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Success against Yes/NoWorries Loans
a_pedant
Posts: 13 Forumite
OK so I thought a good success story might be useful for everyone. Also I get the feeling what NWL did to me is a reccuring thing.
I was looking for a loan to cover moving expenses. Having been rejected by my bank and getting desperate with my housemate leaving at the end of the month I turned to "credit brokers", without doing the proper research that would have made me run away screaming.
No Worries Loans (a division of Yes Loans, a fact that had I known it would have made me leave a thousand mile exclusion zone) called and said that they had arranged a loan which would be completed in a few days once I had paid their fee. I said I couldn't afford the fee and so never mind. 15 minutes later another agent from NWL called and said that he had arranged to give me a £300 payday loan so that I could pay the fee and get the £2000 loan that would be completed in a few days. When I queried the cost of a payday loan he pointed out that since I would have the £2000 in "a matter of days" I should think of it as an advance since I would be able to pay it all off in one hit. I agreed.
Of course there was no loan agreed, it was an outright lie to secure their fee, making it a straightforward case of mis-selling.
It has taken months, but today I got a phone call offering to settle my complaint by paying all fees and interest that the payday loan has cost me - £680, I just paid off the loan this morning, I have no problem paying back the capital as I did get the loan.
The process could have been quicker if I had been more organised, so if you are in the same trap here is a quick how to guide.
1) Complain to NWL as soon as possible. They will not even acknowledge the complaint, but after 8 weeks without response you can
2) Complain to the FOS. Point out the outright lie and lay out the cost of the interest and fees, also ask them to consider whether NWL is fit and proper to hold a CCL.
3) After about 3 weeks the FOS will get around to processing your complaint and send it to Yes Loans' legal dept.
4) Another wait, but Yes Loans are on a timer now so be a little patient. After about 2 weeks I got a call from Yes Loans' legal dept asking me to give the payday lender written permission to access my account records. Make sure you give this, this was the point at which I knew I had won, they were checking the amount of my claim was correct.
5) Allow about a week for admin (after all two different companies are talking to each other now) and you will get the call I got today.
6) Embarrass yourself by shouting "victory" in the busy stairwell of your office building when you hang up the call.
The final step is optional, but I feel it adds a touch of class.
I was looking for a loan to cover moving expenses. Having been rejected by my bank and getting desperate with my housemate leaving at the end of the month I turned to "credit brokers", without doing the proper research that would have made me run away screaming.
No Worries Loans (a division of Yes Loans, a fact that had I known it would have made me leave a thousand mile exclusion zone) called and said that they had arranged a loan which would be completed in a few days once I had paid their fee. I said I couldn't afford the fee and so never mind. 15 minutes later another agent from NWL called and said that he had arranged to give me a £300 payday loan so that I could pay the fee and get the £2000 loan that would be completed in a few days. When I queried the cost of a payday loan he pointed out that since I would have the £2000 in "a matter of days" I should think of it as an advance since I would be able to pay it all off in one hit. I agreed.
Of course there was no loan agreed, it was an outright lie to secure their fee, making it a straightforward case of mis-selling.
It has taken months, but today I got a phone call offering to settle my complaint by paying all fees and interest that the payday loan has cost me - £680, I just paid off the loan this morning, I have no problem paying back the capital as I did get the loan.
The process could have been quicker if I had been more organised, so if you are in the same trap here is a quick how to guide.
1) Complain to NWL as soon as possible. They will not even acknowledge the complaint, but after 8 weeks without response you can
2) Complain to the FOS. Point out the outright lie and lay out the cost of the interest and fees, also ask them to consider whether NWL is fit and proper to hold a CCL.
3) After about 3 weeks the FOS will get around to processing your complaint and send it to Yes Loans' legal dept.
4) Another wait, but Yes Loans are on a timer now so be a little patient. After about 2 weeks I got a call from Yes Loans' legal dept asking me to give the payday lender written permission to access my account records. Make sure you give this, this was the point at which I knew I had won, they were checking the amount of my claim was correct.
5) Allow about a week for admin (after all two different companies are talking to each other now) and you will get the call I got today.
6) Embarrass yourself by shouting "victory" in the busy stairwell of your office building when you hang up the call.
The final step is optional, but I feel it adds a touch of class.
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