IQ Consultants, Felicitas Solutions, ECS Trustees - loan repayment demands

[Neha Patel]

Felicitas Solutions

Its very frustrating to receive this letter from Felicitas Solutions. We are all in the same boat.
When I first saw the letter I thought it was a scam.
However my letter does not provide any dates, periods etc the loan relates to. There is no contact number, just an email.
They have a rather hefty amount on there as debt :-(

But reading some of the posts here and the advise given is beneficial. Definitely will dispute and report to FCA.

How can they justify our earnings as a loan? All my affairs with HMRC are settled.

Waiting to hear from the professionals in the group on how to move forward.
No doubt its very stressful.

[NickLeeson2]

I've been following this thread with interest.

I too have received the notice from Felicitas but no demands so far.

I am wondering if it's worth doing anything at this stage? What are the downfalls of watching and waiting?

In particular, why should I respond to "Junk Mail" or threats?

Would not the first call to action be an official letter direct from a court or other recognised authority indicating that they have actually initiated legal action? This of course to be validated by a call to the court in question.

The only reason I can think of to seek legal advice would be for reassurance.

[edit]
btw, as far as I recall I signed nothing, just completed an online form for IQ. The contract of employment PDF I received doesn't even have my signature.

You probably notice that the loan is being referred to as a singular but you most likely got paid a loan on a weekly basis... in my case 20 loans over 20 weeks approximately. I never see that break down anywhere.

[webberg]

You probably notice that the loan is being referred to as a singular but you most likely got paid a loan on a weekly basis... in my case 20 loans over 20 weeks approximately. I never see that break down anywhere.

It would not have been 20 loans requiring 20 documents.

It would have been one loan with 20 drawdowns.

(Bit like a mortgage if you are building a house. The total is agreed but you can take the money only when the conditions are met).

[NickLeeson2]

It would not have been 20 loans requiring 20 documents.

It would have been one loan with 20 drawdowns.

(Bit like a mortgage if you are building a house. The total is agreed but you can take the money only when the conditions are met).

I get what you are saying. The total was an unknown, i'm not in a position to check right now but I don't recall agreed loan figures up front.

[JOSHR]

I too have a Loan Payment demand from Felicitas..

when all the dust has settled and I guess many people havent responded or paid 12% what will be the next step from Felicitas/Gladstone..

- A letter threatening imminent litigation

If so - does one have to represent oneself in court ?

[webberg]

I get what you are saying. The total was an unknown, i'm not in a position to check right now but I don't recall agreed loan figures up front.

Why do you think it needs to have "agreed loan figures"?

The loan would have been constructed around something that said

We [insert promoter name here] agree that we will lend a maximum of [insert high value here] to Mr XX in such tranches and at such time as we shall, at our absolute discretion, determine.

There are many ways of challenging the loan but nit picking over the words and the procedure once the agreement is in place, is a long way down that list. If we get to that point, that sound you hear will be the bottom of the barrel being scraped.

[why]

Has anybody thought about claiming against the agencies that recommended these schemes and indeed were quite forthright that you should use their preferred payment methods i.e. in my case Darwin?

[lowpaidworker]

Why do you think it needs to have "agreed loan figures"?

The loan would have been constructed around something that said

We [insert promoter name here] agree that we will lend a maximum of [insert high value here] to Mr XX in such tranches and at such time as we shall, at our absolute discretion, determine.

There are many ways of challenging the loan but nit picking over the words and the procedure once the agreement is in place, is a long way down that list. If we get to that point, that sound you hear will be the bottom of the barrel being scraped.

Agree above.

These are known in the banking industry as revolvers. This means you can draw down continously and it does not have to be a fixed term fixed reyament. Its still a loan for all intence and puprose.

Dont shot the messenger... I'm in the same boat.

[JOSHR]

I too have a Loan Payment demand from Felicitas..

Agree above.

These are known in the banking industry as revolvers. This means you can draw down continously and it does not have to be a fixed term fixed reyament. Its still a loan for all intence and puprose.

Dont shot the messenger... I'm in the same boat.

Given at some point the majority have :-

1) Received demands
2) Decided to dispute or remain quiet

What is the next step of Felicitas/Gladstone - is it to send out threatening letters instucting litigation will follow?

[NickLeeson2]

Why do you think it needs to have "agreed loan figures"?

The loan would have been constructed around something that said

We [insert promoter name here] agree that we will lend a maximum of [insert high value here] to Mr XX in such tranches and at such time as we shall, at our absolute discretion, determine.

There are many ways of challenging the loan but nit picking over the words and the procedure once the agreement is in place, is a long way down that list. If we get to that point, that sound you hear will be the bottom of the barrel being scraped.

Why do you think it needs to have "agreed loan figures"?

It is my naivety and lack of accounting knowledge that has got me into this mess in the first place. My lack of understanding is why I ask the most basic of questions. I do know how forums work and it is usually like minded people sharing experiences and knowledge to come up with solutions and answers, and I guess a better understanding.

I apologise for speaking outwith the financial guidelines and basic standards for accounting if I knew what they were.

I suppose I could always pay more people to give me the wrong answer.