Trust demanding repayment of loan

[Forsythia]

Take a deep breath and read the letter again.

Well basically as far as I can understand it, FS Capital are saying that the trustees (Pinotage) assigned their title, rights and interest in the loan over to them. They refer to me as an employee, not as a beneficiary.

[Forsythia]

Well basically as far as I can understand it, FS Capital are saying that the trustees (Pinotage) assigned their title, rights and interest in the loan over to them. They refer to me as an employee, not as a beneficiary.

Further to that and after much investigation I realise that the trust was an EFRBS. So that means as an employee I should be a beneficiary. It seems incredible that they were able to assign the loans to FS Capital who appear to be debt collectors.

Again, very grateful for any comments.

[webberg]

I understand that the letter from FS has been followed by two messages from somebody who might be described as the promoter of the arrangement. These messages say that the "promoter" was unaware of the transaction between Pinotage and FS Capital.

I have no reason to disbelieve that.

FS Capital appear to be owned by a company called Slap 8 Ltd which is in turn owned by a Mr Emblin and a Mr Reid. I have in a past life (and in this life) met Mr Emblin and understand a little of his background and previous dealings. If you wish to research him I suggest that you start with a case heard in Tribunal about an arrangement called Corbiere.

At this stage it appears that the loans have been acquired by FS and that they have given notice that interest starts running from 15th November (having previously had no interest applied). The letter invites you to get in touch about repaying the loan. As far as I can see there is no demand for immediate repayment.

There is very obviously a back story here and a number of questions for all parties to answer. There is equally obviously a reason why FS has acquired the loans but for the moment at least that is something know only perhaps to Mr Emblin and his associates.

We have a number of clients who have used the K2 and Hyrax schemes. (Names also include Lighthouse and Circus/Cirrus). We have started a process of investigation and once we have data we will decide what we should be advising. For the moment at least we have only as much information as everybody else.

Watch this space.

Just be aware that we will share what we can in terms of information but it may come to a point where we have to protect our clients first and be good citizens second. In that event, we may have to retreat behind the fee wall and curtail what we can say.

[Forsythia]

I understand that the letter from FS has been followed by two messages from somebody who might be described as the promoter of the arrangement. These messages say that the "promoter" was unaware of the transaction between Pinotage and FS Capital.

I have no reason to disbelieve that.

FS Capital appear to be owned by a company called Slap 8 Ltd which is in turn owned by a Mr Emblin and a Mr Reid. I have in a past life (and in this life) met Mr Emblin and understand a little of his background and previous dealings. If you wish to research him I suggest that you start with a case heard in Tribunal about an arrangement called Corbiere.

At this stage it appears that the loans have been acquired by FS and that they have given notice that interest starts running from 15th November (having previously had no interest applied). The letter invites you to get in touch about repaying the loan. As far as I can see there is no demand for immediate repayment.

There is very obviously a back story here and a number of questions for all parties to answer. There is equally obviously a reason why FS has acquired the loans but for the moment at least that is something know only perhaps to Mr Emblin and his associates.

We have a number of clients who have used the K2 and Hyrax schemes. (Names also include Lighthouse and Circus/Cirrus). We have started a process of investigation and once we have data we will decide what we should be advising. For the moment at least we have only as much information as everybody else.

Watch this space.

Just be aware that we will share what we can in terms of information but it may come to a point where we have to protect our clients first and be good citizens second. In that event, we may have to retreat behind the fee wall and curtail what we can say.

Thank you so much Webberg. Very much appreciated.

[DavidD]

Webberg, I know several people who were on K2, Hyrax and Lighthouse. If it comes to point where you are taking these repayment demands on please post here and I’ll point them to you.

[surfgeo]

My first post, I've received the same letter so any help would be gratefully received.

Many thanks

[surfgeo]

I did eventually get a call through to FS Capital and mentioned that I didn't understand why I had received the letter as I had settled with HMRC, all I got as an answer was the person I needed to speak to wasn't at his desk but I would receive a call sometime in the next 7 days!!!!!!

[webberg]

Webberg, I know several people who were on K2, Hyrax and Lighthouse. If it comes to point where you are taking these repayment demands on please post here and I’ll point them to you.

I think that action might breach some forum rules.

I would say that all and any advisers in this space will have concerns about this latest news and will be doing their best to prepare for whichever outcome suits them best.

As I said above, so far these are not repayment demands.

Whether they become so is unknown.

[DavidD]

I think that action might breach some forum rules.

I would say that all and any advisers in this space will have concerns about this latest news and will be doing their best to prepare for whichever outcome suits them best.

As I said above, so far these are not repayment demands.

Whether they become so is unknown.

Ahh, okay, apologies - I know there are other advisors out there.

I know that Pinotage was asking for £900 to write off loans. I wonder if the intention here is to 'encourage' people to pay to have the loan written off rather than any real intention to try to call them in.

[surfgeo]

I was in the process of getting the loans written off but hadn't got as far as handing over the £900..........it would have been cheaper than where I currently appear to be!!!