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  • FIRST POST
    • sambo202003
    • By sambo202003 28th Feb 18, 6:56 AM
    • 1Posts
    • 0Thanks
    sambo202003
    SKYE Loans - Charges and Interest
    • #1
    • 28th Feb 18, 6:56 AM
    SKYE Loans - Charges and Interest 28th Feb 18 at 6:56 AM
    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
Page 2
    • jimuckmac
    • By jimuckmac 3rd Dec 18, 6:38 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    Skye Loans Acting Illegally
    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.
    • jimuckmac
    • By jimuckmac 3rd Dec 18, 6:40 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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.
    • jimuckmac
    • By jimuckmac 3rd Dec 18, 6:42 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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
    Originally posted by Xbigman
    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.
    • jimuckmac
    • By jimuckmac 3rd Dec 18, 6:44 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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.
    Originally posted by minimike2
    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.
    • DCFC79
    • By DCFC79 3rd Dec 18, 7:00 PM
    • 35,057 Posts
    • 22,158 Thanks
    DCFC79
    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.
    Originally posted by jimuckmac

    Why have you posted the same post 4 times.
    • antrobus
    • By antrobus 3rd Dec 18, 8:20 PM
    • 16,875 Posts
    • 23,871 Thanks
    antrobus
    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
    Originally posted by Chirpychick1
    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
    • DCFC79
    • By DCFC79 3rd Dec 18, 9:31 PM
    • 35,057 Posts
    • 22,158 Thanks
    DCFC79
    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
    Originally posted by antrobus

    The poster isn't coming back, she posted back in may.
    • jimuckmac
    • By jimuckmac 3rd Dec 18, 9:32 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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
    Originally posted by antrobus
    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
    • antrobus
    • By antrobus 4th Dec 18, 1:09 AM
    • 16,875 Posts
    • 23,871 Thanks
    antrobus
    You are correct about not needing to be regulated to own 2nd charge mortgages, but the rest of your post is nonsense.
    Originally posted by jimuckmac
    No, it's what it says in Skye's accounts.

    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.
    Originally posted by jimuckmac
    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/

    They seem to be committing fraud
    Originally posted by jimuckmac
    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.
    Last edited by antrobus; 04-12-2018 at 1:16 AM.
    • jimuckmac
    • By jimuckmac 4th Dec 18, 5:37 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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.
    Originally posted by antrobus
    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'.
    • jimuckmac
    • By jimuckmac 4th Dec 18, 5:45 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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
    • jimuckmac
    • By jimuckmac 4th Dec 18, 5:46 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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
    Originally posted by jimuckmac
    Fines and penalties
    You can be imprisoned and fined if you carry out regulated activities without being authorised.
    • antrobus
    • By antrobus 4th Dec 18, 5:55 PM
    • 16,875 Posts
    • 23,871 Thanks
    antrobus
    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
    Originally posted by jimuckmac
    But Skye Loans don't 'offer credit'.

    Your assertion was that it is illegal for them to administer those mortgages or collect on them. There is nothing in your very general link that addresses that point.

    I was just curious as to what specific piece of legislation you cited when you took these "crooks to court to recover payments made to them". How did you get on?
    • jimuckmac
    • By jimuckmac 4th Dec 18, 6:09 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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
    Originally posted by jimuckmac
    Fines and penalties
    You can be imprisoned and fined if you carry out regulated activities without being authorised.
    • jimuckmac
    • By jimuckmac 4th Dec 18, 6:26 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    But Skye Loans don't 'offer credit'.

    Your assertion was that it is illegal for them to administer those mortgages or collect on them. There is nothing in your very general link that addresses that point.

    I was just curious as to what specific piece of legislation you cited when you took these "crooks to court to recover payments made to them". How did you get on?
    Originally posted by antrobus
    You are correct, Skye Loans don't offer credit but the do offer a financial service.

    That 'general link' link you seem to dismiss explains the basis of my court action against the FCA, I'm now awaiting their response to my pre action notice.

    As I explained previously, I am not going to take Skye Loans Ltd to court as it wasn't financially viable to do so. I believe their latest accounts show a minimal turnover, without profit.

