Yes Loans

braken2000

Hi,

I have just done something so bad it is unreal. I will try and start from the beginning.

I have missed several Council Tax payments but have tried to rectify this by paying more in place of the ones I have missed. They are now trying to take me to court and in panic I applied to Yes Loans.

I did not do any research and I need to find £850 to cover the Council Tax. I then got a call from Yes Loans and before I know it I have paid £69.50 and got a cash advance loan. I work in a call centre and the sales rtechnique they employ is unbelievable, if I heard anyone do it where I work they would be out of a job!

Anyway, to cut a long story short. I have not yet received the cash advance loan, which I do not want, nor have they charged my bank, which I do not want them to do. They are now closed and I do not know what to do.

Do I have any cooling off period. They definately mis-sold the loan to me as he clearly stated that I had been approved for a loan of £1000 and gave me a payment amount per month. I know this wont amount to anything, I just want to know if anyone else has any experience.

On top of this, I still have to find the amount for the Council!

Thanks in advance!

Apples2

Stop worrying, there is no loan for you.

You have simply been scammed of £69.50

Elocke

You should be able to get your admin fee back from Yes Loans. You are covered by the Consumer Credit Act 1974 section 155

"1.17 Where section 155 applies, the consumer is entitled to a refund (less £5) once six months have elapsed following a relevant introduction, if no agreement has been entered into as a result of that introduction".

For more info just put 'consumer credit act section 174, broker fees' into a Google search and pick the OFT (Office of Fair Trading) link that comes up.

In addition the Office of Fair Trading recently took formal action against Yes Loans and imposed requirements on them. If you put 'oft, yes loans' into a Google search and again click on the OFT link you will see the OFT's press release. You can click a link that gives details about the requirements imposed upon them which include the fact that Yes Loans have to refund if customers cancel within 14 days and the requirement to refund fees within 30 days if customer's cancel their agreement.

Brokers can keep a £5 admin fee back from the refund.

So, send them a letter (send it recorded delivery) asking for a refund and let your local Trading Standards Office know (contact Consumer Direct) if you have ANY problems getting your refund. They will collect data and pass on to the OFT if necessary.

braken2000

Thanks Apples2 truely a helpful response!

I am going to call them tomorrow, with no hope of a positive response, and write them a recorded delivery letter. Thanks Elocke.

Elocke

Apples is just tired of reading so many similar posts that's all. Understandable as people come on here after the event and the regular posters see it all the time. You are not the first and you sadly won't be the last.

Unless the call is cheap and you get straight through just send the letter. If you do speak with them or when you write say that you know that you are entitled to an immediate refund under the distance selling regulations (if you are in the 14 day limit) and if you mention 'as per the requirements imposed on you by the OFT' I doubt you will have any trouble!!

You can try asking for the whole amount back by saying that you feel that the salesperson deliberately mislead you. Some brokers would then pay it all even though they are entitled to keep £5 but you have nothing to lose.

Apples2

My point was to stop worrying about the cash advance loan, it isn't coming so you aren't going to get saddled with an absurd loan.

The only thing for you to worry about is the £69.

fozmcfc

Going by your post back earlier this year, you had great plans to sort of your debt, which was around the £3000- £4000 mark, I take it things haven't gone to plan.

You might be better once again to post over on the debt free wanabee boards and get totally serious about clearing your debt.

Maybe contact payplan http://www.payplan.com/ who many have dealt with to try to get out of your current situation, particularly good as they are a free service.

Good Luck!!!

braken2000

Sorry Apples2. I didnt mean to be rude. I am just super-stressed which as you all know makes everything seem bad.

I have just phoned to cancel the cash loan as it was deposited. So that aint going anywhere.

They have not taken the £69.50 as my account is still minimal. So I may just keep it that way and not let them take it in the first place. Cant pay then they wont provide a service!

I have tried contacting PayPlan before and they were not that helpfull to be honest. They just told me to write to my debtors which i did but none of them accepted what I offered. :-S