8 August 2009
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.
Tags: OFT, loan brokers, Office of Fair Trading, loan fees, yes loansAn 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
Yesloans & Noworries loans are same company, there based in wales. both brands in same building. Sit 10ft away from each other. How it works you apply via there website or phone for a lets says 5k loan for over 24 months, they tell you then and there how much per month you will have to pay back,advised you of the admin fee of £59 for yesloans & £69 for no worries loans. You give your DC details and what they do is pass you to Paydayuk. You will be approved of a £100 loan through them and that gets deposited into your bank after signing loan agreement through email,(confusing). Once that £100 gets deposited into your bank technical they have found credit for you,when the paper work arrives for the 5k loan you sign and fill in send it back to yesloans and dont get approved. YOU HAVE JUST PAID £59 OR £69 FOR A £100 LOAN THAT YOU MOST PROBERLY DIDN’T WANT IN THE FIRST PLACE. YOU WILL NEVER GET ADMIN FEE BACK AS THEY HAVE SUPPLIED CREDIT….SNEAKY SCAM. BE VERY CAREFUL.
I recently applied for a yes loans 3 months ago the took 69.59 out off my account. I then rang them up and said I did not want to go ahead with the loan and would they refund me my money they said yes it will be in your bank in 24 hours so I checked the bank and still nothing so I then rang them back after been on hold for an hour they then answered and they said the same so I asked to speak to the manger and they was a load of S*** so I have now got to spend more money sending them a letter recorded delivery just to get my money back DON’T GET ANYTHING OF YES LOANS THEY ARE THE BIGGEST SCAM ARTIST EVER
YES LOANS ARE A BIG FAKE !!!!!!!!!!!!!!!!!!!!!!!!111
This company claim I have made a loan application. I have not. They ring me about 20x a day, email about 10x a day and txt 3 or 4x a day. I have been warned at work, My baby has been woken from deep sleeps and they have woken me up too. I have been polite. I have been offensive. Nothing works, on and on and on it goes. I demanded to speak to a manager and was told I would have to pay them £100 to come off the contact list!! I just rang three times, two put me on hold for a minute, then put the phone down, when I asked politely that the last one didn’t put me on hold he said ‘arigh then, have a gu day’ and put the phone down on me!! What the hell can be done about these people?
what a scam wish i could afford to take them to court there was a company a few years ago from redish stockport and all the directors ended up doing time after this sort of a con as i say in life what goes round comes round and YES LOANS the clock will turn it’s full face.
I can’t believe how many people have been scammed by yes loans and their affiliates, I myself am one of them.
About a month or two ago i was in the market for a loan and approached a few different lenders the first being “unsecured loans .net” who suckered me in with the whole “we can see that you’ve been accepted for a loan blah blah blah we need £35 to complete the application, Like an idiot i payed it and never received a loan, I tried to get a refund and it was not happening they fobbed me off with some crap about charging me for them to view my credit report, i left it at that and suffered the loss. A week or two later i had a phone call from “Yes Loans Ltd” who i decided to trust as they are a very large and well known company, I went through an application with a telesales person who took all relevant details needed to set up a loan, They then told me that i would have to pay a fee of £69.50 to complete the application it was at this point that i said I DO NOT WANT TO GO AHEAD WITH THIS PLEASE DELETE MY DETAILS FROM YOUR SYSTEM! I was told that was fine and expected not to hear from them again, Imagine my surprise when over a month later £69.50 had been taken from my bank account by Yes Loans Ltd.
I spent two full days on the phone waiting for an unacceptable amount of time to just be hung up on or transferred to hold with no answer no matter how long i waited for, I have written to them, called several times, I’m getting no where, i have contacted ombudsman financial services who are looking into it for me, I have also contacted my local police who were less than helpful? (why are my taxes paying for a useless police service?????)
I have yet to contact OFT but i will, I want to seek legal advice and find out how something can be done about these fraudulent con artists.
Its daylight robbery and our government let it happen!!!
There must be some guidelines to prevent this.
My advice to all is stay well away from Yes Loans and all their affiliates,
yes loand have took my admin fee, but will not answer my calls. and have no loan yet, was told i had a loan not that they were a broker.
