Advice please re Yes Loans

h34v3ns_s0ul

I too tried this company a few years back and paid an administration fee of around £60.00

After numerous rejections for a loan, I told them to cancel my application and asked for a refund. They sent me a letter telling me it would be so many months before I can get my refund back, minus a certain percentage.

Forgot all about it until I read this, but I have no details of my application.

mrsspendalot

Just caught up on this thread. Well, I managed to get my money back off them by threatening to complain to various authorities (trading standards, financial standards authority, etc.) and they returned my cheque. I didn't provide any details other than name and address and date of my application (April 2006). Try it and see!


Oh and they at no time told us they were brokers either .... total scam I think

jowie

Hi there,

I just received my "application" through the post today, and I was quite pleasantly surprised, considering I received their telephone call through a referral from Sainsbury's, due to being refused one of their loans... I assumed they would be credible.

Thank goodness for this website. If it wasn't for this place I would have also been conned!

Please keep me informed as to if anyone is planning on contacting Watchdog as I would be happy to give you details of my experience.

If people could also name-and-shame the other places that pretend to be loan companies instead of brokers on here, that would be very useful!

Since applying for my Sainsbury's Loan I have been plagued with people trying to sell me loans. I'm really annoyed with them since I never agreed to my number being given out to third parties!

I'm a little deflated now due to finding out I won't get such a great loan, however thank God for this place!! I need a Plan B...

tom188

I'm a little deflated now due to finding out I won't get such a great loan, however thank God for this place!! I need a Plan B...

cut back on expenditure and start saving....

jowie

tom188 wrote: »

cut back on expenditure and start saving....

Duhuuuuh. That's useful. Thanks!

a.k._2-2

yesterday i was subject to this scam called yes loans and was instantly accepted for what i thaught was a loan. i gave out my bank details on the promise that they would take the fee needed once i had filled out and returned the neccesary forms. after reading up on this company i began to get a little worried so i checked my account over the phone and low and behold they had taken £59.50 straight away after calling the bank to try and get the payment cancelled they said there was nothing they could do as i had willingly gave my details out. i checked the yes website called the number and after kicking up a fuss a few times got through to the right department (20 mins of waiting). i told them my circumstances had changed and i had found finance elsewhere i wanted to cancel anything with them and wanted a refund, i told them i had done a bit of research and they could keep the £5 entitled to them, also that they had no obligation to wait the six months claimed before refunding me and if i was not refunded asap i would be taking matters further, she took my bank details and i should have the money back through BACS within 3 days, now to wait and see. hope this helps

allymac1314

My girlfriend is very naive when it comes to financial matters, so she applied for a loan with Yes Loans after a quick search on the net. They deducted £59.50 from her account there and then, and promptly told her to contact some 0970 number to advance her application.

Her subsequent 15 minute call to said 0970 number ended up costing me £20 (as I pay the bill) and she was still no better off. Well, except for Axa trying to flog her accident insurance into the bargain. Now at no time did Yes Loans tell her they were only a broker, instead they deliberately prayed on her ignorance of the system.

However, I contacted them on her behalf, quoting the necessary legislation, and demanded a refund minus their £5. I further added I'd expect interest on top of the refund should they insist on delaying it for 6 months., and that seems to have done the trick.

Next step is to see what can be done about getting my 20 quid back as she was assured by Yes that all costs for the call are recoverable, though I'm not entirely sure how. Does anyone here know?

Bottom line is, avoid these cowboys at all costs. Yes Loans' marketing is deliberately misleading and I'm pretty sure their staff are trained to spot a mug. My girlfirend has now learned a hard lesson.

allymac1314

Sorry this is an old thread, but I thought I'd let you know my girlfriend finally got her money back from Yes. Well £54.50 (they deducted £5 as a fee for keeping her money all this time!!). Better than nothing though.

Still absolute charlatans whom I'd urge everyone to avoid like the plague.

Tassotti

Thanks for getting back to us....It may well help out others.

The broker can charge £5 for admin, so she got back exactly the right amount :j

A result...many people would have given up (from an homest lender)

danny226

i know this is an old topic but my dad fell victim to this, while doing a bit of digging i came accross this

h t t p : / / w w w . o f t . g o v . u k / s h a r e d _ o f t / i n v e s t i g a t i o n s / Y e s L o a n s . p d f

makes for some interesting reading