loan scheme - makes you owe the umbrella company lots of money??

[david111]

am an agency nurse working with an umbrella company set up. used Infinity Contractor Services Limited for a year (no longer) and they operated some sort of loan scheme. now im getting a mail from them about my loan status; it turns out i owe them more than 2 grand lots of regular interest coming up unless "settle loan".

had no idea that the scheme i involved myself with them meant i'll end up owing them lots of money?

no phone number in email. my email replies bounces back and an old phone number to them i managed to dig out goes to an "invalid number".

what's going on? anyone knows?

david

[cojak]

Here is their registered address https://beta.companieshouse.gov.uk/company/09400451

And if it’s a loan scheme I’m afraid that it’s HMRC to whom you’ll owe the money

[cojak]

They went insolvent and had the administrators in December 2017.

https://m.thegazette.co.uk/notice/2925371

You may need to speak to a tax specialist to discover if you actually do owe them anything, what does your contract say about settlement?

[david111]

yeah, i have their address. thanks.

i had no idea i would end up owing money. so how do i sort this out?

[david111]

i dont owe them anything?
this is what the letter says:

"Opening balance 01 Apr 2017 in debit £0.00
Loan Advances £2,201.07
Interest £42.89
Closing balance as of 31 Mar 2018 £2,243.96
Loan Due
Please refer to your Master Loan Agreement
Interest Due Date
10th April 2019
The Interest is payable on the outstanding amount in respect of each year or part year ending March 31st on or before April 10th next following and, if not so paid, shall, as at the March 31st, be added to principal for the purpose of calculating further interest due."

so who wants money and interest?

[cojak]

I think I was right the first time. It looks like they are trying to get you to settle with HMRC through them.

Read this thread: https://forums.contractoruk.com/hmrc...tants-ltd.html

I would suggest you contact webberg or phil@dswtres who may be able to explain things to you.

[cojak]

And to make matters worse, Infinity was hit by a data breach in 2017, so I would check the email account you used with them to make sure that everything is ok.

[david111]

thanks

[WalterWhite]

Is this the first nurse we have had on this forum?

I keep reading articles saying lots of nurses have used loan schemes, so I assume this won't be the last.

[webberg]

Looks to me as though Infinity did not hold the loans or at least they are not assets in the liquidation.

You should therefore ask the liquidator for their opinion as to whether the loans actually exist.