Skye loans ltd

[Sarah45]

I am continually receiving phonecalls and letters threatening repossession even though I am paying my monthly repayments each month.

This is secured loan was originally taken out with Black Horse and passed over a couple of years ago to Skyr Loans, since they have taken over, I have been asked to pay more each month and continually asked to pay arrears and now they are threatening to take legal action as they are calling this a mortgage not a secured loan, any help would be appreciated?

I am due to contact them tomorrow but want to know where I stand legally? I have never missed a payment since they took over this loan but there is no way I can affford higher repayments as well as my mortgage eaxh month. Has anyone else had to deal with this company???

[Guest]

Re: Skye loans ltd

I am continually receiving phonecalls and letters threatening repossession even though I am paying my monthly repayments each month.

This is secured loan was originally taken out with Black Horse and passed over a couple of years ago to Skyr Loans, since they have taken over, I have been asked to pay more each month and continually asked to pay arrears and now they are threatening to take legal action as they are calling this a mortgage not a secured loan, any help would be appreciated?

I am due to contact them tomorrow but want to know where I stand legally? I have never missed a payment since they took over this loan but there is no way I can affford higher repayments as well as my mortgage eaxh month. Has anyone else had to deal with this company???

There is some information on another site

http://forums.moneysavingexpert.com/....php?t=5246300

Hope this helps

[Amethyst]

Re: Skye loans ltd

Is your original loan with Black Horse a fixed rate loan ? ( ie. is the increase in the amount of repayments due to Skye Loans increasing a variable interest rate?) or is it a situation that Skye are adding further interest on to the balance (including interest) at the time Black Horse assigned the debt to them?

Do you have your original agreement? ( if not do you have your original loan amount, interest rate, and term ?)

Have you ever had a payment break or missed any payments ? ( when with Black Horse)

You need to ask them for a full statement of the account including all transactions from inception of the loan to find out what's going on.

[Sarah45]

Re: Skye loans ltd

The original loan is with black horse and the interest and charges that Skye loans appear to be adding on each month, I feel that I will never repay the loan at this rate.

I have the original paperwork from Blackhorse so I will look this out and yes I had a few issues with Blackhorse a few years back but resolved and agreed to make repayments that were suitable for me and Blackhorse.

I will ill ask for a full statement of he transaction and see what is going on, plus I am seeking legal advice as the letter they are sending are worrying and threatening, thank for your help.

[Diana M]

Re: Skye loans ltd

Do you remember whether this was a loan regulated under the Consumer Credit Act or an unregulated loan?

That could make a difference as to how you manage this situation.

Are these worrying letters threatening possession proceedings and are they coming from Skye Loans or from their solicitors?

Di

[Sarah45]

Re: Skye loans ltd

Hi Diana

Thanks for your response, I will be in touch via email for some initial advice. I need to check my paperwork from Blackhorse, I'm sure it's regulated under the consumer credit act.

Thanks

[Diana M]

Re: Skye loans ltd

I would send a Subject Access Request to Skye Loans to see what they’ve got on file in the lead up to a complaint which can be escalated to the FOS (if the loan was regulated).

Dig out your original Blackhorse paperwork to see what is said in the Ts & Cs about changing the interest rate and adding charges etc especially if you have previously taken a repayment holiday.

Were you sent a Default Notice at any stage?

Skye Loans aren’t licensed by the FCA so that issue may need exploring too.

Di

[Sarah45]

Re: Skye loans ltd

Can I ask for a subject access request?

[Diana M]

Re: Skye loans ltd

Can I ask for a subject access request?

Yes you can.

I would send a SAR to Backhorse to see what information they have on file from the loan's inception. And then I would send one to Skye Loans to see what's been going on since the loan was apparently assigned to them.

It'll be interesting to see what's discovered.

How much was the original loan and what year did you take it out? Is it in your sole name or was it a joint loan? And was there PPI added to the loan?

Di