SKYE Loans - Charges and Interest

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  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
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    I have possibly taken a couple of payment breaks and had the odd missed payment
    Possibly? Odd? What makes you think you can appeal what's due when you don't seem to have counted yourself?
  • Chirpychick1
    Chirpychick1 Posts: 1 Newbie
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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
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Chirpychick1 wrote: »
    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

    No No No.
    Please don't think this is a way of getting any debt written off.
  • Xbigman
    Xbigman Posts: 3,884 Forumite
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    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
    Xbigman's guide to a happy life.

    Eat properly
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  • gill62b
    gill62b Posts: 1 Newbie
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    My BH loan was taken over by Skye loans. I have never taken any breaks or been in arrears, however shortly after they took over they added £20 a month to my monthly payments, stating that the reasons for this is because I had been in arrears at some point. Got nowhere on the phone with them. Just received a letter stating that I just have £352 to pay off my loan but it will cost me £489 to pay it off. I have gathered all the documentation I have from black horse and skye loans, including a letter that I recieved from the financial ombudsman when I was with Black Horse for a ppi claim, stating what the monthly payment would be. I've threatened them with the ombudsman but not sure if they will investigate in skye are not a member of FCA any ideas?
  • minimike2
    minimike2 Posts: 2,210 Forumite
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    jimuckmac wrote: »
    Please don't pay this lot another penny. Skye Loans Limited are not regulated by the FCA so do not have the legal authority to administer the loan or collect on it.

    Cheers, Jimuck

    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.
  • Suzysmit
    Suzysmit Posts: 1 Newbie
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    I finished my loan last month, just the fee to pay. I rang up and was told they had taken the usual amount in August. This worked out as the last payment and £40 off the fee, I was told I owed £85 my direct debit had finished and there was no need to cancel it, and I had to ring up about paying the £85. I rang up on 3rd Sept and was told they had taken the usual amount as I had not contacted them. They would return my overpayment of £170 in 17 days, when monies checked.

    MAKE SURE YOU CANCEL DIRECT DEBITS WHEN LAST PAYMENT US MADE. THESE PEOPLE LIE!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Suzysmit wrote: »
    I finished my loan last month, just the fee to pay. I rang up and was told they had taken the usual amount in August. This worked out as the last payment and £40 off the fee, I was told I owed £85 my direct debit had finished and there was no need to cancel it, and I had to ring up about paying the £85. I rang up on 3rd Sept and was told they had taken the usual amount as I had not contacted them. They would return my overpayment of £170 in 17 days, when monies checked.

    MAKE SURE YOU CANCEL DIRECT DEBITS WHEN LAST PAYMENT US MADE. THESE PEOPLE LIE!

    This is normal with most loans when somebody overpays.
    What's 17 days compared to be that bit debt free?
  • Maiseyday
    Maiseyday Posts: 1 Newbie
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    Hi - did you ever sort out the Skye loan situation? What other information did you find out about them? Would be very interested to hear?
  • jimuckmac
    jimuckmac Posts: 41 Forumite
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    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.
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