Visitors to the site are reminded that the details contained within user comments are uncorroborated and as such should not be read as fact but as the opinion of the person who left the comment.
Comments:
GOT MY APPLICATION FEE BACK!!!! Dont even bother trying to phone or wait for loan from these blaggers! Send letter asap I got my £64.90 back!!!! Feel free to copy below letter, insert your dates etc and hopefully you will get some of your money back too!!! I have also reported them to action fraud as how they still get away with this is unbelievable! Good Luck!
Write to:
Customer Services Department
Yes Loans Ltd
Tintern House
William Brown Close
Llantarnam
Cwmbran, NP44 3AB
Ref: Loan Application Cancellation
I am writing to you to confirm that I would like to cancel the loan application request with immediate effect. Please find enclosed the unsigned application form as I do not wish to apply.
Therefore please could you refund my application fee of (EG £64.90 INSERT CURRENT AMOUNT) which was taken from my account on (INSERT DATE). This excludes the £5 brokerage fee as per your terms and conditions (see below).
Fees
10. We charge a fee of £69.50 for providing the service of acting as a finance broker. However, this does not include the service of brokering short term (or 'Payday') loans where the repayment term does not exceed one month, for which We do not charge any fee. We specify the fee as part of our communications with You. If You do not enter into a loan offered by a lender or financier within the 3 months We act for You, We will refund the fee less the £5 brokerage fee provided for by the Consumer Credit Act 1974. Refunds must be requested in writing to avoid repayments being sent to a wrong address. To facilitate Us processing payments and repayments You authorise Us to retain your charge, credit and debit card details. If a lender or financier makes You a loan or finance offer, in addition to the fee We may also receive a variable commission from the lender or financier (more detail is available on request) and You agree that We may retain it.
11. If We provide services other than acting as a loan or finance broker, We shall be entitled to charge a fee for those services.
12. Under Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days of receiving these terms and conditions and receive a refund. If You wish to cancel your application, You must write to Yes Loans Ltd notifying us. In this event We will refund your fee within 30 days of the date on which We receive your written request to cancel your application. Any such requests should be made to: Customer Service Department, Yes Loans Ltd, Tintern House, William Brown Close, Llantarnam Industrial Park, Cwmbran, NP44 3AB.
After reading the diabolical reviews for Yes Loans Ltd on various websites If I do not receive a full refund of this amount within 30 days of the date of this letter, (INSERT DATE FROM 30 DAYS OF LETTER), I will without hesitation or notice be reporting your company to the Police Economic Crime Unit for fraud. To be reported to the Action Fraud Unit under Advance Fee Fraud. I will also report this to the Financial Ombudsman if the full refund of £64.50 has not been received on or before (INSERT DATE).
Yes Loans...well what a company eh?! Took £69.99 from my bank account unlawfully and now won't give it back. I don't have a bad credit score - just got hooked in on an internet campaign with a headline rate of 7.9% APR - seemed good. Went through with it. Asked for paperwork. Was promised would not take "admin fees" until loan agreement signed - later found out these are infact broker fees. Took money and ran!!!! I never returned paperwork as got better loan rate through RBS (my bank of 12 years) but can't get my "fees" back. Letters unanswered, phone calls unanswered then tonight I'm contacted by an company called Yours Finance claiming to have got my details from Yes asking me for £50 over the phone to send a cheque for £5K! Then I get another call from Yes themselves when after 45seconds of a phone "conversation" the guy told me to "go to Hell and f**k off!". Really can't belive it! Word of warning to anyone with any credit background good or bad - yes loans are not worth your time or energy - they'll simply take your money and you'll never see it again. Be prepared for a long fight to get any monies paid to these charlatans back...
