Trust Loan Agreements (terms 5-10 years) what are our legal options? (no BG please) Trust Loan Agreements (terms 5-10 years) what are our legal options? (no BG please)
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  1. #1

    Nervous Newbie


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    Default Trust Loan Agreements (terms 5-10 years) what are our legal options? (no BG please)

    All,
    As many of are at the moment are busy settling with HMRC for something which was not fully our mistake, but we just go mis-sold.

    I though it would be good to create a thread regarding Loan agreement specific to those who have 5 or 10 years loan.
    Most of us were badly mis-sold these scheme in a good faith that its trust loan and trustees will need to act in your best interest and you will never have to pay this loan back…all sorts of b*** s***

    It will not be wise to just sleep and think everything is over after HMRC settlement. I think it is important to discuss the legal options we have as chances are these crooks and criminals may keep bothering us by sending letters and give a try to grab some cash..

    Without giving too much details, It will be good to share the type of loan agreement, duration and typical clause we signed and legal options in case we end up fighting another battle with these money grabbers…

    My loan term is 10 years with interest and signed electronically...

    sharing some opinions and some high level loan agreement clause will be good...
    if possible we should try and form a group especially those who have 5 -10 year terms to ensure we have strong legal backing and may be share the cost of legal opinion.

  2. #2

    Nervous Newbie


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    Quote Originally Posted by RoGeorge View Post
    All,
    As many of are at the moment are busy settling with HMRC for something which was not fully our mistake, but we just go mis-sold.

    I though it would be good to create a thread regarding Loan agreement specific to those who have 5 or 10 years loan.
    Most of us were badly mis-sold these scheme in a good faith that its trust loan and trustees will need to act in your best interest and you will never have to pay this loan back…all sorts of b*** s***

    It will not be wise to just sleep and think everything is over after HMRC settlement. I think it is important to discuss the legal options we have as chances are these crooks and criminals may keep bothering us by sending letters and give a try to grab some cash..

    Without giving too much details, It will be good to share the type of loan agreement, duration and typical clause we signed and legal options in case we end up fighting another battle with these money grabbers…

    My loan term is 10 years with interest and signed electronically...

    sharing some opinions and some high level loan agreement clause will be good...
    if possible we should try and form a group especially those who have 5 -10 year terms to ensure we have strong legal backing and may be share the cost of legal opinion.

    Useful thread...request admin to make this sticky to keep the discussion alive...

    I was in fairly new scheme between year 14-16 and have a 10 year loan agreement with the trustee (an ltd company formed in offshore tax haven which is acting as trustee for trust). So the agreement is with that limited company. My loan amount is 150K.

    Signed the loan agreement through eSign.

    As per agreement its 10 year interest free loan however to show the commerciality of the agreement, they added few nasty clauses which we normally find in typical loan agreements:

    - After 10 years, the lender will charge 4% interest plus LIBOR
    - first repayment in ten years...
    - borrower means their successor, assignee..etc

    Although its all blunt loan agreement created on false promises and gives no ground to the lender, however I would be happy to share legal opinion if anyone keen?

    any recommendation of trust dispute lawyers would be good...

  3. #3

    Nervous Newbie


    Join Date
    Apr 2018
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    5

    Default loan agreement terms

    Quote Originally Posted by RoGeorge View Post
    All,
    As many of are at the moment are busy settling with HMRC for something which was not fully our mistake, but we just go mis-sold.

    I though it would be good to create a thread regarding Loan agreement specific to those who have 5 or 10 years loan.
    Most of us were badly mis-sold these scheme in a good faith that its trust loan and trustees will need to act in your best interest and you will never have to pay this loan back…all sorts of b*** s***

    It will not be wise to just sleep and think everything is over after HMRC settlement. I think it is important to discuss the legal options we have as chances are these crooks and criminals may keep bothering us by sending letters and give a try to grab some cash..

