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sambo202003
Forumite 1 posts
Morning all
We had a secured loan with Black Horse which got switched over to SKYE Loans a few years back. We had little correspondence from either company.
We were not told our monthly payments would change but straight away we had an arrears letter from SKYE stating a charge was due as we hadn't paid enough interest??!
In December we unfortunately missed a payment and had a letter saying there was a £12 charge plus £9 interest. Fair enough. We phoned them and cleared this and paid the outstanding monthly payment.
We have now received another letter asking for more interest relating to this last issue. Again, we phoned them and spoke to a nice chap who went on to tell us a couple of things we were absolutely NOT expecting.
1) He said that we had 25 months left on the loan. However, as the interest rates have gone up recently we will have an extended period of 4 months to pay added interest!
2) He also went on to say that as this is a secured loan, we would need to pay a release fee of £120 at the end.
None of the 2 issues above were ever mentioned to us when we took the loan out initially with BH.
Any advice welcome.
Sam
We had a secured loan with Black Horse which got switched over to SKYE Loans a few years back. We had little correspondence from either company.
We were not told our monthly payments would change but straight away we had an arrears letter from SKYE stating a charge was due as we hadn't paid enough interest??!
In December we unfortunately missed a payment and had a letter saying there was a £12 charge plus £9 interest. Fair enough. We phoned them and cleared this and paid the outstanding monthly payment.
We have now received another letter asking for more interest relating to this last issue. Again, we phoned them and spoke to a nice chap who went on to tell us a couple of things we were absolutely NOT expecting.
1) He said that we had 25 months left on the loan. However, as the interest rates have gone up recently we will have an extended period of 4 months to pay added interest!
2) He also went on to say that as this is a secured loan, we would need to pay a release fee of £120 at the end.
None of the 2 issues above were ever mentioned to us when we took the loan out initially with BH.
Any advice welcome.
Sam
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Replies
What does your agreement say about the release fee ?
Skye cannot arbitrarily add on extra interest if it not allowed for in the original agreement, they must adhere to the original terms which you signed up to.
Having said that, if the original agreement allowed the interest rate to rise in specified circumstances then extra may be due but you need to carefully read the original terms and conditions of your loan.
Cheers, Jimuck
As explained in my previous post, Skye Loans Limited are not registered with the Financial Conduct Authority, which means they are permitted to take ownership of a second charge mortgage but are not legally permitted to administer the loan, they are not permitted to collect on the loan/debt. I'm now in the process of taking this crooks to court to recover payments made to them, I have also reported them to Fraud Line.
Please get in touch if you need anymore info on this lot
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