Ok finally I got through. I rang these vultures in April and yes they took my £69.50 so I rang and rang and rang and wrote and no response. Finally today I got through 0800 141 141 and the woman was look for an argument straight away so she got one. She now informed me that I have to write after 30 days to request a refund as they say in the terms & conditions. I did this but I explained they did not reply so they do not operate within their terms & conditions so I wrote again. I was now informed that every time I write and they get my letter it starts the process all over again so I have to wait another 30 days for a refund. I asked who thought up this delaying tactic and if I was ever going to get my refund and that I do expect the full refund of £69.50 as the are no longer licences so they are not allowed to deduct the £5 admin fee under the Consumer Credit Act as they have no licence to operate within the act. She put me on hold just for fun I think and came back and said she has checked the progress and my cheque will be sent within 3-4 working days I wont hold my breath but you have to persevere in my last letter I also stated I was sending a copy to Cmbran Trading Standards and the OFT and it seems to have worked. The only way to stop these people is DO NOT USE THEM. I did also say to the lady if she had studied harder at school she could have got a proper job and I wished her luck in finding alternative employment when the company is finally shut down. One word of advice if like me you were desperate and rang them dont give up trying to get a refund they just hope people will not bother. Anyway I shall wait and see........
another victim here ,,paid my £69.50,was told i had a loan ,still waitng for refund,,rung them up was on hold 3and a half hours later ,,,this company shud be banned and shut down just sent em another letter stating how they can not charge you more than £5 for there service if you dont take out a loan with them,as its the law by the way,if my refund isnt in my bank or recieved a cheque by friday im driving to there place and going to go mad
Another sucker here! Sucked in and spat out. I have sent a registered letter to request and cancel my application as am within my 14 days and to get my fee of £69.50 back not a small sum when you have three children! I have also registered with the moneyclaim uk gov website as if I don't get it back I will persure them through the court and I have had reports that people are getting fees back this way as they would not like their good name to be besmirched. I will keep you posted as to how it goes.
yes loans have done it again to another victim me! they asked me for a payment of £6.50 and took out a payment of £69.50. the staff were very rude and just kept hanging up. they say because i gave them my bank details they can take out any payment they font have a clue how can this company stay poen after so many victims are comming forward. has anyone has there money back?
I concur with everything I have just read wish i got to this site first, needed 2k over 12 months, took 4 hrs to take info passed from pilar to post all they wanted is to sell you other debt advice and then pass all your details to there sister companies who then call / text you to death:
Worst company in the history of telephone answering, iot has cost me more than my loan amount, watch the 14 day rule, they provided 87k in loans at 69.50 fee and another 250k they done nothing for and try to keep the fee £5 x 250 ?
BE WARNED KEEP AWAY, ands report to; complaint.info@financial-ombudsman.org.uk
There are still some brokers out there who don't charge upfront fees. Guarantor Loans Online do loans for Tenants. They do need a Guarantor but I asked them why they don't charge a fee - apparently they get paid by the lender. Another incentive for them to get you the loan I guess.
Was phoned by Yes Loans after submitting an online application via their website. Before long, the man on the phone asked for my debit card details but I refused, explaining that I was not prepared to authorise payment at this stage. The original friendly voice became less friendly, as he assertively told me that he was not asking for money and just needed to verify my bank details. I advised him that in that case he only needed my bank account details and not my debit card. His voice became quite cool as he pointed out that there was no difference and I should just give him the long number on the card. I told him that I begged to differ and that I only ever gave out my debit card details when I was paying for something and besides the long number across my card was not my account number. I also advised him that I had read complaints online about Yes Loan, particularly that many complained payment was taken despite receiving similar assurances and refusals to pay anything. By this time he was becoming quite agitated with me and asked again for my details whilst still trying to tell me that no money would be taken out. So decided to put him to the test (at this point had no intention of pursuing this application and must admit was seeing how far he was prepared to go) so said, okay I would be happy to give my card details provided I first received in writing confirmation from Yes Loan that no money would be taken. He was really annoyed at this point, saying that would delay things as I would have to wait for days for the letter to arrive. When I pointed out that an official email from Yes Loan's address confirming no money would be taken would be fine and acceptable and he could send it now, he told me he did not have access to a computer. I laughed and pointed out that at the beginning of his conversation with me, he had told me on the internet reading my online application. Needless to say the call ended....
I was searching for a loan and came across the 'Yes loans' website and filled in an inquiry form for them to contact me. They were very prompt and told me that I could be lent the sum of £250 and began proceeding with an application after I agreed to the terms of repayment of the loan.
