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

[webberg]

It has happened. Imagine being asked to pay 80% tax. I suppose its better than paying back 100% of the loan.

I suspect that it could be both - tax and repay loan.

[BrilloPad]

I suspect that it could be both - tax and repay loan.

I was thinking that too! But for HMRC to ask for IHT, the loan has to be written off? So max you could pay is 40% to HMRC and then 100% to pay back loan?

I don't think anyone could pay 180%?

[woolyhatman]

Out of date debt.. ?

I expect this may have been covered previously but can't find it in the threads. so apologies all.

The question is are these loans covered by the Limitations act 1980 ? ( or the Scottish equivalent from 1973)

"If you haven’t heard from an organization you owe money to (a creditor) or acknowledged the debt you owe in any way for six years or more, you may not have to pay it"

I expect there are a significant amount of individuals who are being approach for interest on payments made prior to 2015 and have heard nothing since the recent demands from GS/FS ?

Also, I came across an archived email from 2013 where I made tentative inquiries about how to settle the loans "early" .. extract of the email from the Darwin helpdesk as below.

"So just for the avoidance of doubt on terminology;

The loans received in the period have already been settled as part of the IP of the Darwin EBT product – i.e.you have no obligation towards those loans going forward.Therefore there is no requirement on you or anyone else to “repay the loans”. Note this is not the same as the loans having been written off, which if that had been done it would have created a taxable event!"

Will be sharing this with my lawyer who is currently responding to the recent demand..

[Nickyp]

Anxiety through the roof

As I have opened Pandora's box (the dreaded link), I will tell you what is uploaded.

1.User details created 12 March. It shows they already all my information:
Full name
Date of birth
email address
telephone numbers
1 previous address

2. Signed deed of assignment dated 10.01.2020. Original signatures between Garraway and Felicitas solutions. In one of the clauses it mentioned proof of liability on borrowing due to ongoing Loan Charge by HMRC 2019(I need to seek advice as do not understand everything)

3. Loan statements, Jan, Feb, March 20 highlighting the part loans paid to me and they have included loan interest rate of 3.25% for 2015, 3% for 2016 and 2.5% for 2018 and 2019.

4.Loan and employment agreement. No original signatures though but names inserted. According to clause 2.1 interest rate will be charged as set by HMRC official rate in connection with employment related loans.

From all this, I do not know where it leaves me. I have to seek legal advice. Will WTT or ETC be the right places to provide input on this or should I seek other forms of legal advice???

If anyone has some direction to point me in I will appreciate it.

[eek]

From all this, I do not know where it leaves me. I have to seek legal advice. Will WTT or ETC be the right places to provide input on this or should I seek other forms of legal advice???

If anyone has some direction to point me in I will appreciate it.

Both ETC and WTT would be worth speaking to as both can help and you could after speaking to them decide on which company / approach you would prefer.

I suspect as you've looked at the documentation both companies would be very willing to speak to you.

[webberg]

I expect this may have been covered previously but can't find it in the threads. so apologies all.

The question is are these loans covered by the Limitations act 1980 ? ( or the Scottish equivalent from 1973)

Unfortunately the period allowed by the Limitation ACt begins at the time the first claim under the provisions in the agreement are triggered.

So if that is a demand for payment, made January 2020, that the the start. If you say "I don't think so" and you hear nothing more until after January 2026, you are home and hosed.

[webberg]

Both ETC and WTT would be worth speaking to as both can help and you could after speaking to them decide on which company / approach you would prefer.

I suspect as you've looked at the documentation both companies would be very willing to speak to you.

We have that documentation such as it is.

I'm sure ETC have it as well.

Have to say that it's very thin.

[dangerouswhensober]

As I have opened Pandora's box (the dreaded link), I will tell you what is uploaded.

----------------------
4.Loan and employment agreement. No original signatures though but names inserted. According to clause 2.1 interest rate will be charged as set by HMRC official rate in connection with employment related loans.
----------------------

If anyone has some direction to point me in I will appreciate it.

Just a thought on when these docs were created ...

If the "Loan Agreement" is a MS Word document, you can see when it was created by opening it in Word and looking at the menu item "File, Info".

If the "Loan Agreement" is an Adobe Acrobat document, you can see when it was created by opening it in Acrobat and looking at the menu item "File, Properties".

In either case, it would be very interesting to see when the doc was created ...

If the date created is AFTER your first payment from your trustees - especially years after - I would think that would throw a few suspicions on the document (if it were ever presented in a court of law) - especially as you say the document is unsigned.

As I said - just a thought ...

(If you do this, please let us know what date you find)

(Usual disclaimer - I am neither a lawyer not a qualified tax practitioner).

[eek]

Just a thought on when these docs were created ...

If the "Loan Agreement" is a MS Word document, you can see when it was created by opening it in Word and looking at the menu item "File, Info".

If the "Loan Agreement" is an Adobe Acrobat document, you can see when it was created by opening it in Acrobat and looking at the menu item "File, Properties".

In either case, it would be very interesting to see when the doc was created ...

If the date created is AFTER your first payment from your trustees - especially years after - I would think that would throw a few suspicions on the document (if it were ever presented in a court of law) - especially as you say the document is unsigned.

As I said - just a thought ...

(If you do this, please let us know what date you find)

(Usual disclaimer - I am neither a lawyer not a qualified tax practitioner).

And you don't know anything about IT, if these are scanned documents they could be recently created or scanned at any point since they were originally created.

The only time that sort of argument would really win is (as in a recent example in the States) here is a document created before the font is used was released.

As you say you are not a lawyer and given the amount of money being chased here I would suggest you find a suitable expert and leave things to them.

The last thing you want to do is say the wrong thing and end up in court with them producing evidence that shows you accepted it was loan...

[DealorNoDeal]

We have that documentation such as it is.

I'm sure ETC have it as well.

Have to say that it's very thin.

Written on a fag packet or back of an envelope?

It's a loan Jim but not as we know it.