Advice please re Yes Loans

mrsspendalot

Last year before we found this site we applied for a loan through a company called Yes Loans. We stupidly believed they were giving us a loan and we were going to consolidate etc with it. We sent off the payment of I think it was £48.50 by postal order with our application. It wasn't until afterwards on googling the company we realised we had been done and that they were not an actual loan company afterall. Anyhow, I remember reading in their terms and conditions that if they have not been able to arrange you a loan in 6 months you can have your admin fee back less a particular amount (about £6 or something I think). I have written to them twice asking for the fee to be refunded and I have heard nothing from them.

Has anyone on here got any experience with this company and any advice on how to get the fee back? The terms and conditions were on the back of the form that we returned to them with the fee, but I have the part of the 'agreement' that we had to keep with the proposed loan amount etc on it.

Thanks.

jonesMUFCforever

My suggestion is to contact CAB.
Don't waste a lot of time on it though basically you have lost your money.

miha_2

call them first even if it is 0845 no, they should refund you with no problems

Gemmadm

Hi they are credit brokers and rely on the fact that not many people know they can get their money back. I wrote them a letter quoting off trading standards website that they can only charge a max of £5 for this 'service'. Check out the trading standards website about this -
http://www.tradingstandards.gov.uk/cgi-bin/bglitem.cgi?file=badv603-1111.txt
Print that page off - highlighting the main parts and put it in with your letter. I threatened to report them as they can have their licence took off them if they don't give it you back. I got a reply saying they will refund asap and got a cheque about 4 weeks after i sent the letter. Make sure you keep a copy of the letter and send it recorded. I think the fee is £49.50 as I got £44.50 back. I didn't have any of the documentation they sent me so I couldn't give them references or anything but I didn't let them know that . Good luck.
Gemxx

mrsspendalot

Thanks ... I will give that a try then before just drawing a line under the whole thing. I certainly won't be so stupid in future!!!

Verianna

We also stupidly got involved with this company and are now trying to get our money back, thank you for the tips above I will be using them.

It appears that they use the same tactics with all their customers, when my partner first spoke to them they said NOTHING about being a broker, they told him they were a loan company. They even went as far as working out how much they could lend him and what the repayments would be.......... £164pm. Great!! We thought we can afford that!! So they said they would send out the documentation and it would arrive the next day and our money would be in the bank within 5 working days :mad:

We filled out the documentation then received a letter saying thank you, you will hear from us within 7 working days, we didn't hear anything and my partner rang up only to be told that they hadn't found a lender :eek: My partner stressed his confusion as he had been told he had been accepted for a loan and he would receive the money after they had received the filled out forms. The muppet on the line told him that this had to be untrue as there was no way one of his colleagues would tell him that :mad:

Since then we have heard nothing, my partner has rung them to try and find out how we get our money back and everytime the line has just gone dead after them saying they will put you on hold to put you through to the correct department.

After reading others experiences I am very tempted to write a letter to Watchdog about their tactics.

quinonostante

Another one to watch out for is Wentworth Finance, they tell customers that they have been approved for a loan by their underwriting team and ask for £49.

They too are brokers, and your loan is not guaranteed...think twice before sending off any money to this company! A couple of my clients have been sucked into this, and whilst one did actually receive a loan (through Welcome Finance, which they could have done themselves, without paying £49 extra) the other received no offer of a loan and struggled for weeks to get their £49 back....

keeperbear

With all companies such as these, the warning sign is having to pay an upfront 'admin' fee in order to obtain a loan. Never ever trust a company that operates like this.

Giggilicious

mrsspendalot wrote: »

Last year before we found this site we applied for a loan through a company called Yes Loans. We stupidly believed they were giving us a loan and we were going to consolidate etc with it. We sent off the payment of I think it was £48.50 by postal order with our application. It wasn't until afterwards on googling the company we realised we had been done and that they were not an actual loan company afterall. Anyhow, I remember reading in their terms and conditions that if they have not been able to arrange you a loan in 6 months you can have your admin fee back less a particular amount (about £6 or something I think). I have written to them twice asking for the fee to be refunded and I have heard nothing from them.

Has anyone on here got any experience with this company and any advice on how to get the fee back? The terms and conditions were on the back of the form that we returned to them with the fee, but I have the part of the 'agreement' that we had to keep with the proposed loan amount etc on it.

Thanks.

I also stupidly got involved with them... they messed me about for over 5 months... they still havent paid me the £48.65 back - PLUS they even took it out of my account twice and i had to wait another week to be refunded one of the fees.. i would never deal with them again nor suggest anyone else doing so!!

BOBS

Does anyone know if yes car insurance linked to yes loans?? - only got a quote throught confused.com which beats my own renewal by £65 - maybe not a good idea then???

Rain_is_Insane

Curiously i've just applied for a loan with these people. At no time did they mention they were brokers. Waiting for the paperwork as we speak.

Has ANYONE actually managed to get a loan with them? or is this a scam to earn £5 off each person applying?