After they had compiled their information about me about getting this loan, they then told me I had to pay a fee of £69.50 (they should have told me from the start but hadn't) and tried to cancel my application with them there and then whilst on the phone to an advisor organizing the loan.
Whilst attempting to cancel the application, I was then transferred to another Yes Loans advisor after a 15 minute wait and explained that I wanted to cancel my application and any withdrawal of the fee that they had taken my bank card details. The new advisor told me to put in writing a cancellation of my application and to stop any pending fee from leaving my account (they did not specify/inform me of any time-scale for this.
A few days later, I had sent a written letter to them via a prepaid envelope they sent with a copy of my loan application. I requested that they cancel my application immediately and to stop money from leaving my account when I had not agreed to a loan offer. I had also sent a next day recorded letter stating the same request but had been horrified to learn that they had taken out the fee payment anyway and did not make any attempt to contact me upon receipt of my letters.
I tried to call them today but they put me on hold for 35 minutes so had to end the call when I was using a friend's phone. I then faxed them through a letter explaining my attempts at sending letters to notify them that I was not wanting to take out a loan and their ignoring my requests; taking the fee unauthorized was highly unacceptable and for them to contact my support worker immediately given that I am a vulnerable adult.
They had been given sufficient opportunity to read my previous letters sent to them and to act upon my request to cancel the application for a loan and stop the pending fee, so am bewildered and left feeling angry and distraught that they seemingly appear to be abusing their own powers outside of their own regulations. You are entitled to a full refund within the 14-day period of application, but even though I have given them my cancellation letters well within this time; they have done nothing to contact me or refund my account with what they have taken.
If you paid via credit or debit card ask your bank about initiating a chargeback, you wont lose £5 you wont get charged it will not cost a penny.
Section 75 of the credit consumer act states: -
75. — (1) If the debtor under a debtor-creditor-supplier agreement falling within section 12(b) or (c) has, in relation to a transaction financed by the agreement, any claim against the supplier in respect of a misrepresentation or breach of contract, he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor.
(2) Subject to any agreement between them, the creditor shall be entitled to be indemnified by the supplier for loss suffered by the creditor in satisfying his liability under sub-section (1), including costs reasonably incurred by him in defending proceedings instituted by the debtor.
(3) Sub-section (1) does not apply to a claim:
(a) under a non-commercial agreement, or
(b) so far as the claim relates to a single item to which the supplier has attached a cash price not exceeding £100 or more than £30,000.
(4) This section applies notwithstanding that the debtor, in entering into the transaction, exceeded the credit limit or otherwise contravened any term of the agreement.
(5) In an action brought against the creditor under sub-section (1) he shall be entitled, in accordance with rules of court, to have the supplier made a party in the proceedings.
Also banks and visa have an agreement for debit cards so you are afforded the same protection on purchased of between £100 & £30,000.
I think if enough people do this, then perhaps we can get visa to close their merchant account meaning they can no longer take visa debit/credit cards.
I too phoned yes loans and paid the £69.50 (in a moment of madness I needed some quick easy cash but glad i didnt go ahead now) - I was made to believe that the loan had been accepted and then afterwards told I would need to travel with proof of id etc on a 40 mile round trip and then an hour to go through another application so I decided to cancel within 10 minutes. Anyway they had taken the £69.50 and after I read these posts I knew I would be facing a battle to get my money back.
Just got refund yesterday after 6 weeks and here are a few tips:-
1) dont even attempt to speak to them on the phone. Not worth your time, money and effort and the stress.
2) Write to them (preferably recorded delivery) and you might as well have your next letters ready dated in advance as they will ignore the first few.
Letter 1 - write and ask them to cancel your application as per the Financial Services (Distance Marketing) Regulation 2004.
Dated a week later
Letter 2 - write and tell them that as per your previous letter of x date that you expect your refund within 30 days which is x date
Once the 30 days is up
Letter 3 - write and tell them that as you are disappointed that they are ignoring your letters requesting a refund and you are aware that afer a little research on the internet this is obviously common practise for them. Explain you are aware that they have already been investigated by the OFT(press release 8/5/09) and you now consider that they are not complying with the requirements imposed.
