Hi everyone. Iva taken care of now and thanks again for and advice from here,
I have a new question.
We took out a loan with Black horse in 2008. for ex number of pounds and last year they sold the loan to Skye loans.
Now we used to pay example £165.16 per month it was a 122 Month fixed rate loan secured on the home we have. we couldn't add it to the iva.
anyway a letter arrived the other day saying our loan repayments were going up. i thought how odd a fixed rate loan over 122 months going up.
I rang them and they said that when we took the loan out we did not start paying for two months so effectively we are two months in arrears this is why the monthly fee is going up.
I thought ok & asked for a settlement figure. that came back today.
On the settlement figure they sent me it says i will pay the full outstanding balance as under the consumer credit act section 95 /1974 i will not get the loan lowered for paying it off early. which i thought wow that's odd too,
on the goodbye letter sent from BH. it clearly states that they have sold our loan to Skye loans ltd. and they will now manage our arrangement. ( your terms and conditions will not change nor anything else.
on my Bh statements it states that the loan was 122 Months but Skye loans have sent us a statement and it states on there 120 Months ( Ten yrs )
we feel that they have looked at the loan and they have assumed that it was a 120 month loan and have changed the agreement to a 120 Month agreement rendering us in arrears because if they have made it a ten year loan then we will be 2 months in arrears.
So does anyone know if skye loans have the right to change the terms and if at all any conditions of this loan from BH.
And when we asked BH for settlement figure before they moved us to skye loans they issued us with it but their settlement off had a reduction in payment to end the loan early.
Who sent you the settlement figure ? Bear in mind that Skye will have bought the loan for pennies -- and they are the ones who you should be dealing with -- it no longer has anything to do with BH.
I am guessing that these 2 questionable months weren't loan repayments, but a setting up fee ... so 120 loan repayments and 2 fee payments = 122 payments in total but a 10 year loan.
Skye have to operate the loan under the same terms and conditions you entered into with BH and cannot go changing anything without your agreement.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy.
I rang Skye loans.
they said that BH had made some error there and Skye do not know why. but they said because when we took the loan out with BH and did not have to pay for two months after. by the time our loan is supposed to be completed we would still owe on it. so that's why they altered the monthly payment has changed ( so the loan will have completed by its term time. )
Re: settlement figure.
we asked BH for a settlement figure in 2014 and on that statement it shows amount owing and how much less it would cost because of paying it early. i think it amounts to 1700 less to pay if we had cleared it in 2014.
we asked Skye loans for a settlement figure as it is 2 yrs down the line and with it ending in sept 2017 thinking well it will be less if we paid it off.
When Skye loan sent the redemption it says the balance is £4080 if we want to pay it off but they offered no reduction to clear the loan early.
They said i would have to speak to redemption dept about that ( They were closed ) I'll call tomorrow. I don't understand why they wont knock off the interest for the remainder of the loan for ending early. as i say they have quoted that under the consumer credit act section 95 /1974 because our loan is secured on land they do not have to offer a reduction to the loan. but i'm confused as to why BH offered a reduction in 2014 yet these are saying nothing. As i have said my terms and conditions are still the BH arrangements so why are these saying otherwise by trying to change my terms and condition or arrangements with BH. I just find it very very annoying when we never defaulted with BH once and the fact that they sold the loan to some low life collectors is beyond words..
Hi all.
Just to bring this to a close. I called Skye loans and spoke to someone with a brain. After getting the right information it seems that the settlement figure I receieved was without any interest added, So basically the balance which I got was the actual amount outstanding and that's why it showed as ( No early settlement fee allowed ) It just shows doesn't it that communication breakdown can upset the apple cart..
