• 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 demanding repayment of loan

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Trust demanding repayment of loan

    Hi

    Very worried. Received a letter from FS Capital who say Pinotage Ltd have passed my loan to them for repayment. Pinotage seem to be
    connected with Lighthouse Trustees who was the trustee of the Contractor Solutions Trust which became The Cirus Contractor Solutions Trust.

    They are demanding repayment of the loan within 7 days.

    Grateful for any thoughts

    #2
    Originally posted by Forsythia View Post
    Hi

    Very worried. Received a letter from FS Capital who say Pinotage Ltd have passed my loan to them for repayment. Pinotage seem to be
    connected with Lighthouse Trustees who was the trustee of the Contractor Solutions Trust which became The Cirus Contractor Solutions Trust.

    They are demanding repayment of the loan within 7 days.
    Or they will do what?

    Comment


      #3
      They say interest will start accruing from that date. Although they do not say what rate. I did not think a Trust could do this sort of thing (as in not being in the best interests of the beneficiary).

      Comment


        #4
        Originally posted by Paralytic View Post
        Or they will do what?
        Stamp their little feet probably.

        AIUI, trustees are required by law to always act in the best interests of the beneficiaries, within the bounds of the law. I'm not sure this really falls into that category.

        Comment


          #5
          Originally posted by Snooky View Post
          AIUI, trustees are required by law to always act in the best interests of the beneficiaries, within the bounds of the law. I'm not sure this really falls into that category.
          They could argue that, by calling in the loans, they are saving people a massive tax bill (LC).
          Scoots still says that Apr 2020 didn't mark the start of a new stock bull market.

          Comment


            #6
            Originally posted by DealorNoDeal View Post
            They could argue that, by calling in the loans, they are saving people a massive tax bill (LC).
            That would not be in your best interest as the loan will be larger than the tax.

            Comment


              #7
              Originally posted by DavidD View Post
              That would not be in your best interest as the loan will be larger than the tax.
              Just saw your smiley face ! Sorry - stupid iPhone.

              Personally, I would ignore this - once the trust asks for money back when they know HMRC has categorised it as taxable income it’s become a ‘scam’ in my humble opinion.
              Last edited by DavidD; 11 November 2019, 17:00.

              Comment


                #8
                Just saw this as well :

                https://www.contractoruk.com/forums/...formation.html

                Comment


                  #9
                  Originally posted by DavidD View Post
                  Thank you everyone for your comments. I am hoping that a trust cannot request the loan be repaid if it adversely affects a beneficiary. But I am beginning to wonder how I would know
                  if I am classed as a beneficiary or just someone the trustees lent money to.

                  Comment


                    #10
                    Take a deep breath and read the letter again.
                    Best Forum Adviser & Forum Personality of the Year 2018.

                    (No, me neither).

                    Comment

                    Working...
                    X