Add to the end ' Failure to refund me within 10 days from the date of this letter then you shall pass the details to the OFT'
CHEQUE SHOULD NOW ARRIVE WITHIN 10 DAYS.
If it doesnt then you will to pass the details to the OFT but they wont want it to get to that stage.
I rang yes loans about a week and a half ago and they informed me they could give me the loan I was looking for however I had to pay a fee of £69.50 and they also explained this could be refunded if my application was unsuccessful. As I was told my application was accepted and I would soon be recieving my loan I wasn't really bothered about the £69.50. They took it from my account and then transferred me to a company called Blue sky who said they couldn't give me the loan because I am below the age of 21. So I phoned YES LOANS back and came through to a lady who was ridiculously rude and abrupt and thought it was perfectly ok to hang up on me. I phoned back again and I was passed through a number of different departments. The advisors wouldn't even listen to what I was saying before quickly putting me on hold and getting rid of me! Worst customer service I have ever recieved. I wrote a 3 page letter of complaint as well as requesting for my money back. I still havent heard anything and after reading these comments on here doesn't look like I will be hearing anything. I don't know what to do, I definately can't afford £69.50 to be taken from my account. I'm determined to not let them get away with it!
yes loans... dont even apply! they are the worst company!
Any problems with your refund refer to Section 155 of the CONSUMER CREDIT ACT 1974; states that a credit broker can charge no more than £5 for their services if you do not enter into a relevant credit agreement within 6 months of the 'introduction' And write a formal complaint to the manager also keep a copy and send a copy to the Ombudsman.
You will receive a reply within 5 working days. (Should do, if you dont the only way is to keep pesterring them)
oh my gosh! never ever ever apply for a loan with 'Yes Loans'
the trouble i have had... i applied online through a website which lead to being contacted by these so called friendly customer service consultants. they fed me with a load a rubbish confirming a loan amount, monthly repayments, to which i paid an application fee of £69.50.. and never received anything! ive contacted on numerous occasions to be stuck on hold for up to 29minutes! which I might add cost me £22 in my credit. when i did get through i was spoken to sooo rudely and they cut the phone off!
ive actually reported every person i have spoken to and the company to the Financial Ombudsman, although it doesnt say on their website they are regulated.. so if you have hassle trying to get a refund or bad service like i have write to them and they will look into it for you!
Its amazing how it takes two seconds for them to take a fee and give you a quote, but then 4 months to cancel and have a refund! they are possibly the worst company along with the 'unsecured loan company' i have ever dealt with. wish id have found this website prior to applying.
I saw this yes loan on the net so i applied online then got so many text to phone them and i phoned them evrything was ok then i got acccept for 9000 grand, then they said can i get the bank details and gave them it, then phone went dead the the she came back from what every happend it wasnt hold, she said payment been took, 69.90 then relised i need that money. i said can i cansel she tranfered me to another guy who tryed sell me a debt wipe thing he tryed bullie me into buy this.then he hanged up i phoned back and got a lady saying we can only over you 5000 i need 9000 so said i want to cancel she tranfered me again finily go someone the lady told me i need write a letter she was tolaly ignorant,during this the phone kept going quiet and none was here so iv write a letter and sent it and ill keep phoneing until i get my money back, i am going to trading standards. never use yes loans
The same as everyone here YESloans, after 10 minutes into the call after being transferred to one person then another, I decided to cancel my application, and was told “that’s ok, your application has been cancelled, however you must also send in a letter to this affect” what happens about my £69.00 fee, that must also be included in my letter, I have had 5 calls from YESloans and after they have confirmed my name the calls are ended. After some 15 attempts to call them back and after being put through to the refund dept every time, the calls are ended after approx 15mins. Seems they have screwed me also! And like a lot of people on here, I wish I had read this before calling them.
i applied to get 500 pounds then told them iwas not intrested they then took 69 pound thje following day, i have been told i have to write to their address to claim my money back which will take 30 days. Pleasd anyone dfo not use this company they lie and are not trustworthy. Like i say avoid at all costs.
