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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 3
    • Gaz83
    • By Gaz83 31st Jan 19, 8:21 PM
    • 3,808 Posts
    • 7,075 Thanks
    Gaz83
    This sounds like Freemen of the Land stuff.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • antrobus
    • By antrobus 31st Jan 19, 8:38 PM
    • 16,892 Posts
    • 23,884 Thanks
    antrobus
    This sounds like Freemen of the Land stuff.
    Originally posted by Gaz83
    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.
    • Xbigman
    • By Xbigman 2nd Feb 19, 1:16 AM
    • 3,255 Posts
    • 1,452 Thanks
    Xbigman
    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
    Sleep properly
    Save some money
    • jimuckmac
    • By jimuckmac 4th Feb 19, 9:32 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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.
    • antrobus
    • By antrobus 4th Feb 19, 10:04 PM
    • 16,892 Posts
    • 23,884 Thanks
    antrobus
    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.
    Originally posted by jimuckmac
    Go tell that to the FCA. They seem to be just as 'confused' as I am.
    • jimuckmac
    • By jimuckmac 1st Jul 19, 8:37 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    Are Skye Loans Acting Illegally?
    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.
    • jimuckmac
    • By jimuckmac 31st Jul 19, 7:10 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    Can anyone explain why all the sudden changes in Companies House to Skye Loans Ltd's directors, address etc?
    • jimuckmac
    • By jimuckmac 19th Aug 19, 8:03 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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.
    • antrobus
    • By antrobus 19th Aug 19, 10:13 PM
    • 16,892 Posts
    • 23,884 Thanks
    antrobus
    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.
    Originally posted by jimuckmac
    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.
    • jimuckmac
    • By jimuckmac 20th Aug 19, 9:18 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    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.
    • antrobus
    • By antrobus 20th Aug 19, 10:44 PM
    • 16,892 Posts
    • 23,884 Thanks
    antrobus
    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.
    Originally posted by jimuckmac
    What Independent Commissioner?

    I know there's an Independent Anti-Slavery Commissioner, but I don't see how they're going to help you?
    • jimuckmac
    • By jimuckmac 21st Aug 19, 2:21 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    What Independent Commissioner?

    I know there's an Independent Anti-Slavery Commissioner, but I don't see how they're going to help you?
    Originally posted by antrobus
    The Complaints Commissioner is the independent person appointed by the Regulators to be
    responsible for the conduct of investigations in accordance with the Scheme. If you are
    dissatisfied with the outcome of this investigation, you may refer your complaint to the
    Complaints Commissioner who may decide to carry out his own investigation. A referral to the
    Complaints Commissioner should usually be made within three months of the date of this
    letter, although a referral outside the three months' time limit may, where there are adequate
    reasons for the delay, still be considered by the Complaints Commissioner.

    If you decide to contact him, his details are as follows:
    Office of the Complaints Commissioner
    23 Austin Friars
    London
    EC2N 2QP
    Telephone: 020 7562 5530
    Email: complaints@frccommissioner.org.uk

    Yours sincerely

    Complaints Investigator
    FCA Complaints Team
    Corporate Services
    Telephone: 020 7066 9870
    Email: complaints@fca.org.uk
    • jimuckmac
    • By jimuckmac 22nd Aug 19, 3:32 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    Well, that didn't take long to flush out the corrupt.

    Were the FCA attempting to cover up financial illegality by Skye Loans Ltd, and at the same time cover their own backside?

    On 14 Aug 2019, at 14:23, Complaints Commissioner <complaints@frccommissioner.org.uk> wrote:

    Dear Mr Jimuck,

    Our ref FCA

    Further to my email below, our office began the process of recalling the file on your case from the FCA. During this time, the FCA has reconsidered the matter, and has told the Commissioner that it would like the opportunity to review your complaint again within the complaints scheme as there are a number of areas where it wants to focus on.

    Given the circumstances, the Commissioner feels the best course of action now is to allow the FCA to review your complaint again. However, if you object, he will consider any objections before deciding whether or not to agree to the FCA’s request.

    If the FCA were to review your complaint again, you would of course be able to refer it to the Commissioner if you are not satisfied with the outcome.

    I look forward to hearing from you.

    Yours sincerely,

    Office of the Complaints Commissioner
    • jimuckmac
    • By jimuckmac 26th Aug 19, 7:00 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    After the transfer of secured loans from Black Horse Ltd to Skye Loans Ltd, we now have irrefutable evidence that Skye Loans Ltd have been administering and collecting payment on those secured loans without the regularity authority to do so, and without legal authority.

    I call it fraud.

    We would advise any person making payments to Skye Loans Ltd to make an immediate complaint to the Financial Conduct Authority, and seek immediate legal advice.
    • Rubymood6
    • By Rubymood6 12th Sep 19, 9:58 AM
    • 1 Posts
    • 0 Thanks
    Rubymood6
    I too have a Skye loan, which was originally BH they are currently taking me to court for a repossession order as I have missed payments due to an industrial injury, in the last year they have added 5000.00 pounds in interest, I have advised I will be collecting a pension soon and can pay it off but we will see, any advise would be great.

    Caroline Moody
    • jimuckmac
    • By jimuckmac 14th Sep 19, 9:21 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    Hi Caroline,

    You are not alone. I've had correspondence from others on here in the same position as you.

    What Skye Loans Ltd are doing is illegal and fraudulent. They are collecting undue, crippling payments off former BH customers without the regularity authority to do so.

    Could you let me know who their solicitors are, and who is servicing their loans? You can find this info at the bottom of their letters.

    You must complain to the FCA on their conduct, and please try to secure yourself some legal advise.

    As you can see from the above correspondence, the FCA are as crooked as Skye Loans (we all know they are two cheeks of the same !!!!)

    With a favourable wind, it wont be long until I expose all these thieving b@stards.

    Please keep corresponding on here so we can offer some advise as things move forward.

    Stay strong.

    Cheers,James
    • jimuckmac
    • By jimuckmac 8th Oct 19, 8:46 PM
    • 37 Posts
    • 3 Thanks
    jimuckmac
    We note that you intend to engage the services of a professional to quantify loss. The FCA will not cover any costs of the engagement of professional services for this purpose. Please also note that the FCA may make an ex-gratia payment for all or some of the economic loss suffered by Mr and Mrs but will not make an ex-gratia payment for other types of loss including those said to have been incurred by third parties.
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