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  • Letter from FS Capital & Contractor Loans

    10 March 2020

    Andy Wood

    Background – Receiving a Letter from FS Capital

    We have been asked to assist a number of taxpayers over the last few weeks.

    This has been an extremely distressing time for recipients bearing in mind the wider context of the Government and HMRC’s actions in this area.

    K2 Scheme, Pinotage Trustees & Peak Performance

    The letters have been sent to users of the K2 scheme that was formerly administered by Pinotage Trustees. The scheme was marketed by Peak Performance.

    FS Capital have tried this ruse before, on that occasion using a company called Trust Helpline.

    Our view is that there are plenty of holes in this cash grab. There is no real proof of debt and the letter is non-compliant with the pre-action protocol in other ways.

    Further, the prior trustees will also have to answer questions in terms of their conduct if, as we believe, these have been sold for a nominal amount. Indeed, one asks the question why this loan book has been assigned to a ‘third party’ at all.

    We have drafted a letter disputing the debt which can be sent to FS Capital if clients wish to use it.

    Our belief is this a shakedown – a bit like one of those email 192 scams. They are looking for a handful of people to pay up due to desperation and a desire to make the problem go away.

    If we are wrong, and they pursue these debts then you will have not lost anything.

    In fact, by responding you have shown you are respecting the pre-action protocol despite the fact the claimants haven’t bothered. Any subsequent steps will be a bridge we can cross if and when they arise.

    As such, we have been considering how we best help as many people as possible without charging them.

    ETC Assistance – Two Procedures

    As such, we have two procedures depending on whether:

    • You are happy to send letters yourself; or
    • You would like us to do it for you

    If we have already agreed we will do this for you already then your case will be dealt with accordingly.

    You are happy to send letters yourself

    1. Read our summary;
    2. Complete and sign our FS Capital Limited – DIY; and
    3. Send the letter to FS Capital recorded delivery

    Please note that the dispute letter does not set out the full legal objections to FS Capital’s actions.

    You would like us to do it for you

    1. Read our summary;
    2. Please complete and sign Recall of Loans – Letter of Authority (FS capital)Recall of Loans – Letter of Authority re FS Capital (General)[1];
    3. Email the scanned authority to;
    4. Email a copy of the letter and any attachments you have received from FS Capital; and
    5. We will complete the dispute of debt letter on your behalf

    As stated, we do not charge for our involvement in this service. It is at our cost. We only ask that you let us know if you get a response as this ‘feedback’ will allow us to help as many people affected as possible.

    If you have any queries please email Although this sounds rather impersonal, please email rather than call so we can assist as many people as possible.