Loan repayment demand but I've repaid loans Loan repayment demand but I've repaid loans
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  1. #1

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    Default Loan repayment demand but I've repaid loans

    Hi,
    I was with a IOM based loan arrangement a few years ago. I have since had assessments raised by HMRC which I have now settled. Last year I settled all my loans with a company called THL. A couple of months ago I received demand for loan repayments from a company called Falicitas via Gladstones Solicitors. I thought all this was behind me after settling with HMRC and THL. I cannot afford to pay Falicitas aswell, I have already remortgaged to settle with HMRC and THL. I have replied back to them stating I have already settled but I just received a final demand notice from them. Hiw can they ask for loan repayment when I have already paid?. Can anybody please advise? Any advice would be greatly appreciated.

  2. #2

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    Quote Originally Posted by Hughie View Post
    Hi,
    I was with a IOM based loan arrangement a few years ago. I have since had assessments raised by HMRC which I have now settled. Last year I settled all my loans with a company called THL. A couple of months ago I received demand for loan repayments from a company called Falicitas via Gladstones Solicitors. I thought all this was behind me after settling with HMRC and THL. I cannot afford to pay Falicitas aswell, I have already remortgaged to settle with HMRC and THL. I have replied back to them stating I have already settled but I just received a final demand notice from them. Hiw can they ask for loan repayment when I have already paid?. Can anybody please advise? Any advice would be greatly appreciated.
    They're sending out demands willy-nilly.

    I would just keep writing back to them stating that the loans have already been written off by THL. Maybe, eventually, they'll get the message and desist.

  3. #3

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    Quote Originally Posted by Hughie View Post
    Hi,
    I was with a IOM based loan arrangement a few years ago. I have since had assessments raised by HMRC which I have now settled. Last year I settled all my loans with a company called THL. A couple of months ago I received demand for loan repayments from a company called Falicitas via Gladstones Solicitors. I thought all this was behind me after settling with HMRC and THL. I cannot afford to pay Falicitas aswell, I have already remortgaged to settle with HMRC and THL. I have replied back to them stating I have already settled but I just received a final demand notice from them. Hiw can they ask for loan repayment when I have already paid?. Can anybody please advise? Any advice would be greatly appreciated.
    I hope you actually meant you have had your loans written off by THL rather than loans repaid to THL.

  4. #4

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    I have repaid all the loans. THL said I would be liable for Inheritance tax if I had the written off and loan charge if I didn't. They advised that the best option would be to repay the loans. I have posted a copy of the paper from THL that says I have repaid loans but falicitas does not recognise the document and still pursuing me. Unfortunately THL are currently not contactable maybe because of covid. Very stressed right now.

  5. #5

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    Quote Originally Posted by Hughie View Post
    I have repaid all the loans. THL said I would be liable for Inheritance tax if I had the written off and loan charge if I didn't. They advised that the best option would be to repay the loans. I have posted a copy of the paper from THL that says I have repaid loans but falicitas does not recognise the document and still pursuing me. Unfortunately THL are currently not contactable maybe because of covid. Very stressed right now.
    So, just to be 100% clear, you received X thousand pounds of loans and you repaid X thousand pounds to THL?

    And you paid Y% tax, on X thousand pounds of loans, to settle with HMRC?

  6. #6

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    Default £1 story

    Quote Originally Posted by Hughie View Post
    I have repaid all the loans. THL said I would be liable for Inheritance tax if I had the written off and loan charge if I didn't. They advised that the best option would be to repay the loans. I have posted a copy of the paper from THL that says I have repaid loans but falicitas does not recognise the document and still pursuing me. Unfortunately THL are currently not contactable maybe because of covid. Very stressed right now.
    So you earned a £1 from company X

    Paid 20p to HMRC
    Paid 6p to THL
    Then kept the 74p for yourself.

    Then years later you paid an additional 20p to HMRC (as the loans were taxable income) and a £1 to THL (as you paid the full loan back)

    And now your saying that Felcitias is also wanting £1 back.

    Doenst make any sense to me.

    Get professional help ASAP.

  7. #7

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    Yes Dealornodeal. That's why I've had to remortgage my home. After paying everything I thought that would be the end of the matter.

  8. #8

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    Quote Originally Posted by Hughie View Post
    I have repaid all the loans. THL said I would be liable for Inheritance tax if I had the written off and loan charge if I didn't. They advised that the best option would be to repay the loans. I have posted a copy of the paper from THL that says I have repaid loans but falicitas does not recognise the document and still pursuing me. Unfortunately THL are currently not contactable maybe because of covid. Very stressed right now.
    Oh dear... oh dear, oh dear.

  9. #9

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    Who would you recommend for professional help? I have spoken to my regular limited company accountant but they say they do not deal with this type of work.

  10. #10

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    Quote Originally Posted by Hughie View Post
    Yes Dealornodeal. That's why I've had to remortgage my home. After paying everything I thought that would be the end of the matter.
    In which case, I have to say it sounds like THL misled you.

    There really isn't any sensible reason to repay loans. And, especially not if you then have to pay tax on them.

    Did you tell HMRC that you had repaid the loans?

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