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SKYE Loans - Charges and Interest

edited 30 November -1 at 1:00AM in Loans
71 replies 15.5K views
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  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    It maybe legal for Skye Loans to 'Piggyback' on another company but it's still illegal for them to collect money or administer their loans. It has be the company they are 'piggybacking' on that collects and administer their loans for them. Skye Loans are acting illegally. Don't pay them a penny.
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    Xbigman wrote: »
    Skye appear to be piggybacking on another companies licence, which is perfectly legal. Skye are therefore a legitimate creditor and you need to deal with them.


    Darren

    It maybe legal for Skye Loans to '[email protected] on another company but it's still illegal for them to collect money or administer their loans. It has be the company they are 'piggybacking' on that collects and administer their loans for them. Skye Loans are acting illegally. Don't pay them a penny.
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    minimike2 wrote: »
    Please don't listen to this clown. This is the worst possible thing you could do.

    Stop spouting off manure to people which could get them into serious difficulties and cost them thousands of pounds.

    It maybe legal for Skye Loans to '[email protected] on another company but it's still illegal for them to collect money or administer their loans. It has be the company they are 'piggybacking' on that collects and administer their loans for them. Skye Loans are acting illegally. Don't pay them a penny.
  • DCFC79DCFC79 Forumite
    39.1K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    jimuckmac wrote: »
    It maybe legal for Skye Loans to '[email protected] on another company but it's still illegal for them to collect money or administer their loans. It has be the company they are 'piggybacking' on that collects and administer their loans for them. Skye Loans are acting illegally. Don't pay them a penny.


    Why have you posted the same post 4 times.
  • antrobusantrobus Forumite
    17.4K posts
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    Hi I have a secured loan which was taken over by Skye loans. Can you advise me a bit more on them not being regulated by FCA and what this actually means. Are they fraudently taking my monthly payments. Thanks in advance

    Not a lot.

    You don't need to be regulated to buy up existing mortgages. Skye Loans Ltd are simply the legal owners of certain mortgages and act as 'cash managers' for the beneficial owners of these loans who appear to be Luxembourg based.

    https://beta.companieshouse.gov.uk/company/09345937
  • DCFC79DCFC79 Forumite
    39.1K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    antrobus wrote: »
    Not a lot.

    You don't need to be regulated to buy up existing mortgages. Skye Loans Ltd are simply the legal owners of certain mortgages and act as 'cash managers' for the beneficial owners of these loans who appear to be Luxembourg based.

    https://beta.companieshouse.gov.uk/company/09345937


    The poster isn't coming back, she posted back in may.
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    antrobus wrote: »
    Not a lot.

    You don't need to be regulated to buy up existing mortgages. Skye Loans Ltd are simply the legal owners of certain mortgages and act as 'cash managers' for the beneficial owners of these loans who appear to be Luxembourg based.

    https://beta.companieshouse.gov.uk/company/09345937

    You are correct about not needing to be regulated to own 2nd charge mortgages, but the rest of your post is nonsense.

    As Skye Loans are not regulated, they are still entitled to own 2nd charge mortgages but it is illegal for them to administer those mortgages or collect on them.

    They seem to be committing fraud
  • edited 4 December 2018 at 3:16AM
    antrobusantrobus Forumite
    17.4K posts
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    edited 4 December 2018 at 3:16AM
    jimuckmac wrote: »
    You are correct about not needing to be regulated to own 2nd charge mortgages, but the rest of your post is nonsense.

    No, it's what it says in Skye's accounts.
    jimuckmac wrote: »
    As Skye Loans are not regulated, they are still entitled to own 2nd charge mortgages but it is illegal for them to administer those mortgages or collect on them.

    Please provide everybody with the details of which Act of Parliament or Regulation that states this.

    It should be here somewhere.
    http://www.legislation.gov.uk/
    jimuckmac wrote: »
    They seem to be committing fraud

    Then report them to Action Fraud.
    https://www.actionfraud.police.uk/reporting-fraud-and-cyber-crime

    Let us know how you get on.

    P.S. I now see from your post #7 that you were, back in March, "in the process of taking this crooks to court to recover payments made to them, I have also reported them to Fraud Line."

    So how have you got on? It's been nine months or so.
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    antrobus wrote: »
    No, it's what it says in Skye's accounts.



    Please provide everybody with the details of which Act of Parliament or Regulation that states this.

    It should be here somewhere.
    http://www.legislation.gov.uk/



    Then report them to Action Fraud.
    https://www.actionfraud.police.uk/reporting-fraud-and-cyber-crime

    Let us know how you get on.

    P.S. I now see from your post #7 that you were, back in March, "in the process of taking this crooks to court to recover payments made to them, I have also reported them to Fraud Line."

    So how have you got on? It's been nine months or so.

    Point 1/
    FCA state that to service any financial product you need to be regulated by the FCA, you need to be licenced, I thought this to be self explanatory.
    Skye Loans Ltd are not regulated and have no licence to service their mortgage portfolio, which they are doing without license. This is an illegal act.

    Point 2/
    I have reported Skye Loans Ltd to Action Fraud, and if you do the same, you will find out this organisation are not fit for purpose.

    Point 3/
    I have decided not to sue Skye Loans Ltd. If you take a look at their accounts, it would not be financially viable to do so. I have decided to sue the FCA instead for 'breach of duty owed'.
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    Firms and individuals must be authorised by the Financial Conduct Authority (FCA) to carry out regulated financial service activities and offer credit to consumers.

    https://www.gov.uk/registration-with-the-financial-conduct-authority
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