help please with Universal Wealth preservation Trust

1121315171836

Comments

  • UniversalVictim
    UniversalVictim Posts: 6 Forumite
    edited 1 November 2017 at 3:24PM
    I have some more information about this company/firm and, unfortunately, it's not good news.

    Like many others, I have been unable to contact Universal by phone and, given the recent posting on this forum suggesting that the company had gone bust, I travelled to Ipswich to try to find out what had happened.

    When I arrived, the metal gates to the premises were locked closed and there was a notice attached which read:

    'If you need to contact Universal, please either call us on 01473 808080 and leave a message or send us an email at enquiries [at] universalgroup [dot] co [dot] uk (amended by me)

    The site looked rather deserted although there were four cars parked at the far end. While I was there, another car pulled up and the couple advised that they were similarly affected. Then another man came and advised that he ran the business next door and had heard that a number of staff had been laid off, the reason given that Steven Long had suffered a bereavement. He added that the gates were locked all day and only opened at the start of the day when the people arrived and in the evening when they left.

    This is obviously not good news and puts a serious doubt on anyone who is the beneficiary of trusts under the control of Universal seeing their money in the short term, if at all. What is not clear is whether there has been any criminal activity within the business, in particular by creaming off assets held in trust. The big problem is that the activities of Universal appear to be largely unregulated and whilst Long is a member of STEP, STEP is a trade organisation rather than a regulator with any real powers. What is also not clear is whether Universal has, in fact, gone bust. My suspicion is that they haven't and are just trying to lie low.

    I spoke to a lady from STEP this morning who was 'aware' of Universal but not of the rumours surrounding possible insolvency. She has taken up the case and has requested any information about the organisation. I do not have her permission to give her details on this forum but if you phone STEP on 020 3752 3700, go through the automated answer menu to get to the switchboard and ask to speak to someone about Universal, you should get through to the right person.

    I am not a lawyer so I can't give any advice other than to suggest the following:

    1. If you haven't already done so, refer to a solicitor
    2. Report Universal to Suffolk Trading Standards. The more people that complain, the more likely they are to act. However, referrals to TS need to be done via Citizens Advice - google 'Ipswich Trading Standards' for the process.
    3. If you suspect that any criminal activity has taken place, report it to Action Fraud
  • Further to my post yesterday, I have now heard from someone who has managed to speak to a member of the Universal team on the number supplied. They were advised that the company is functioning normally. albeit with reduced staff. Their advice is to phone 01473 808080 and leave a voicemail - someone should call you back within 24-48 hours. They also state that due to the reduced staffing, they will only see people with appointments at their premises.

    I will be proceeding on this basis and sincerely hope that this will bring resolution without the need to escalate to either Trading Standards or Action Fraud. However, I remain of the view that the situation is precarious and engaging a soliticor is a sensible precaution.
  • I read your comment Doc n but it's not needed or helpful. People who are still dealing with Universal are most likely at their wits end and worried sick as to what has happened to their money/trusts. If you could please only post helpful advise at this time, we can laugh and joke when we get to the bottom of this shady company:(
  • Doc_N
    Doc_N Posts: 8,269 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Eltel58 wrote: »
    I read your comment Doc n but it's not needed or helpful. People who are still dealing with Universal are most likely at their wits end and worried sick as to what has happened to their money/trusts. If you could please only post helpful advise at this time, we can laugh and joke when we get to the bottom of this shady company:(

    Couldn't agree with you more.

    Still scratching my head, though, as to why you thought it was even remotely connected with laughing and joking. I said the previous post was interesting if it was accurate, and if you were aware of the history of this thread, and the background, you'd understand the significance of the words in italics.
  • Malthusian
    Malthusian Posts: 10,936 Forumite
    First Anniversary First Post Name Dropper Photogenic
    edited 2 November 2017 at 10:39AM
    I am sure none of us doubt that Southfolk was told that the company had ceased trading and the liquidators were in, and believes what they were told in good faith. The question is whether the liquidators are actually in, or whether this is delaying tactics, in the hope the investors leave off for a few weeks while the people behind the company continue doing what they are doing.

    There is no sign of any Universal Wealth companies on the London Gazette's latest insolvency notices, nor is there anything about liquidation on the Companies House page for Universal Trustees LLP.
  • Universal are still insisting its business as usual but,

    'As an interim measure, STEP suspended Mr Long's membership earlier this week on a without prejudice basis until we are able to establish the facts of the current situation'.


    Probably :rotfl: doc n, gallows humour?
  • I have been trying, with no success, to get an update from Universal about the progress with resolving my late father's estate and am somewhat devastated but not surprised to see the latest updates here.
    I have spoken with STEP this morning but they have no more news and ominously suggested that I might want to contact Action Fraud and also take independent legal advice....

    Has anyone any firm news/ or received credible responses from Universal in the last ten days or so?
  • Hello,

    Our family have read the thread and we are in a similar situation where we can not get in contact with Universal Wealth or Steve Long. Emails, letters and voicemail's are being left with them, but no response after a couple of weeks.

    For clarity we have checked companies house and they are registered as trading as at 18th December 2017, companies house also list they are currently not being wound up or dissolved.

    It would be great to get a response from others on here to see what people are doing to remedy the situation. We are currently taking legal advice, but are keen to see what other action you are all taking?
  • I also went to the seminars had some dealings with this company but got cold feet and decided not to proceed. Went to see a solicitor and he didn't recommend using this method of Trust. I have been digging around and found this today.

    Companies Court Winding Up List

    Cause list Wednesday, 17 January 2018

    Updated: 17 January 2018 08.30 (refresh your browser for the latest version)
    The following list is subject to change until 4.30pm. Any alterations after this time will be telephoned or emailed direct to the parties or their legal representatives.

    Help for Litigants in Person
    The Company Insolvency Scheme (CO.IN) provides free, one-off advice and representation for Litigants-in-Person in the Winding Up Court (High Court, Rolls Building).
    The Scheme runs every Wednesday from 10am during the Court’s term time. A volunteer Barrister from the Chancery or Commercial Bar can be found in Consultation Room 17 on the 2nd floor. The scheme is administered by City Law School Students. Please drop by if you need assistance.


    IN THE HIGH COURT OF JUSTICE – INSOLVENCY AND COMPANIES LIST
    ROLLS BUILDING
    COURT 16
    2nd FLOOR

    REGISTRAR BARBER

    Wednesday 17 January 2018

    Robed




    Not before 11:00am

    CR-2017-008318 UNIVERSAL ASSET PROTECTION LTD

    Sorry its not better news. Good luck to all of you who have been having problems.
  • Hi


    Did you ever get this resolved with Universal
    I have a very serious situation regarding a large sum of money which Steven Long is refusing to pay back.
    It would be very helpful to know.


    Thanks


    Angus Mac
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards