I was caught by Yes Loans

deb5376

Hi
I wonder if anyone has the time to advice on the following :-

Upon reading several posts on this site I can see i have fallen into the Yes Loans trap. They agreed (or so i thought) a loan and requested i make the one off admin payment and then I should hear within 3-5 days after that about my loan. Of course I paid and the loan and repayment i was offered never can to fruition. I read a few post and emailed them saying i wanted a refund and I had been advised by the Trading Standards Authority I do not have to wait the 6 months before receiving this(something I had read from this site). If I did not hear from them or receive my refund I would be reporting this.
This is the reply i received :-

Dear Miss Jones
Thank you for your recent email regarding your request to cancel your agreement with Yes Loans. Unfortunately, we are unable to cancel your application via email and would need to speak to you in person. Please contact our Customer Care Team on 0871 282 4444 who will be able to cancel the agreement for you.
Kind regards,
Yes Loans

Customer Care

I called them today and they have said I signed a legally bound document and they are not oblidged to refund my £ 49.50 for 6 months. Is this true?they have not offered me a loan that is anywhere representative of the original 'quote' they gave me when they initially told me i had been accepted.
This was £ 10,000 @ £ 227.82 over 6 years just over 12%
all i have been offered is £ 4000.00 @ 43.8% from Welcome Finance which i would be foolish to accept. Can i take this further to get my £ 49.50 refunded before the 6 month period. What can i say in return to them to pursue this further.

Thank you in advance for any help/advice you can offer.

rog2

I would think that there is something in the Consumer Credit Act to cover this - I am not sure, but I am bumping the thread to see if anyone else can help.

angchris

thats outrageous! if you didnt take out their loan then why should you pay costs?? did you sign any agreement about the £49.50?? maybe it was in the small print that nobody ever reads :rolleyes: i`d be fuming :mad: :mad: you did the right thing not to take the 43.8% loan :eek: :eek: keep on at them untill you get your money back and if you dont get any joy i`d be tempted to go to the papers and let everyone know

kathfisch

I know they insisted that you phone them... do try to keep a record of when you phoned, who you spoke to etc and what was said. If you get no joy try writing to them (using recorded delivery) and keep a copy of everything. You can (if you want) insist that they only communicate in writing - hopefully this might persuade them to explain why you can't have your money back :rolleyes:

I hope that someone will be along with some idea of the legal side of things - it might be worth popping into your local CAB for some specific advice. If something's there in the t&c of anything you signed then I guess you'll have to wait the 6 months but give it your best shot :T

file_wizzard

Unfortunately they have done nothing unlawful, the fee they charge is a “service charge” and would be governed by the sale of goods & services act .

You can insist on you money back after the 6months, and this is regulated by trading standards, however “Yes” intentionally make this as protracted and difficult as possible in the hope that you will give up or forget about it.

deb5376

Many thanks for your replies guys.

Yes i did sign a form when i returned by £ 49.50 fee and upon reading the smaller than small print it does say the fee is returnable if within 6 months they have not found me a loan. They have to date been unable to put any company in contact with me who will offer a loan anywhere representative of the offer they gave me on the phone. I now know these 'offers' are just to entice you. Now that i have read about yes loans i see there are many people who have experianced the same as me and not persons seems to have succesfully been accepted a loan. This cant be right.

Thanks again

lynzpower

Hang on dont you have a 14 day cooling off period under the CCA?

Im fairly sure you do.

What are the dates??

LewisC_2

Actually, if they're saying you signed a contract, THEY have already broken this contract by not honouring their side of the agreement. Therefore, you're entitled to your money back. Still, you can take them to court over their failure to fulfill their side of the agreement. Admin charge? For what? They haven't done anything!!

Thefunkygibbons

Why would anyone work for them?

Dr.Shoe_2

lynzpower wrote:

Hang on dont you have a 14 day cooling off period under the CCA?

Im fairly sure you do.

What are the dates??

No. If you were cold called or a representative came to your house to arrange this then you do have a "cooling off period" but if you called them or visited their premises you don't.

To answer LewisC, it would appear that they have 6 months to find you a suitable loan. Only if they haven't done this during that time would they be in breach therefore the 6 month wait. Meanwhile, they're probably lending your money to someone else at 43.8%...

Beware of these "guaranteed finance" houses, they are no better than loan sharks.