The Office of Fair Trading has criticised a loan broker after receiving a series of complaints from unhappy customers. The complaints were made about Yes Loans, and the complaints related to the fact that many consumers were given the impression that YES was a lender and not a broker.
As a result of the complaints the company has been told that it must ensure that it is made clear that it is a loan broker that passes details of applicants onto other lenders, and that it is not an actual lender itself.
Loans through YES are designed for those with damaged credit, and because of this the loans that are offered through the broker are typically high interest loans.
Applicants were not happy when they were told that they would have to pay a referral fee for being introduced to a lender, as many were under the impression that YES was the lender and would be the company that provided them with the loan. The cost of the referral fee charges varied based on the size of the loan being taken.
The company has also been slated for failing to return brokerage fees as well as failing to be clear about being a broker and not a lender.
If a customer pulls out of the applications process or the company fails to find a loan for the applicant it must, by law, refund the referral fee, but in many cases it has failed to do this according to reports. It has now been told by the OFT that it must ensure that refunds are provided within thirty days to eligible consumers.
An official from the OFT said: ‘Many businesses charge an up-front fee for brokering loans for consumers, and customers should be aware that if they use a broker but do not accept the credit offered, no matter what the reason, they are entitled to a refund less £5. The OFT will continue to take action against companies who fail to do so.’
Yes Loans wot can I say they are con artises they all ways say yes but mean no, we applied for a loan but did not have the money in the account at the time so we set a date for when the money came in and said we will call to confirm the application for the loan, and on the set date they took the money out that morning before we had a chance to call them and the money was taken out early.We decided not to go ahead with the loan but they all ready took the money out before we knew it .My advice is be carefull who you take on.
Re Yes Loans.
I have received a series of text messages from Yes Loans saying that they have received my loan application, and to call them back.
As a retired pensioner I wouldn’t dream of applying for a loan, except from the pension service perhaps, as I know I couldn’t pay it back!
They are obviously fishing for OAP’s and as such are crooks.
Regards
E. Keogh
4 weekes ago i apply for a £500 pound loan they took the fee out of my account of£69.95 and since then when i ring they complet ignore me and no help at all.they are a disgrace . iam sure someone can stop this scam its not fair you losing your money like this ,it is anyway i will be able to get my money back?
thanks
Carlos, I believe that Yes Loans offer a full refund less a £5 admin charge – however I am not sure what the criteria is for that.
Hi well what can i say only same as others i applied with yes loans back in sept 2007 and after paying the ( IM AN IDIOT) fee i heard nothing for some time 2yrs in fact well i accepted i had lost my £49 fee and that some fatcat was going to enjoy his life on my and loads of other peoples hard earned/or even goverment benefit money. Well Ding Ding went my phone 20mins ago a Message and yep you guessed it YES LOANS “hi you have been accepted please call yes loans now to complete you application….. yet i had tried ringing them an emailing them back in jan 08 and could not get in touch with them. I think this is a bad bad company and would advise others NOT to use YES LOANS (I had a bad racing accident sometime ago so cant afford a small claims court has anyone any other ideas?)
after being told i was accepted for a loan and was not advised of any fee or money being taken from my acount yes loans told me that they needed my card details for just a id check i found out two days later that they had took £60.50 out my bank.also they told me they couldnt find me a lender no mention of any fee was made and on this date 1.3.10 on the website states no fees either. i cannot belive this compant can con and steal of people like this i will do my best to get a refund but more to the point to stop this scam from others.
They must give you a refund, they will however deduct an ‘admin’ charge – I believe that is £5 but not sure.
how do get your money back frm yes loans iv been tryn but never can get threw. iv been sittn on the fone for 15mins or more @ 10p a min
I have rang on numerous occasions for my refund with no luck. I have just requested my refund in writing……lets wait and see.
Today they actually rang me and asked if I was still looking for a loan(!), I told them ‘no, and I wish to have a refund of my fee’ the lady said, ” I will put you through to our customer service dept….”
Guess what? Yes, the phone went completely dead.
