Skye Loans

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  • lil_ali
    lil_ali Posts: 8 Forumite
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    Quick update I rang them really pleasant conversation turns out that the outstanding amount is interest from late payments at the beginning of the term back in 2006. The extra months that were paid haven't been enough to cover it! I was told that when the loan started the first payment wasn't due until a month after which accrued over £200 interest this was more than the monthly payment.

    As suggested I've requested a statement of the full account which is being sent in the next few days. Not sure where to go from here. Thankfully the arrears don't include interest and once it's paid or I've made an arrangement to pay it they'll update my credit file. Unfortunately it's scuppered any chance of getting a remortgage at the moment.

    I do think the interest is excessive but I'm not sure I have a leg to stand on to be honest.

    Any advice at all?
  • mrmagooooooo
    mrmagooooooo Posts: 95 Forumite
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    Best thing to do is when you get the statement post what it says here. The guys on here will have a look through it and be able to give you their opinions on if they are right or wrong and where to go next.
  • StopIt
    StopIt Posts: 1,470 Forumite
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    Alas not really. If you miss a payment, interest (and charges) gets charged on the balance outstanding and you either need to pay that off ASAP, or if you continue paying the "normal" monthly amount, pay for longer.


    Surely you would have had statements from Black Horse before this loan was sold on? If not, Skye Loans haven't done anything wrong, but they may have.

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • lil_ali
    lil_ali Posts: 8 Forumite
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    We would have had statements however I stupidly haven't noticed the charges etc. My own fault I'll wait to get the statement and post a copy on here. How do I do that? Thanks again for your help.
  • StopIt
    StopIt Posts: 1,470 Forumite
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    lil_ali wrote: »
    We would have had statements however I stupidly haven't noticed the charges etc. My own fault I'll wait to get the statement and post a copy on here. How do I do that? Thanks again for your help.
    You can scan/take a picture and use the link facility in the main posting window.


    I'd imagine the statements will line up with the late/missed payments but you never know.

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • Keith_Lo
    Keith_Lo Posts: 1 Newbie
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    I had a similar starting point - I took out a secured loan from Black Horse in September 2007. This had a payment free period of (I think) one month at the start, which under their arrangements meant that I would pay an extra one at the end. When they sold the loan to Skye, it was transferred over and a few months later Skye wrote to me that the current payments would not clear the loan as they did not recognise the grace period and it had to be paid off by the original 10 year period. They increased the monthly payment by about 7% to cover this. Had I not agreed to this I would have been in arrears. I checked a few months ago and they have confirmed that the last payment is due at the end of this month. However, they have added a further charge of £150 to clear their hold over the property - which was free under Black Horse.
  • D_M_E
    D_M_E Posts: 3,008 Forumite
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    I cannot be the only thinking that if you took out a loan and stick to the terms and conditions of that loan then all is fine.

    If the loan then gets sold on to another company then the second company which purchased your loan has to abide by those same original terms and conditions and cannot arbitrarily add on extra charges of its own choosing.

    If it were me I would complain and escalate to the FCA as a matter of urgency with the expectation of getting these extra charges refunded.
  • Shakin_Steve
    Shakin_Steve Posts: 2,701 Forumite
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    ^^^^^^^^^
    I agree totally with the above. You signed a credit agreement, as did your lender, the conditions of that agreement cannot be arbitrarily changed just because the loan is sold on.
    I came into this world with nothing and I've got most of it left.
  • jimuckmac
    jimuckmac Posts: 41 Forumite
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    Skye Loans Ltd are not regulated with the Financial Conduct Authority, which means legally they are not permitted to administer the loan or collect on the loan. Don't pay them another penny.
  • jimuckmac
    jimuckmac Posts: 41 Forumite
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    Skye Loans Ltd are not regulated with the Financial Conduct Authority, which means legally they are not permitted to administer the loan or collect on the loan. Don't pay them another penny.
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