Whatever your situation, DO NOT use yes loans to obtain a loan. I applied in November of last year, duly sent back my signed application with my Bank details. I was accepted for a loan and told what the repayments would be. Yes loans took £59.50 from my account without my permission, and I have yet to see any paperwork from any loan company. I have requested a refund on 4 separate occasions by letter to no avail until the last letter which pointed out they are in breach of contract. I had a reply dated 01/04/2009 saying my refund would be issued within the next 14 days. It's now April 21st. After contacting them yet again by phone I have been told that 14 days is a misprint!! and it should be 28 days. I have now passed all the information to Consumer Direct, and also the Financial Services Ombudsman, who are writing to Yes loans on my behalf. They like to say yes to get your fee but when it comes to a refund they are not so quick!!
I began my application with Yes loans back in February and I am still awaiting the paperwork form them. Again, in good faith I paid the £60 odd quid in order for my loan application to "Complete in 5 days" and guaranteed by my advisor but as I said - we are now on the 20th April and paperwork hasn't even arrived despite it having been posted twice.
I have called them repeatedly and they either just hang up the phone on you or say that they will connect you "Directly to a lender" who’s criteria you do not meet and even a Mr Adam Mathlyn, one of the Yes loans advisors tried to get rid of me by giving me an incorrect number beginning with a 0270 pre fix.
I still wish to pursue the loan and have given them one last chance to send me the credit agreement and loan paperwork but I am furious with the service given to me by their advisors and feel I haven’t been treated fairly at all.
I had a phone call from Yes Loans in Januaury. Like most of you they also took £59.50 from my account without my permission.
On Feb the 16th 09 I wrote them a letter explaining my situation. I also stated that...
''Yes Loans contacted me offering me a loan and asked for my account details which I assumed would be to take the monthly payments by direct debit from my account.
I feel I was mislead into giving my account details as I trusted the company.
This is shown in the Misrepresentation Act 1967, arguing that you induced to enter the contract by misleading me as to what my bank details would be used for.
Furthermore, Section 155 of the CONSUMER CREDIT ACT 1974 states that a credit broker can charge no more than £5 for their services if you do not enter into a relevant credit agreement within 6 months of the 'introduction' (i.e. you do not take out a loan with one of the credit companies they recommend). If they have already charged more than £5, the excess must be refunded upon request.
Therefore, I can claim back anything over £5.
I am happy for you to take the fee of £5 which is the maximum amount that you are legally allowed to take from my account with my agreement but I would like a refund for the remaining £54.50''
I made no phone calls to the company as they are chargable
I stated in my letter that I will be giving them 1 month to respond before I take legal action.
Yesterday (19th March 09) I received a letter from them with a cheque for £54.50 attached!
Make sure if you are going to do the same as me that you keep copys off all of your letters and sent them to...
Yes Loans Ltd
Tintern House
William Brown Close
Llantarnam
Cwmbran
NP44 3AB.
Hope this helps and I shall be skipping to the bank to cash my cheque!!
I have just recieved my money back from Yes Loans, it has taken since October, but the only things I can suggest is to just keep on at them or you will not get your money back. I had to send a letter of complaint in, and threaten them with legal action before I got my money back.
Also use their call back service, as the line you call costs about 10p a minute! (there is a link on their website, just ask to speak to admin when they pick up)
They will tell you that it is being sorted, that they have sent it out etc, but keep calling them if it still doesnt turn up.
If you do choose to threaten them with court, you would need to state that they are in breach of:
Consumer Credit Act 1974 Section 155,paragraphs 1.21 and 1.22.
So good luck to all you guys still chasing your money! remember don't give up its your money not theirs!!
I find it very starnge how all of a sudden there are soo many positive comments about Yes Loans! I do not believe that these are true customers, seems like the staff at Yes Loans have too much time on their hands. I was speaking to a 'senior assessor' today who informed me that there were soo many complaints to deal with at the minute, there is a back log they are trying to get through, my refund will be with me shortly, there are soo many customers seeking refunds!! No wonder its currently taken 3months and still waiting, there must be hundreds of unhappy customers wanting refunds! Extremely poor customer service, rude staff, poor management!!
