A borrower in the UK, Louise Cowan, has recently detailed in a report how she felt duped by Yes Loans after being given the impression that she was being accepted for a loan only to find that she had then been passed on to some debt management firm.
She said that she contacted Yes Loans and went through some application details, and she was then asked for her bank account details.
Under the impression that she had been approved for the loan she gave her details to the loans officer, but after doing so she was put through to another member of staff who said that she had been turned down for the loan.
The second staff member told Louise that Money Worries, which was the sister company of Yes Loans, could help to get her into a debt management plan that would reduce her repayments and help her stabilise her finances, and that there would be an upfront fee for this.
Louise went on to state that the categorically told the staff member that she did not want to go ahead with this until she had discussed it with her partner.
However, when she received her bank statement she found that a sum of money had been paid out to Money Worries.
Louise said that she was outraged, because she hadn’t signed anything and had not even verbally agreed to go ahead with the plan. She said that the missing money caused them a lot of problems financially.
Officials from Money Worries disagreed, stating that she had agreed verbally to the debt management plan and that the company had subsequently carried out work on her behalf. The firm added: “We categorically deny that we take fees from customers’ accounts without them realising.”
Related Posts
New government regulations that have been introduced could result in debt agencies and charities in the UK being able to write off a portion of clients’ debts even in the event that creditors are not happy about the matter. Many people that are struggling with their debts now turn to debt management agencies and charities, and are often put onto a debt management plan, where they pay a set amount each month to the agency, and this is then distributed amongst the creditors on a pro rata basis.»
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. »
An official from the debt management service Payplan has states that the level of debt management enquiries in the middle of January this year soared, as an increasing number of worried consumers faced up to the fact that they may struggle with their finances over the course of this year. »
A major UK lender recently took a month’s pension money from an old age pensioner to use the money for repayment of her daughter’s debt.»
Over recent years an increasing number of people have taken advantage of consolidation loans, which are loans that are designed to pay off existing debts, and are available on either a secured or an unsecured basis. Taking out a consolidation loan can make a big difference when it comes to financial management as well as when it comes to how much you pay out each month, although you do need to ensure that you use these loans effectively so that you do not end up back at square one, or worse still end up getting into more debt than before.»
Leave a comment »
Leave a comment
i am having the exact problem at the moment would like to know if you got your money back. money worries have taken £320 out my account and yes loans took £69.50 cant get in contact with the advisor i spoke to and he still hasnt called me back.
OMG I wish I had read all of your comments below, still I needed a loan and dont have the best credit rating in the world, the guy said to me congratulations your repayment will be £116.53 per month over 60 months but I need to take an initial admin payment of £69.50, I dont really have this but agreed to pay cause I though hey I have the loan, then I got put through to someone else who tried to get me to claim misold PPI on a previous loan I had in 2005, he then said I will take a payment of £245 to begin your application at this point I though OH NO, I told him I didnt want to proceed with the claim, I then phoned back to be told my loan hadnt been approved and that the payment had already been processed he then put the phone down on me. I have been on the phone on hold this time for 37 mins and really dont know what to do I really need this money back I have already left myself short any help? Thanks
I am having alot of trouble with the so called company ‘YES LOANS’ they took the money out of my account without my consent and now after nearly 88 hours of being on hold and then passed from one person to another Im no better off and Im £69.50 out of pocket plus this months phone bill. Ive sent an email today but I guess it was a waste of time cause now they have there bit of monies from me they dont care what happens.
I will fight them, there are thieves and con men/women…
I dont know how they live with themselves conning people every single day and how do they get away with it???????
I’m a very busy professional in IT and because I could not get down to my bank during the day I decided to use the internet to raise funds for a car purchase.
After completing a short questionnaire online, I was then contacted by an agent representing Yes Loans confirming my application was successful, after being told that funds we be released to me after settling the arrangement fee, which was just short of £70, i then heard nothing for 7 days. I then decided to ring the number designated for queries to understand when the paper work for the loan would be released and funds transferred…BIG MISTAKE!!!
After dialling the number which charges 10p per minute, I was on hold for 50 minutes before someone cut me off, then being annoyed I rang back on further occasions listening to music and wasting a further 18 hours of my time trying to talk to someone…I have been unsuccessful in contacting anyone to date.
Further more my credit history which was not bad before contacting Yes Loans has been damaged as they continue to circulate and credit score my details with debt consolidation lenders.
PLEASE PLEASE PLEASE avoid these cowboys and con artists…..if like me you’ve paid your money….you have my deepest and most sincere sympathies. I really am at a loss for words to describe how I feel and understanding we live in the UK today I fail to understand how a company like this can be set up and operated legally…….Anyone associated with this company should be locked up …they are clearly all fraudsters.
AVOID >>AVOID>>>>AVOID
I’m going to write to my MP and the BBC to make more people aware. If you have had a similar experience email at Millsy100@live.co.uk. I can’t begin to tell you how utterly Foxtrot Oscared I am with this company….what’s more Yes Loans are not the only company on the web in this game….be warned
I have also been trying to contact yes loans , they put you on hold for hours and hours then you get cut off , their email address does not work and their instant chat app does not work , how do they get away with this , today I spoke to a bloke called Kylie , I have never know any one as rude as him ,he then cut me off, they take your money and then you hear nothing and can not get hold of them to speak to them , does any one know how to talk to them ? Or how we can get them shut down , they are just crooks