How can i get my money back?
dont get a yes loan thay rip you of you pay 69.50, and get nothing, if i could get my hands on them i would burn the twats, thay should be shut down, something should be done about them all the people thay have ripped of thay are cunts, dont fall 4 it like me and lots and lots of people you will get nothing 4 your money
I have also been bitten by this unscrupulous company first they congratulated me on being accepted and said they were passing me on to there loan manager this turns out to be PAY DAY LOANS UK WHO THEN PROCEEDED TO DEPOSIT £300 in my account without my permission at some crazy interest rate I imediatelv contacted them and told them to take there money back which they did I was then passed to another part of who I thought was Yes Loans and that turned out to be a company trying to reclaim PPI be careful dont touch YES LOANS LTD
i have had yes loans on the phone today for 30 mins today and i stated that i did not want a loan but insised that i carry on with there application form and then wanted to charge me nearly £60.00 so they can find me a loan . I stated from the beging that i did not want a loan and repeated it all the way through the form
They have been ringing my son for a year as he looked into a loan last year, then we paid off his debts. He has explained that he no longer needs the money, but they keep pressuring him into taking one out. In the end, we spoke to them and I couldn’t believe what I heard. They asked if he had a bank account, if he was getting benefits, student grant, etc and that he could pay back with that. I repeated he didn’t need the money and they tried to question me about my details, job etc. We have asked over & over to be taken off the list, but they said we have to write in. We quoted the consumer act, but it was like talking to a wall. I told them we were recording the call and they went ballistic. I asked why they can do it and we can’t, but he just went nuts. Wouldn’t give us his name either. I hope they rot in hell!
I applied to Yes Loans in May of 2010and was informed that they would be taking £69.50 from my bank to which I replied there would not be enough money in my bank to cover the fee. They said they would contact me again on the 9th of April 2010, needless to say this did not happen but they did take the money on the 9th with it registering on my statement on the 12th of April 2010. I have tried to contact Yes several times to no avail. When I telephoned the loan application number it was answered fairly quickly but was mysteriously cut off when they realised that they had already taken money from me. I am now thoroughly fed up trying to contact them, even in writing 4 times, as per their instructions. No agreement was made, no paperwork signed or even sent to me. Is there anything I can do to get my money back without having to go through the court system?
On Thursday I was filling out a generic loan application enquiry online.
Within minutes a company called ‘No Worries Loans’ called me.
The representative started to tell me about the company, and my application, but I quickly became distracted by a man shouting at several people in the background. I jokingly asked who the loud person was in the background and was told it was the supervisor. I carried on trying to listen to the representative and ignore the distraction in the background. That was until the booming voice was closer, and he shouted at someone “SHUT YOUR MOUTH!!”
Just after this outburst, I was put on hold while my application was reviewed. The longer I was on hold, the more I thought of the supervisors outburst, and the more upset I got about it, culminating in my decision that I didn’t want to do business with this company.
When the representative came back on the phone, I politely told him that it wasn’t anything he had done, however I was wanting to speak with the supervisor who had been shouting. He asked me why, and I told him that I wanted to tell the supervisor in person that it was his attitude towards his staff that had just lost their company my business. The representative refused, and it was at this point that his attitude changed towards me.
He asked me whether I would refuse to buy a jumper in a shop if I didn’t like the manager of the shop. I replied “yes I would if he spoke on the shop floor to his staff the way his supervisor had spoken to his staff” to which I was told I was stupid for feeling that way.
I promptly then spent the next 10 minutes asking the representative to cancel my application, and him telling me that my decision was stupid, and that he would still send out the paperwork, and I told him that I didn’t want the paperwork, just my application cancelling. I must point out at this stage, that during the process, they had taken my bank card details as part of the application.
Eventually he seemed to realise he was not going to change my mind, and once again told me my decision was stupid.
Once off the phone I researched the company, and was alarmed by what people were saying online about the experiences that they had, and how the company had taken money out of their accounts without authorisation. This immediately concerned me, so I contacted my bank and asked them to block any transactions, however they said they couldn’t as they were a legitimate company, and I had willingly given them my details. The best they could do, was cancel my card and re-issue a new one.
Ironically, my first impressions of the company and the representatives unwillingness to cancel my application turned out to be correct, as the paperwork dropped through my letterbox this morning!!
Due to this companies unprofessionalism, I have been left very uneasy about the legitimacy of every company on the internet, and also without an easy way of getting my cash until my new card comes through. Their actions are inexcusable!!!
Avoid them at all cost!!!
I HAVE JUST REALISED I HAVE BEEN A VICTIM OF THIS LOAN SCAM THING. ONLY ITS NOT YESLOANS ITS LOANS DIRECT. ONLY I AM WAITING ON MY APPLICATION FORM. IVE JUST PAYED THE 49 POUND FEE………. SO BASICALLY FROM READING ALL THESE POSTS I REALISE I WONT BE GETTING A LOAN AT ALL. JUST GREAT. HOW CAN THEY GET AWAY WITH THIS???
I applied for a loan with yes thieving bast—s loans paid my 69 pound up front they told me i had to accept a payday loan of 300 pound and pay this back to be accepted.Like a idiot i accepted 2 days after accepting get a phone call terms and conditions saying i had 14 days to change my mind so after 7 days i did sent it in in writing and phoned up to say they told me i will recieve a cheque for 69 after 30 days still waiting .Phoned them up to ask where it was they said because i accepted the pay day loan i wont be getting anything back thieving scaming bast—s say no to these people they want shutdown for good.