    Without giving too much details, It will be good to share the type of loan agreement, duration and typical clause we signed and legal options in case we end up fighting another battle with these money grabbers…

    My loan term is 10 years with interest and signed electronically...

    sharing some opinions and some high level loan agreement clause will be good...
    if possible we should try and form a group especially those who have 5 -10 year terms to ensure we have strong legal backing and may be share the cost of legal opinion.

    Useful thread...request admin to make this sticky to keep the discussion alive...

    I was in fairly new scheme between year 14-16 and have a 10 year loan agreement with the trustee (an ltd company formed in offshore tax haven which is acting as trustee for trust). So the agreement is with that limited company. My loan amount is 150K.

    Signed the loan agreement through eSign.

    As per agreement its 10 year interest free loan however to show the commercial nature of the agreement, they added few nasty clauses which we normally find in typical loan agreements:

    - After 10 years, the lender will charge 4% interest plus LIBOR
    - first repayment in ten years...
    - borrower means their successor, assignee..etc

    Although its all blunt loan agreement created on false promises and gives no ground to the lender, however I would be happy to share legal opinion if anyone keen?

    any recommendation of trust dispute lawyers would be good...

  4. #4

    Should post faster


    Join Date
    Sep 2017
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    150

    Default Why ban those who can help??

    interested why you're banning advisors from this thread. In general, they give their advice freely on here and it is generally informed and probably correct.

  5. #5

    Nervous Newbie


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    Quote Originally Posted by ConfusedEasily View Post
    interested why you're banning advisors from this thread. In general, they give their advice freely on here and it is generally informed and probably correct.
    with all due respect to the tax advisers here...they may be good in advising issues with HMRC and but not legal side of loan agreement...

  6. #6

    Still gathering requirements...


    Join Date
    Apr 2018
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    I have just settled and this is the last chapter for me, the actual loan.

    Mine was with AML in 2012-14 and I have no idea what the terms and conditions or clauses were.
    I am engaging with WTT at the moment to try and work it out and get them cancelled.

    To be honest, this I had no clue of until HMRC gave me the settlement figure and I re-joined the forum to check progress before signing.

  7. #7

    Some things in Moderation

    cojak's Avatar
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    I would advise asking the advisors first before you make those assumptions. I’ve removed one sticky and added this.

  8. #8

    Fingers like lightning


    Join Date
    Feb 2014
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    Quote Originally Posted by RoGeorge View Post
    with all due respect to the tax advisers here...they may be good in advising issues with HMRC and but not legal side of loan agreement...
    You need a bit of both as releasing the Loan may create an event where tax is due to HMRC.
    You'll need tax advice to understand the implications of tax.
    You'll need legal advice to understand the implications of possible requests for payment of loans.

  9. #9

    More time posting than coding

    Manic's Avatar
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    Jul 2008
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    Quote Originally Posted by SteveJo View Post
    Useful thread...request admin to make this sticky to keep the discussion alive...

    I was in fairly new scheme between year 14-16 and have a 10 year loan agreement with the trustee (an ltd company formed in offshore tax haven which is acting as trustee for trust). So the agreement is with that limited company. My loan amount is 150K.

    Signed the loan agreement through eSign.

    As per agreement its 10 year interest free loan however to show the commerciality of the agreement, they added few nasty clauses which we normally find in typical loan agreements:

    - After 10 years, the lender will charge 4% interest plus LIBOR
    - first repayment in ten years...
    - borrower means their successor, assignee..etc

    Although its all blunt loan agreement created on false promises and gives no ground to the lender, however I would be happy to share legal opinion if anyone keen?

    any recommendation of trust dispute lawyers would be good...
    I'm genuinely interested as to what is supposed to happen at 10 years? forgive the question, seasoned contractor but never used these schemes.

  10. #10

    Should post faster


    Join Date
    Jul 2017
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    I have a loan from 2003, I think.
    It was a 5 year loan.
    No interest, again I think?
    I have heard anything from them since 2003.
    Another one also 2003/4.
    I have a written letter to say it was written off, about 2006, as far as the trustees are concerned.
    Last one still active, from 2004 so I have no idea on that one.

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