I am sure they know what scammers they are and I cannot believe a company can do this to people. If I do not recieve my refund I am going to the OFT.
I applied for a loan and was told that i was accepted. However then lots (10+) of debt management companies kept ringing and yes loans said they couldn’t get me a loan, so I applied for a refund of my fee in Feb (in writing). Its almost May now and no reply, and everytime I ring customer services I am sat on hold for more than 40 minutes with no reply. WASTE OF TIME, MONEY AND EFFORT. AVOID!!
yes loans phoned the other day offering a loan,we had asked for 3500 pounds,they had said yes they required bank details to process the application,then after that they aksed us for 69.50 and i clearly told them no chance that i am not paying to get a loan,hung up,realised they had our bank details so phoned the bank and there is nothing they can do,have had to empty the bank to stop these con merchants taking money they weren’t authorised to do so.still got a feeling they will try take the money.
i have had the same problem but with a company called wentworth finances. After much research i found that it too is a scam and is some kinf of affiliate with yes loans and it also goes under some other names. Stay clear. I was wondering if any of you have found a loan, that was not a scam and relatively hassel free and if so who with? I am in need of some direction aafter endless hours of reseaaarching and applications just to find out they are aa scam and a waste of time. Help please?
YES LOANS WHAT A JOKE I CALLED THEM WAS TOLD I COULD GET THE LOAN I WANTED FOR £114 PER MONTH LIKE A FOOL I PAID THE EXTORTION MONEY UP FRONT AND THE ONLY OFFER OF AN ACTUAL LOAN WAS FOR ABOUT £148 PER MONTH
I HAVE WRITEN TO THEM AND EMAILED THEM TRYING TO GET MY MONEY BACK BUT (I GUESS YOU KNOW WHAT RESPONSE I GET) I HAVE EVEN TRYED TO PHONE THEM BUT I CANT AFFORD THE BILL FOR BEING LEFT ON HOLD AT PREMIUM RATES
I CANT UNDERSTAND HOW IN THIS DAY AND AGE ANY COMPANY CAN BE ALLOWED TO GET AWAY WITH SUCH DISGUSTING PRACTICES
what a load of s..t take your money and run. anyone else spent £40 on phone calls to them only not to get through to them?
I cannot believe this company is getting away with taking money from people.I have also been conned by this company and am still waiting for a refund. I have sent numerous letters and e-mails with no response. I am sending one more letter stating if they do not refund my money in 14 days i am taking them to the small claims court. I am not letting them get away with this.
Dear Sir/Madam,
Please read the following and follow it wth caution!!!! I have been trying (unsuccessfully) to get an unsecured loan for a couple of months now. I have had dealings with Yes Loans and also another company called Wentworth finance!!!
When I realised that I was not going to get anywhere with either of them, I tried to phone them! This did not work, as nobody seems to be answering their phones. I then asked my partner to have a look on their websites, and send them an e-mail. This did not work as they do not have e-mail addresses listed. I then took matters one step further and wrote letters to them both. so far I have had a refund from Wentworth! Yes Loans opened, with my permission(yeah i know, stupid), one account and took £70.00. They then phoned me a month later and took yet another £70.00 WITHOUT my permission. They have since phoned me again,and when I told them I want All of my money back, they then proceeded to tell me that I had to wait 30 days!!!Please help me to get my mony back, as things are really tight right now, and only one of us is working! I must admit I was quite stupid about this, but I have the following tips for other people:
1: Research the company thoroughly
2: Check to see if they have a BUSINESS e-mail adress, if not, don’t touch!!!!
3: Check their phone number: anything after 5 minutes and no answer is unacceptable!!!!!!!!!!!!!!
I HAVE ALSO PAID THE £69.50 PENCE FEE,WROTE A LETTER TO THE ADDRESS,FOR A REFUND ALSO CALLED ON NUMEROUS OCCASSIONS TO NO AVAIL,SO WILL BE INTOUCH WITH THE OMNBIDSMUN ABOUT IT,DO NOT GO THROUGH YES LOANS!!
scam company needs closeing down and directors jailed
lost £69.50 for loan that did not exist