I’m one of thousands cough up in this ugly scam of Yes Loan Ltd. ‘You’ve been accepted for a loan’, ‘Congratulations! and asked me to pay upfront refundable fee of £69.50 ( I paid this amount on 08/10/2009) to process my loan application. Of course I didn’t get the loan and have been chasing for refund my ever since. It’s been more then a year I been trying to get my money back I have written letters, email, phone calls requesting back my money but they just don’t care and keep making false promises. It might look like small amount for them but for me its big money special the desperate situation I’m in now.
no worries loan has redrawn money from my account and my account is now overdrawn. They are con artists. I intent to do something about them.
Hi all
I too have been robbed off by YES Loans. I was offered a loan but no longer needed it and have been trying to get my refund back since september 10.
Please save your phone bills and call the FREE customer care on this number
0800 141 141
If you put 141 in front of it you will get an answer UAUALLY WITHIN 10 MINS
I have written to YES loans twice now, once to ask for the refund which they say must be put in writting, and a second time to chase it. (Send both standard and recorded delivery so they cant say they havent recieved it)
I have had a call today to say that the cheque is in the post and had apologies for the delay, he also acknowledged my letters. We will see in 3 -5 days if this is true.
If you need yo write in the address is :
Tintern House
William Brown Close
Llantarnam Industrial Park
Cwmbran
Newport
NP44 3AB
i to was conned by no worrie loans today 29-1-2011 iregestered a letter to them there is something you can do by law they have to give you a refund minus 5 pounds there admin fee i paid 69.95 all you quote is office of fair trading act 155 1974 which states that by law if they havnt found you a loan this act enforces them by law to refund you the monies they have a registration number they can be fined thousands for miss leading people try it some people have had refunds back good luck mick
I was lucky, it seems, and received my money back from Yes Loans (took two recorded letters).
However, No worries loans, who I believe are the same company as Yes Loans – not so lucky.
Also anyone reading this – PLEASE do not go with City Financial Loans in Manchester – have written 4 letters (I wont give in) and still nothing.
I hear you – how stupid am I to be caught out 3 times. I was trying to help my daughter go back to uni and study for her masters. After getting over two bouts of cancer – not much spare so wanted to try and borrow it for her.
Know better now – if you cannot get it from a bank – dont bother.
Hi everyone out there,
I have been coned by a lender called cheapfastloans calling me from a London telephone number (02032393142). They called and offered me a loan of £5,000 with an interest of £700 at the end of a 36months term. It was really too good to be true. The caller, an Asian sounding woman calling herself Annie Walson, said the only thing I need to do is to pay the first monthly insatalment of £160 in UKash vouchers and then they will deposit the loan into my account in 20 minutes. However, after I purchased the IKash vouchers and given her the voucher number, she passed mo on to a seniour accountant for finalising of loan. The serior accountant, an Asian sounding man calling himself Victor Peal, said my loan has been approved and is waiting release after I pay government tax of £155, which was going to be refunded with the loan, meaning they will transfer into my account the sum os £5155. This made me very skeptical, because it differed from my comunication with Annie. I then asked for the addresses for the London office and the Head Office. I was given 53 Fountain Street, Manchester, M2 2AN for the head office. When I investigated this Manchester office it was not there, and this company was not known at this address. I also learned that other callers have asked about the existence of this company in this address. When I called back to cancel my loan application I was told to pay £50 in UKash vouchers before I et any refund. I did not want to loose any more money after loosing my £160, thus I refused. People, please beware of these parasites!
anyone that reads this site please do the follwing contact your local trading standards and state your case its free and they are not going to judge you their phone number will be under your locl council. if you have not recd a refund they have broken the law and must refund you which they will do if trading standards contact them can guarantee it they just hope you will not take it further, please do this to get your money back and also to draw attention to this firm and get them closed, good luck
i to applied for a loan with yes loans took 69.50 from my bank but no loan. i have read all the complaints on here,the only solution is to gather as many people as we can who have been conned by YES LOANS,and take a trip to wales and visit there so called head office.take the matter into our own hands,i guarantee all of u who have been conned by YES LOANS we will see results if we all go pay them a visit in person,POWER TO THE PEOPLE,
I think something has to be done about this Conned Ba****ds
they can’t be allowed to continue with this kind of atrocity,
ripping people off their money. it is a shame i’m one of the victim, yesloan took £69.50 from my Bank account and I’ve been trying to contact them on the phone without any luck, why should they be allowed to dupe people off their money?
I would like to join in with people who would like to pay them a visit at their head office. i would not say more than that,I’m very very angry they must pay me back.
i have applied for a loan from yes loans they took 69 95 off me without telling me and refuse my money back avoid they should be shut down