If you get a loan now via Yes Loans they ask you to leave feedback on a few listed websites so here is mine. I called them after looking for a loan on the net. Filled the form in which was pretty extensive I then got a call back within an hour to confirm all the details. I paid a fee for them to get the loan I was sent the forms which was received 2 days later as per the phone conversation I then received a further telephone call in which I had forgot to send some information being my payslips these were then sent. The loan hit my bank account 11 days later. The only problem I see is the fact I didn’t know the loan was in my account and had been there for two days without me knowing so I should have been checking my bank account every day
Add a comment about this blagger
Visitors to the site are reminded that the details contained within user comments are uncorroborated and as such should not be read as fact but as the opinion of the person who left the comment.
Comments:
Write to:
Customer Services Department
Yes Loans Ltd
Tintern House
William Brown Close
Llantarnam
Cwmbran, NP44 3AB
Ref: Loan Application Cancellation
I am writing to you to confirm that I would like to cancel the loan application request with immediate effect. Please find enclosed the unsigned application form as I do not wish to apply.
Therefore please could you refund my application fee of (EG £64.90 INSERT CURRENT AMOUNT) which was taken from my account on (INSERT DATE). This excludes the £5 brokerage fee as per your terms and conditions (see below).
Fees
10. We charge a fee of £69.50 for providing the service of acting as a finance broker. However, this does not include the service of brokering short term (or 'Payday') loans where the repayment term does not exceed one month, for which We do not charge any fee. We specify the fee as part of our communications with You. If You do not enter into a loan offered by a lender or financier within the 3 months We act for You, We will refund the fee less the £5 brokerage fee provided for by the Consumer Credit Act 1974. Refunds must be requested in writing to avoid repayments being sent to a wrong address. To facilitate Us processing payments and repayments You authorise Us to retain your charge, credit and debit card details. If a lender or financier makes You a loan or finance offer, in addition to the fee We may also receive a variable commission from the lender or financier (more detail is available on request) and You agree that We may retain it.
11. If We provide services other than acting as a loan or finance broker, We shall be entitled to charge a fee for those services.
12. Under Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days of receiving these terms and conditions and receive a refund. If You wish to cancel your application, You must write to Yes Loans Ltd notifying us. In this event We will refund your fee within 30 days of the date on which We receive your written request to cancel your application. Any such requests should be made to: Customer Service Department, Yes Loans Ltd, Tintern House, William Brown Close, Llantarnam Industrial Park, Cwmbran, NP44 3AB.
After reading the diabolical reviews for Yes Loans Ltd on various websites If I do not receive a full refund of this amount within 30 days of the date of this letter, (INSERT DATE FROM 30 DAYS OF LETTER), I will without hesitation or notice be reporting your company to the Police Economic Crime Unit for fraud. To be reported to the Action Fraud Unit under Advance Fee Fraud. I will also report this to the Financial Ombudsman if the full refund of £64.50 has not been received on or before (INSERT DATE).
Yours faithfully,
Worst company in the history of telephone answering, iot has cost me more than my loan amount, watch the 14 day rule, they provided 87k in loans at 69.50 fee and another 250k they done nothing for and try to keep the fee £5 x 250 ?
BE WARNED KEEP AWAY, ands report to; complaint.info@financial-ombudsman.org.uk
After they had compiled their information about me about getting this loan, they then told me I had to pay a fee of £69.50 (they should have told me from the start but hadn't) and tried to cancel my application with them there and then whilst on the phone to an advisor organizing the loan.
Whilst attempting to cancel the application, I was then transferred to another Yes Loans advisor after a 15 minute wait and explained that I wanted to cancel my application and any withdrawal of the fee that they had taken my bank card details. The new advisor told me to put in writing a cancellation of my application and to stop any pending fee from leaving my account (they did not specify/inform me of any time-scale for this.
