Consumer felt duped by Yes Loans
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.”
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