    We now seem to be going round in circle,s so I will sign off for the time being. I will keep you updated on my action against the FCA and any further info on Skye Loans Ltd if it comes my way.
    • Xbigman
    • By Xbigman 4th Dec 18, 7:01 PM
    • 3,253 Posts
    • 1,452 Thanks
    Xbigman
    As I already said, Skye are using another companies licence. An example of this that I am familiar with is with Ebico who were partnered with SSE to supply energy. Ebico did not have a licence to supply energy so what happened is that I signed up with Ebico. I had bills with an Ebico letterhead that were actually from SSE. I made payments to an Ebico account that was administered by SSE and the money was under the control of SSE. When Ebico switched to Robin Hood energy customers had letters from SSE, letters from SSE with an Ebico letterhead and finally letters that were actually from Ebico. That is part of the reason it was rather chaotic.

    Finance licensing works in a very similar way. The initial letter is from Skye. Once payments are agreed and a payment made it is made to a Skye account controlled by a third party. All the regulatory requirements for administering the account are carried out by the third party using letters with a Skye letterhead. As long as the money goes through the third party and not direct to Skye this is perfectly legal.
    Ignoring Skye is a mistake, they can legally collect the debt and this needs to be dealt with.



    Darren
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
    • jimuckmac
    • By jimuckmac 5th Dec 18, 6:38 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    As I already said, Skye are using another companies licence. An example of this that I am familiar with is with Ebico who were partnered with SSE to supply energy. Ebico did not have a licence to supply energy so what happened is that I signed up with Ebico. I had bills with an Ebico letterhead that were actually from SSE. I made payments to an Ebico account that was administered by SSE and the money was under the control of SSE. When Ebico switched to Robin Hood energy customers had letters from SSE, letters from SSE with an Ebico letterhead and finally letters that were actually from Ebico. That is part of the reason it was rather chaotic.

    Finance licensing works in a very similar way. The initial letter is from Skye. Once payments are agreed and a payment made it is made to a Skye account controlled by a third party. All the regulatory requirements for administering the account are carried out by the third party using letters with a Skye letterhead. As long as the money goes through the third party and not direct to Skye this is perfectly legal.
    Ignoring Skye is a mistake, they can legally collect the debt and this needs to be dealt with.



    Darren
    Originally posted by Xbigman
    Hi, thanks for that.

    If your facts are correct, then the two situations differ.

    SSE/EBICO were partners, they were one company, so only one license would be required.

    Skye Loans Ltd are an individual company and their 'piggybacker' is also an individual company. so a license each would be required.

    Cheers, Jimuck
    • Xbigman
    • By Xbigman 6th Dec 18, 12:04 PM
    • 3,253 Posts
    • 1,452 Thanks
    Xbigman
    No. Ebico are a different company. In this context the word 'partnered' is legally meaningless. It was simply the way Ebico presented what was happening to their customers.

    The way in which any company piggybacks on another's licence is basically the same. The non licence holder uses the licence of another company to do business. The regulatory restrictions, administration and liabilities of the account sit with the licence holder. Therefore the licence holder controls the accounts of any customers that do business with the non licence holder. Whether the account has the name of one company or the other on it is irrelevant, it's who controls it that counts.

    Skye have not said exactly what their relationship with the licence holder is but it certainly looks like what I have outlined above.
    I have simplified things quite a lot in my explanation as I'm not a lawyer and I am not qualified to give any definitive opinion on Skye's legal position. I can say that not dealing with Skye is a mistake.
    Just make sure you can prove that any payments that go to Skye were actually made in case it does all fall apart later.


    Darren
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
    • jimuckmac
    • By jimuckmac 6th Dec 18, 6:21 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    Hi again Darren, and thanks again for your reply

    You wrote, 'Therefore the licence holder controls the accounts of any customers that do business with the non licence holder.

    This is what I have been trying to say, Skye do not have a license, so are getting their 'piggybacker' to service the loan for them. I believe Skye are servicing their own loans without the license to do so. They (Skye) are administrating and collecting on their loans.

    Cheers, Jimuck
    • jimuckmac
    • By jimuckmac 31st Jan 19, 1:27 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    Are Skye Loans Acting Illegally?
    We have now secured our 'Discharge of Security' from Skye Loans Ltd. The discharge has no signature of authority on it, the document is illegal, this tells me Link Mortgage Services, who are servicing the loans on Skye Loans Ltd's behalf, do not have 'Power of Attorney'

    The discharge also omits the identity of the company acting on Skye Loans behalf (Link Mortgage Services) on the documentation . This seems to suggest Link Mortgage Services do not have a 'Service Agreement' in place with Skye Loans Ltd, this would be another illegal act

    I would not pay any of those companies another penny.

    All info now with the FCA
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