Yes Loans

dolla_2

sue_rennoldson wrote: »

can anyone advice me on a reputable company that would help me please

I've read fair reviews about everyday loans. They do charge around 88% interest but they accept bad credit applications too. My problem is that I don't have much credit and a few missed payments on an old o2 account last year! I've just applied tonight so will report back!

fozmcfc

Oakam are another company who are not brokers but offer the loan, but again the interest rate is extremely high. Not sure if they offer loans in all areas of the UK though.

Sue you might be better to post on the debt free wanabee board of the forum. Lots of people who can offer practical advice and support to those with debts and loads of useful hints on how to get the most out of your money.

lauraphoebe

anyone that is being conned by yes loans should phone the financial ombudsman straight away. i have and they said they recieve many phone calls like mine and my case will be resolved and my 'admin fee' refunded within 2 weeks by cheque or straight into my bank. they advised me to stop ringing and writing straightaway and letthem deal with it. Hope this helps..... Laura

Sir_Alan

I'm amazed this crowd haven't had their collars felt long ago. The practice of untruthfully informing a caller that their loan request is successful and then charging a fee appears to fall squarely into S2 of the Fraud Act:

Fraud Act 2006

2 - Fraud by false representation

(1) A person is in breach of this section if he—

(a) dishonestly makes a false representation, and

(b) intends, by making the representation—

(i) to make a gain for himself or another, or

(ii) to cause loss to another or to expose another to a risk of loss.

(2) A representation is false if—

(a) it is untrue or misleading, and

(b) the person making it knows that it is, or might be, untrue or misleading.

(3) “Representation” means any representation as to fact or law, including a representation as to the state of mind of—

(a) the person making the representation, or

(b) any other person.

(4) A representation may be express or implied.

(5) For the purposes of this section a representation may be regarded as made if it (or anything implying it) is submitted in any form to any system or device designed to receive, convey or respond to communications (with or without human intervention).


A person who is guilty of fraud is liable—

(a) on summary conviction, to imprisonment for a term not exceeding 12 months or to a fine not exceeding the statutory maximum (or to both);

(b) on conviction on indictment, to imprisonment for a term not exceeding 10 years or to a fine (or to both).

climbintheladderouttadebt

Wish I'd known that at the time!!

Portmanteau

Can anyone please help me with this please my partner has also fallen foul of this scam.

Roobyroo_2

Yippee! I beat Yes Loans so up yours Yes Loans!

I too was duped by Yes Loans. Way back in May I stupidly applied for a £8000 car loan with these crooks.Did not realise at the time that they are brokers and not an actual loan company. They certainly didn't hesitate to take £69.50 from my bank account, then three days later I received dozens of texts, emails, phone calls and application forms from loan companies that I'd never even heard of... offering me not the the £8000 that I had apparently been approved for (according to Yes Loans), but instead only £3000.

This all seemed very dodgy so I immediately returned all application forms unsigned with a letter stating my request to cancel and have my £69.50 fee refunded (as Yes Loans had confirmed was possible to do within 30 days during the initial phone call).

A month went by and no refund, called Yes Loans, they answer the phone right away if they think you want a loan, but then pass you through to several other departments if you have a complaint. Was on hold for over an hour being passed through various departments when I was disconnected. Called again, on hold for one and half hours before getting through to someone who advised that I'd receive my refund within another 30 days.

Yet another 30 days later still no refund. i was not prepared to waste money calling these crooks again on a premium number, only to be put on hold for such a lengthy time. No reply to any of my emails or letters sent to them, so after stumbling across this site I eventually visited moneyclaim.gov and opened a case. Cost me £25 to do this, and I know my fee with Yes Loans was only £69.50 but I was not prepared to let Yes Loans get away with this, especially after reading about thousands of other people that this had happened to.

A few weeks later I received a cheque from Yes Loans for £94.50... my £69.59 refund and court case costs of £25 and a letter apologising if I feel that I have recieved a level of serice that is not their usual high standard! Yeah right!

Seems to be that these scammers are only prepared to give a refund once you open a court case against them. i only wish I'd have done this sooner... or better still, not stumbled upon Yes Loans at all!

Roobyroo_2

The following is also taken from the OFT website:

[FONT=&quot]As a result of an OFT investigation into the business practices of Yes Loans, the company will amend its terms and conditions, and ensure that customers receive a statutory refund of brokerage fees within 30 days of cancelling. In addition, Yes Loans is required to stipulate clearly on its website and all future literature that it offers 'credit brokerage' services. As a result of these changes, the licence renewal application submitted by Yes Loans has been granted.

A breach of a requirement can lead to a fine of up to £50,000.

[/FONT]

CHR15

Roobyroo wrote: »

The following is also taken from the OFT website:

That was posted on 16 July 2009 so a YEAR ago now (effective from October 2009).

http://www.oft.gov.uk/news-and-updates/press/2009/85-09

Badger1975

Laura please see my recent post on this - if refund procedures have not worked I think the best course of action is to go onto the ombudsman website, download a complaints form and submit as soon as possible. Yes Loans must be forced to cease trading and I will do all I can to help with this.