If the trustee's are asking for thousands of pounds to settle/waive/close the loan, is there any recourse? What's to stop them charging tens of thousands?
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Trust Fees for settling loans
Collapse
X
-
-
Do you mean legal recourse? I would doubt it.
Though everything can be negotiated. The loans are unlikely to be enforceable, so the trustees will take what they can get. -
We have seen hundreds of loan agreements. Some are better than others.
We are not lawyers but some of the above we have shown to law firms and discussed the chance of the lender being able to collect on them.#
Safe to say that the story here is as varied as the agreements. It would be reckless to say that none of them are good enough to collect money or that all of them are perfect.
The question of whether enforcement can be made will come down to individual documents and the circumstances around the time the agreement was signed and any supporting evidence.
If you want a view that carries more weight than a post here, take your loan agreement to a lawyer.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
Originally posted by webberg View PostWe have seen hundreds of loan agreements. Some are better than others.
We are not lawyers but some of the above we have shown to law firms and discussed the chance of the lender being able to collect on them.#
Safe to say that the story here is as varied as the agreements. It would be reckless to say that none of them are good enough to collect money or that all of them are perfect.
The question of whether enforcement can be made will come down to individual documents and the circumstances around the time the agreement was signed and any supporting evidence.
If you want a view that carries more weight than a post here, take your loan agreement to a lawyer.
But there seems to be a recurring theme here of anyone involved with these schemes (whether those running them or promoting them) trying to fleece as much money from us now as they canComment
-
We had interaction with a number of trustees in late 2016 and early 2017.
For what we wanted, most trustees either did not charge or a modest fee. I think the maximum was around £200.
Clearly the circumstances since then have changed but for a simple administrative process, I've never heard of a trustee charging thousands.
If the fee is of that magnitude, chances are that there is a scheme being offered and you should be very careful.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
-
my loan agreement...please confirm if yours is kind of similar...
Originally posted by webberg View PostWe have seen hundreds of loan agreements. Some are better than others.
We are not lawyers but some of the above we have shown to law firms and discussed the chance of the lender being able to collect on them.#
Safe to say that the story here is as varied as the agreements. It would be reckless to say that none of them are good enough to collect money or that all of them are perfect.
The question of whether enforcement can be made will come down to individual documents and the circumstances around the time the agreement was signed and any supporting evidence.
If you want a view that carries more weight than a post here, take your loan agreement to a lawyer.
Very important thread to get info on where we stand when it comes to loan agreements and enforcement by trustees/promoters as its one of my concerns we all have in back of our mind apart from settling with HMRC.
Below are some of the main points from my loan agreement. Can I get some views from people who have signed similar loand agreements or webberg on what my are our option. I would be taking legal advice for sure at some point..
- I signed the loan agreement through eSign.
- As per agreement its 10 year loan with interest added to loan amount
- To show the commercial nature of the agreement, they added few clauses which we normally find in typical loan agreements:
- -After 10 years, the lender will charge 4% interest plus LIBOR
- - Loan is Unsecured
- - first repayment in ten years...
- - borrower means their successor, assignee..etc
Together with loan agreement, I was also asked to provide certified Passport ID and Address proof for compliance purpose.
I would be taking some legal advice if necessary however it would be good to see what are the similarities in our agreements...Comment
-
Originally posted by webberg View PostWe have seen hundreds of loan agreements. Some are better than others.
We are not lawyers but some of the above we have shown to law firms and discussed the chance of the lender being able to collect on them.#
Safe to say that the story here is as varied as the agreements. It would be reckless to say that none of them are good enough to collect money or that all of them are perfect.
The question of whether enforcement can be made will come down to individual documents and the circumstances around the time the agreement was signed and any supporting evidence.
If you want a view that carries more weight than a post here, take your loan agreement to a lawyer.
Would be quite useful to many of us.Comment
-
I did some research on my trustee (yes, I had time to kill). I found something interesting. The trustee is listed twice on Companies House - same name, same DOB, same address. Yet there are 2 records. Why would this be?
The trustee is now the Director of 2 trusts. One which is associated with my loan, and another setup more recently, with a very, very similar name, but clearly a different company.
I'm probably clutching at straws, but I'd like to understand what might be going on here. And if this information can be used in any way to try to get the ridiculous fees they are asking for waived or reduced.Comment
-
Originally posted by RickG View PostI did some research on my trustee (yes, I had time to kill). I found something interesting. The trustee is listed twice on Companies House - same name, same DOB, same address. Yet there are 2 records. Why would this be?…Maybe we ain’t that young anymoreComment
-
Originally posted by RickG View PostIf the trustee's are asking for thousands of pounds to settle/waive/close the loan, is there any recourse? What's to stop them charging tens of thousands?Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment