yes loans the scam

ihateyesloans

Hi there, i applied for a loan with yes loans and was told i had been accepted! i was told what my repayment would be and was also told that the money would be in my account within 7 to 10 working days! but i had to pay a £59.50 admin fee! so i ask if i had definatly been accepted for the loan and was assured i had been succesful and by paying the admin fee they would send out the paperwork for me to check sign and return and the money would be mine in a matter of a week! Great!

but then i found out about all the complaints and called yes loans to make sure i had been accepted for the loan! it was then that i was told i had only been accepted as a client of yes loans and that now they would attempt to find a lender! so i never signed the paper work and call ed them back to cancel my application and ask for a full refund ! i was told i had to ask for my refund via email which i did 3 times now but as of yet have still had no refund or reply!

help what can i do to get my money back?

lorenzo_1

I'm in desparate need of some money too. I too applied for a loan with yes loans and paid unfortunately due to my desparaion I negected to do any research. Is there any way I can get my money back soon. Does anyone out there know how I can get a loan urgently please help.

ihateyesloans

Hi Lorenzo_1 can i ask when you applied with yes loans and how much you need and why the urgency? you need to be careful not to panic apply! this is a bad time for any to apply for a loan and almost impossible if you have a bad credit rating!

chezpaul

Unfortunately you will have to fight for it though. Be confident and assertive when speaking to them but try not to get angry with your advisor. Remember they have the right to terminate any call.
A piece of further advice I would like to give is not to ring them up too often. The hold times are ridiculous and all they are going to do is make up excuses and deny all knowledge in the hope that you give, so they can keep your money.
I've done all the angry phone calls and they don't help.
Below are the steps to take:-

1) Ring and ask for a refund. They will politely give you the email address. email them accordingly. They will not respond in any shape or form so don't expect even an automated reply.
2) A week later, ring the Financial Ombudsman Service on 0845 080 1800 and file a complaint. Tell them that despite following Yes Loans procedure you are still awaiting a refund. FOS will send letters to Yes Loans and you. Yes Loans have 8 weeks to respond but again, don't expect anything from them.
3) A few days later ring Yes Loans and ask to speak to the refunds department. Ask what their response to the FOS letter is. They will pretend they haven't received it. Mention that you are writing down everything that they are saying and you will use it in further complaints if necessary. Now ask to speak to the complaints manager and again, tell him about your FOS complaint and that you are writing down his responses. Ask him why you haven't received a refund. Be assertive and he will action your refund.
4) Add one week onto whatever date he says you will receive your refund - the date he tells you will be a lie too.

Yes Loans are obviously operating legally and no doubt anyone defending them will talk about small print and sections of law that validate their practices, from the initial "hooking you in" acceptance right through to the withholding of your admin fee. That doesn't mean that they should continue as they do. It is clear that they cause alot of upset and stress amongst vulnerable people.
Take the following example:
Woolworths were selling a girls bed range named "Lolita." They were doing nothing illegal and yet, the line was withdrawn after causing upset.

To finish off, don't accept your eventual refund as the conclusion to your FOS complaint. Like me, please take it as far as you can. Perhaps if enough people using FOS demand explanations as to why they were given the impression that their loan application was successful and why the refund isn't immediate, things may change for the better and this dreadful company may get its comeuppance.

how to refund reclaim reclaiming get back admin fee yesloans yes loans

blue_mum

Just seen all the bad comments of Yes loans. When I spoke to the original person he insited I could easily get a refund (lie!) Called back the same evening after talking to my Husband to cancel , told I had to wait until the paperwork is sent out and I sign it and return it. I queired this and told it was there procedure. My concern is why do I have to sign if I do not want to proceed, Should I when receiving the paper work write all over it saying appliction now not needed and date it then photocopy it ?
They didn't give me an email address so cannot contact them this way. So cross because if the telephone conversaion was recorded like they say it is they will find that the guy on the phone said I could quite easily phone up to cancel.
What a mess, hate the way they prey on people with bad credit. I'm willing to accept higher rates but not bad service.

iolanthe07

Yes Loans feature a lot on this forum - avoid them at all costs. However, the general experience seems to be that if you are persistent you will eventually get your money back.

bellrooster

I had a problem with YES loans a couple of years ago, I got my money back by finding the e-mail address of someone fairly high up in the company and asking for it. I'm sorry I don't know what the address was but I got it by googling and reading through some forums..

I hope you get your money back soon

Jaybee24uk

we had a customer in the "pawnbrokers" where I work rasie some cash so they can send money to these cowboys, as she was promissed £2000.

3 months later, she came back with her refund cheque to cash, as they couldn't do the loan!

these guys are bigger crooks than the folks I work for!

blue_mum

Just wondered as well if there should be a cooling off period,?does anyone know if there is or if this is an enforcable law when it comes to selling this sort of service over the phone?
Not that it apeared to be selling a service but providing a loan !!

RICK..._2

I love how they do this to folk who are in desperate need of money, they just make you even worse off. My partner applied with these and my instincts told me it was too good to be true.. went on google and long and behold around 20 reviews about them with people saying they take your money and 'look' for a loan, which they never find! from what i've read not that many people manage to get a refund! Luckily my partner never paid the fee but i can't even begin to imagine how much money they've made from people...

Kerri_hates_Yes_Loans

I applied to Yes Loans for £7,000.00 to put towards a deposit on a house. I paid the £59.50 after being told I had been accepted then to be told I could only borrow £4,500. I said that this was no good to me, I needed the £7,000.00. I have told them I do not want to go forward with the loan and I am making other arrangements for my deposit. After speaking to them countless times I am still getting text messages and phone calls from lenders as Yes Loans keep passing my details on. I spoke to one guy who told me he would put a stop to it but that I couldnt have a refund for three months dues to the terms and conditions, but I'm still receiving text messages and phone calls, I've had two text messages today so far. I sent a letter of complaint last week they say they havent received it. Its causing a lot of upset and distress and I suffer from anxiety as it is. Theyve told me to send another letter which I'm planning on drafting tonight but they'l probably just say they havent received it, I'm not sure what else to do : (