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Infinity Contracts - Loan Agreement - Help

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    #11
    Originally posted by Taxnovice View Post
    Hi webberg,

    What are the implications for those that were involved with, say, IQ if the company is now in the hands of professional insolvency agents? What would be the best course of action?

    Thanks
    For so long as the company is not gone to digital heaven, the insolvency people may be an easier team to deal with but beware that their focus is upon securing maximum value for creditors and then shareholders.

    I'm giving this some thought and once I've relayed those to Big Group, I'll share them here.
    Best Forum Adviser & Forum Personality of the Year 2018.

    (No, me neither).

    Comment


      #12
      Originally posted by creativity View Post
      Who cares? Just put all correspondence in the bin or better still return to sender. None of them cam be trusted, treat them as scams.

      The only people you need open letters from is HMRC, deal with them only.
      I have to disagree.

      Ignoring the nature of the various instruments you signed with these companies upon entering the schemes is one (of many) reasons why you find yourself in your present difficulties.

      Continuing to ignore the legal machinations of the companies and their officers is not going to remedy that situation, nor make it easier to deal with.

      The documents signed created legal rights and obligations. Ignore them at your peril.
      Best Forum Adviser & Forum Personality of the Year 2018.

      (No, me neither).

      Comment


        #13
        Originally posted by piebaps View Post
        Thanks Graham. That kinda works with my long held suspicion that Baker Tilly were providing admin services on behalf of a client (whose name remains hidden) rather than operating the schemes themselves. No concrete evidence yet mind.
        I would concur that Baker Tilly did not offer any schemes themselves but facilitated their clients who did offer schemes.

        You can argue that BT as a professional services organisation operated entirely within their mandate and the law and the rules of the ICAEW.

        Some of our clients argue that the above ignores the moral and ethical elements and that their actions in the recent attempts from the likes of Trust Help Line (sic) to monetise the situation, places them in the same category as those promoters who have long ago banked their fees and disappeared. This is a situation that professionally I must remain agnostic over.
        Best Forum Adviser & Forum Personality of the Year 2018.

        (No, me neither).

        Comment


          #14
          The words "morally" and "reprehensible" spring to mind however that's probably a fair description of most firms operating in the Trust and Corporate Service Provider sector.
          I'll bet that BT are wishing they were never involved in this. The brand damage has to be worth more than the fees earned.

          As I say, only a suspicion and we may never find out who the real owners were.

          Comment


            #15
            Originally posted by piebaps View Post
            The words "morally" and "reprehensible" spring to mind however that's probably a fair description of most firms operating in the Trust and Corporate Service Provider sector.
            I'll bet that BT are wishing they were never involved in this. The brand damage has to be worth more than the fees earned.

            As I say, only a suspicion and we may never find out who the real owners were.
            I suspect you are correct.

            This is a salutary lesson to all who are thinking about schemes.

            Do you know who is behind them and do you trust them?
            Best Forum Adviser & Forum Personality of the Year 2018.

            (No, me neither).

            Comment


              #16
              Originally posted by webberg View Post
              I suspect you are correct.

              This is a salutary lesson to all who are thinking about schemes.

              Do you know who is behind them and do you trust them?
              Could be pretty much asked of anyone who is charged with look after a significant amount of other people's money. Scheme or no scheme. Lost count of the cases where crooked accountants and managers have screwed their clients over.

              How do you know you can trust with your money?

              Comment


                #17
                I had undertaken a subject access request following the THL fiasco they provided me loan agreement in respect of IQ but not with infinity. (They also stayed they hold no other information on me - so assuming I may have another trustee???)

                Anyway Found an extract from an email sent after the major data breech in jan 2017 -?Infinity Contractors have been developing an updated solution to this new legislation and whilst this is still in the development stages we intend to use all our resources & knowledge to ensure our customers remain protected. For that reason we are proceeding with a deliberate patience to make sure that the arrangements that are released to our customers are the most robust in the industry. We firmly believe they will be a "game changers".

                :rollin

                I did receive the first “loan statement” In 2018 and then another in 2019 which I believe was an attempt by “them” (whoever they are) to avoid the loan charge and claim these were legitimate employment/employee loans with interest applied. This was also represent on my PD11 they sen as BIK.

                Any advice would be appreciated- I have declared and paid all tax to HMRC.

                Comment


                  #18
                  I've not had a letter yet, but money was declared to HMRC as part of IQ / Infinity.

                  What I was told was that the money would not be recalled unless it was in my benefit. Amongst other things. Without trodding old ground the also said that it was HMRC compliant etc. So it's all in writing, pre-signiture, what they've suggested. Wonder if you could argue that they've misled in the first case.

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                    #19
                    Letter From Infinity

                    I just had a letter from them demanding the loan payment. As far as I know the loan is about £1000.
                    Is it just worth me paying them?

                    Comment


                      #20
                      Originally posted by snk888 View Post
                      I just had a letter from them demanding the loan payment. As far as I know the loan is about £1000.
                      Is it just worth me paying them?
                      No.

                      But if you’ve already settled with HMRC and just want shot of it all, tell them you can’t afford £1000 and offer them £200.

                      See how quickly they bite your hand off.
                      "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
                      - Voltaire/Benjamin Franklin/Anne Frank...

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