Burning..

Dry skin, or an allergic reaction.

Get thee some hydrocortisone lotion or caladryl ( i would opt for hydrocortisone).

Get some dry skin lotion.

If that doesnt help, go see the GP.

How odd.  There isn't anything about loose skin that would cause it to have a burning sensation when none of the rest of your skin doesn't feel that way. Try some moisturizer with aloe in it.

Lora