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  • FIRST POST
    • sambo202003
    • By sambo202003 28th Feb 18, 7:56 AM
    • 1Posts
    • 0Thanks
    sambo202003
    SKYE Loans - Charges and Interest
    • #1
    • 28th Feb 18, 7:56 AM
    SKYE Loans - Charges and Interest 28th Feb 18 at 7:56 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 1
    • DCFC79
    • By DCFC79 28th Feb 18, 8:30 AM
    • 31,599 Posts
    • 19,941 Thanks
    DCFC79
    • #2
    • 28th Feb 18, 8:30 AM
    • #2
    • 28th Feb 18, 8:30 AM
    Is issue number 2 because its secured or the fact a release fee would need to be paid ?

    What does your agreement say about the release fee ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • TrickyDicky101
    • By TrickyDicky101 28th Feb 18, 9:57 AM
    • 3,004 Posts
    • 1,942 Thanks
    TrickyDicky101
    • #3
    • 28th Feb 18, 9:57 AM
    • #3
    • 28th Feb 18, 9:57 AM
    How are you paying the monthly payments? Is it via Standing Order or Direct Debit? I can see no reason (if DD) why you would end up paying for longer if Skye can simply increase the DD to reflect the increased interest chargeable.
    • D_M_E
    • By D_M_E 28th Feb 18, 10:16 AM
    • 1,474 Posts
    • 63,458 Thanks
    D_M_E
    • #4
    • 28th Feb 18, 10:16 AM
    • #4
    • 28th Feb 18, 10:16 AM
    What does your original agreement say about interest charges, and what does it say about the 120 fee?

    Skye cannot arbitrarily add on extra interest if it not allowed for in the original agreement, they must adhere to the original terms which you signed up to.

    Having said that, if the original agreement allowed the interest rate to rise in specified circumstances then extra may be due but you need to carefully read the original terms and conditions of your loan.
    • jimuckmac
    • By jimuckmac 4th Mar 18, 9:03 PM
    • 6 Posts
    • 1 Thanks
    jimuckmac
    • #5
    • 4th Mar 18, 9:03 PM
    • #5
    • 4th Mar 18, 9:03 PM
    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
    • sim68
    • By sim68 7th Mar 18, 12:51 PM
    • 1 Posts
    • 0 Thanks
    sim68
    • #6
    • 7th Mar 18, 12:51 PM
    skye loans
    • #6
    • 7th Mar 18, 12:51 PM
    Has anyone else had issues with Skye Loans just keep going round in circles. There is no details on them anywhere. If not on Fca register what does that mean. any advice very welcome
    • jimuckmac
    • By jimuckmac 7th Mar 18, 9:45 PM
    • 6 Posts
    • 1 Thanks
    jimuckmac
    • #7
    • 7th Mar 18, 9:45 PM
    Skye Loans Limited
    • #7
    • 7th Mar 18, 9:45 PM
    Hi there,
    As explained in my previous post, Skye Loans Limited are not registered with the Financial Conduct Authority, which means they are permitted to take ownership of a second charge mortgage but are not legally permitted to administer the loan, they are not permitted to collect on the loan/debt. I'm now in the process of taking this crooks to court to recover payments made to them, I have also reported them to Fraud Line.

    Please get in touch if you need anymore info on this lot
    • jimuckmac
    • By jimuckmac 9th Mar 18, 9:20 PM
    • 6 Posts
    • 1 Thanks
    jimuckmac
    • #8
    • 9th Mar 18, 9:20 PM
    • #8
    • 9th Mar 18, 9:20 PM
    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.
    • AndyR68
    • By AndyR68 30th Apr 18, 1:11 PM
    • 2 Posts
    • 0 Thanks
    AndyR68
    • #9
    • 30th Apr 18, 1:11 PM
    • #9
    • 30th Apr 18, 1:11 PM
    Concerning Skye Loans,I also see that they aren!!!8217;t regulated by the FCA,however their letters state that they are !!!8216;serviced!!!8217;by Link Mortgage Services,who are regulated.My particular case is,as others have stated,my original secured loan with Black Horse was sold on to Skye Loans.The original loan amount being 12,500 with a !!!8216;minimum!!!8217; 120 repayments of just under 23,000.I have possibly taken a couple of payment breaks and had the odd missed payment.I agreed to pay monthly top-ups in cases of missed payments.To date we have repaid a total of around 25,000+ since 2007 and Skye are still chasing !!!8216;arrears!!!8217; of around 500 with a balance still owing of around 4,500.Surely this is extortionate and I have a case for appealing this amount?
    • AndyR68
    • By AndyR68 30th Apr 18, 1:17 PM
    • 2 Posts
    • 0 Thanks
    AndyR68
    Sorry I don!!!8217;t understand why !!!!8216 & !!!!8217 appears on my above post.It!!!8217;s my first attempt on the forum.
    • Tarambor
    • By Tarambor 30th Apr 18, 1:34 PM
    • 2,827 Posts
    • 2,042 Thanks
    Tarambor
    It's because you're posting on a Mac and the forum software can't cope with the "smart quotes" character codes Apple uses for apostrophes.

    To turn it off go to System Preferences, Keyboard, select the Text tab and on the right hand side untick "Use smart quotes and dashes"
    Last edited by Tarambor; 30-04-2018 at 1:37 PM.
    • PeacefulWaters
    • By PeacefulWaters 30th Apr 18, 1:51 PM
    • 8,320 Posts
    • 10,637 Thanks
    PeacefulWaters
    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
    • By Chirpychick1 8th May 18, 5:48 PM
    • 1 Posts
    • 0 Thanks
    Chirpychick1
    Skye loans
    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
    • By jonesMUFCforever 8th May 18, 6:38 PM
    • 24,755 Posts
    • 11,967 Thanks
    jonesMUFCforever
    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
    No No No.
    Please don't think this is a way of getting any debt written off.
    What goes around - comes around
    give lots and you will always receive lots
    • Xbigman
    • By Xbigman 8th May 18, 7:07 PM
    • 3,093 Posts
    • 1,335 Thanks
    Xbigman
    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
    Sleep properly
    Save some money
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