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SKYE Loans - Charges and Interest

edited 30 November -1 at 1:00AM in Loans
71 replies 15.4K views
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  • antrobusantrobus Forumite
    17.4K posts
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    Gaz83 wrote: »
    This sounds like Freemen of the Land stuff.

    Pretty much.:)

    A certain poster seems to have persuaded themselves that it is 'illegal' for a non regulated firm who acquires a loan to charge interest on said loan. That is grade A FMOTL BS.

    For one thing, the FCA has been working on the issue of mortgage prisoners;

    The FCA said it had identified about 150,000 such customers. Of these, about 30,000 were with authorised mortgage lenders, while about 120,000 had mortgages held by non-regulated firms - which include some previous Northern Rock and Bradford & Bingley customers.

    https://www.bbc.co.uk/news/business-44001514

    See, the FCA know that there are 120,000 mortgages held by non-regulated firms. Has the FCA taken action against said lenders for charging illegal interest?

    i think we know the answer.:)
  • XbigmanXbigman Forumite
    3.4K posts
    Part of the Furniture 1,000 Posts Combo Breaker Uniform Washer
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    Non regulated doesn't mean unregulated. A company could have a licence for one type of financial service but not be able to 'sell' mortgages. That doesn't stop them administering a mortgage bought from a third party.

    The more I look at all this it is clear that financial regulation in this country is a farce. Slapping 'regulated' on something means little more than an official safety net, like FSCS protection. It doesn't greatly raise standards and allows scammers to claim to be regulated to bring in more suckers.

    As for Skye, they still appear legit. Although that's not actually that hard.



    Darren
    Xbigman's guide to a happy life.

    Eat properly
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  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    antrobus, you seem to be getting a little confused.........we are talking about regulated financial products
    Skye Loans Ltd must be regulated to administer or collect on their mortgage loans. Skye Loans are not regulated ,so they must employ another company who are regulated to administer and collect on their behalf. Quite simple really

    Xbigman, "A company could have a licence for one type of financial service but not be able to 'sell' mortgages. That doesn't stop them administering a mortgage bought from a third party.

    Yes it does stop them if they have no licence.
  • antrobusantrobus Forumite
    17.4K posts
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    jimuckmac wrote: »
    antrobus, you seem to be getting a little confused.........we are talking about regulated financial products
    Skye Loans Ltd must be regulated to administer or collect on their mortgage loans. Skye Loans are not regulated ,so they must employ another company who are regulated to administer and collect on their behalf. Quite simple really

    Xbigman, "A company could have a licence for one type of financial service but not be able to 'sell' mortgages. That doesn't stop them administering a mortgage bought from a third party.

    Yes it does stop them if they have no licence.

    Go tell that to the FCA. They seem to be just as 'confused' as I am.:)
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    AN UPDATE.

    The FCA have now secured the information they were requesting from Skye Loans Ltd. They are reviewing this information, and will revert back once this has been completed.

    Onward and Upward.
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    Can anyone explain why all the sudden changes in Companies House to Skye Loans Ltd's directors, address etc?
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    Latest...

    After a 10 month investigation into my complaint, we now have a decision.

    The Financial Conduct Authority have not upheld my complaint against Skye Loans Ltd.
  • antrobusantrobus Forumite
    17.4K posts
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    jimuckmac wrote: »
    Latest...

    After a 10 month investigation into my complaint, we now have a decision.

    The Financial Conduct Authority have not upheld my complaint against Skye Loans Ltd.

    No surprise there.:)

    So now we have confirmation that you were wrong when you claimed that "Skye Loans Ltd must be regulated to administer or collect on their mortgage loans",

    What they are doing is perfectly legal and the same as all those other 'unregulated' administrators out there - Cerberus et all.
  • jimuckmacjimuckmac Forumite
    41 posts
    Second Anniversary 10 Posts
    We have now submitted the Financial Conduct Authorities investigation/review into our complaint involving Skye Loans Ltd, to the Independent Commissioner for his consideration.

    Patience is bitter but it's fruit is sweet.
  • antrobusantrobus Forumite
    17.4K posts
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    jimuckmac wrote: »
    We have now submitted the Financial Conduct Authorities investigation/review into our complaint involving Skye Loans Ltd, to the Independent Commissioner for his consideration.

    Patience is bitter but it's fruit is sweet.

    What Independent Commissioner?

    I know there's an Independent Anti-Slavery Commissioner, but I don't see how they're going to help you?
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