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MSE News: 'Deceitful' Yes Loans' licence to sell loans revoked

edited 30 November -1 at 1:00AM in Loans
6 replies 2K views
Former_MSE_HelenFormer_MSE_Helen
2.4K posts
edited 30 November -1 at 1:00AM in Loans
This is the discussion thread for the following MSE News Story:

"One the largest credit broker businesses Yes Loans Limited has had its licence revoked after string of abuses ..."

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  • fermifermi Forumite
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    Good. :)

    ......
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to [email protected]

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • ~Brock~~Brock~ Forumite
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    Let's hope that the Ministry of Justice sits up and takes note that the same people that the OFT find unfit to hold a licence are also authorised by the MOJ to run their claims management arm We Fight Any Claim.

    Leopards generally do not change their spots.
  • fermifermi Forumite
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    ~Brock~ wrote: »
    Let's hope that the Ministry of Justice sits up and takes note that the same people that the OFT find unfit to hold a licence are also authorised by the MOJ to run their claims management arm We Fight Any Claim.

    Leopards generally do not change their spots.

    Their CCL has been withdrawn at least.

    http://www.oft.gov.uk/news-and-updates/press/2012/15-12
    The following associated companies surrendered their licence or withdrew their licence application following the OFT's investigation:

    i. Claims Assistance Bureau Limited (Application number 643578 - Withdrawn)
    ii. We Fight Any Claim Limited (Application number 643041 - Withdrawn)
    iii. No Worries Loans Limited (Licence number 622909 -Surrendered)
    iv. 141 Loans Limited (Licence number 576615 -Surrendered)
    v. Yes Money Limited (Licence number 568296 - Surrendered)
    vi. Lead Response Limited (Licence number 601454 -Surrendered)
    vii. Lead Locator Limited (Licence number 543829 -Surrendered)
    viii. Crossit Target Marketing Limited (Licence number 513389 - Surrendered)
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to [email protected]

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • mjm3346mjm3346 Forumite
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    Take upfront fees and stall on refunding them, meanwhile make a small fortune into a large one by banging the funds out through payday loans.
    Since they switched to no upfront fees I doubt they are that bothered about being closed down.

  • TirianTirian Forumite
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    Only taken the OFT how many years to establish what's been common knowledge since the year dot?

    Eh well, at least it's come to the right conclusion. Presumably it's now not breaking any forum rules to state that Yes Loans are a bunch of dirty theiving liars, now that the OFT have officially confirmed it? :D
    For where your treasure is, there will your heart be also ...
  • fozmcfcfozmcfc Forumite
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    PPI Party Pooper Debt-free and Proud!
    I must say there has been a sharp decline in the amount of complaining posts about Yes Loans since they stopped charging a fee.

    Overall unless you have a decent credit rating, brokers, won't find you anything but the poorest deals or nothing.

    If you have a decent credit rating, brokers shouldn't be used anyway.

    As I've said before if someone with a decent credit rating or even slightly less than decent approached some brokers, I'm sure they would find you a deal. But just like with the PPI reclaim firms, you can do it yourself and save fees and get a better rate yourself.
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