even if they get a judicial jdudgement in the isle of man it can't be enforced in the UK.

2. It is over 6 years (in my case) since I used the loan schemes and the first contact they made about loan repayment was this year. Therefore the loan is not legally enforceable.

[here4beer]

Are we missing key facts here.
1. Even if they get a judicial jdudgement in the isle of man it can't be enforced in the UK.

2. It is over 6 years (in my case) since I used the loan schemes and the first contact they made about loan repayment was this year. Therefore the loan is not legally enforceable.

Hi, can you elaborate please? I'm told verbally my loan will only be 'asked' for a repayment every 10 years. I then have to decline, as "now isn't good for me to repay". Where is the info about not being enforceable? I'm aware it's a non secured personal loan from IOM. Is that it?