A few days later, I had sent a written letter to them via a prepaid envelope they sent with a copy of my loan application. I requested that they cancel my application immediately and to stop money from leaving my account when I had not agreed to a loan offer. I had also sent a next day recorded letter stating the same request but had been horrified to learn that they had taken out the fee payment anyway and did not make any attempt to contact me upon receipt of my letters.
I tried to call them today but they put me on hold for 35 minutes so had to end the call when I was using a friend's phone. I then faxed them through a letter explaining my attempts at sending letters to notify them that I was not wanting to take out a loan and their ignoring my requests; taking the fee unauthorized was highly unacceptable and for them to contact my support worker immediately given that I am a vulnerable adult.
They had been given sufficient opportunity to read my previous letters sent to them and to act upon my request to cancel the application for a loan and stop the pending fee, so am bewildered and left feeling angry and distraught that they seemingly appear to be abusing their own powers outside of their own regulations. You are entitled to a full refund within the 14-day period of application, but even though I have given them my cancellation letters well within this time; they have done nothing to contact me or refund my account with what they have taken.
If you paid via credit or debit card ask your bank about initiating a chargeback, you wont lose £5 you wont get charged it will not cost a penny.
Section 75 of the credit consumer act states: -
75. — (1) If the debtor under a debtor-creditor-supplier agreement falling within section 12(b) or (c) has, in relation to a transaction financed by the agreement, any claim against the supplier in respect of a misrepresentation or breach of contract, he shall have a like claim against the creditor, who, with the supplier, shall accordingly be jointly and severally liable to the debtor.
(2) Subject to any agreement between them, the creditor shall be entitled to be indemnified by the supplier for loss suffered by the creditor in satisfying his liability under sub-section (1), including costs reasonably incurred by him in defending proceedings instituted by the debtor.
(3) Sub-section (1) does not apply to a claim:
(a) under a non-commercial agreement, or
(b) so far as the claim relates to a single item to which the supplier has attached a cash price not exceeding £100 or more than £30,000.
(4) This section applies notwithstanding that the debtor, in entering into the transaction, exceeded the credit limit or otherwise contravened any term of the agreement.
(5) In an action brought against the creditor under sub-section (1) he shall be entitled, in accordance with rules of court, to have the supplier made a party in the proceedings.
Also banks and visa have an agreement for debit cards so you are afforded the same protection on purchased of between £100 & £30,000.
I think if enough people do this, then perhaps we can get visa to close their merchant account meaning they can no longer take visa debit/credit cards.
Good luck all.
I too phoned yes loans and paid the £69.50 (in a moment of madness I needed some quick easy cash but glad i didnt go ahead now) - I was made to believe that the loan had been accepted and then afterwards told I would need to travel with proof of id etc on a 40 mile round trip and then an hour to go through another application so I decided to cancel within 10 minutes. Anyway they had taken the £69.50 and after I read these posts I knew I would be facing a battle to get my money back.
Just got refund yesterday after 6 weeks and here are a few tips:-
1) dont even attempt to speak to them on the phone. Not worth your time, money and effort and the stress.
2) Write to them (preferably recorded delivery) and you might as well have your next letters ready dated in advance as they will ignore the first few.
Letter 1 - write and ask them to cancel your application as per the Financial Services (Distance Marketing) Regulation 2004.
Dated a week later
Letter 2 - write and tell them that as per your previous letter of x date that you expect your refund within 30 days which is x date
Once the 30 days is up
Letter 3 - write and tell them that as you are disappointed that they are ignoring your letters requesting a refund and you are aware that afer a little research on the internet this is obviously common practise for them. Explain you are aware that they have already been investigated by the OFT(press release 8/5/09) and you now consider that they are not complying with the requirements imposed.
Add to the end ' Failure to refund me within 10 days from the date of this letter then you shall pass the details to the OFT'
CHEQUE SHOULD NOW ARRIVE WITHIN 10 DAYS.
If it doesnt then you will to pass the details to the OFT but they wont want it to get to that stage.
Any problems with your refund refer to Section 155 of the CONSUMER CREDIT ACT 1974; states that a credit broker can charge no more than £5 for their services if you do not enter into a relevant credit agreement within 6 months of the 'introduction' And write a formal complaint to the manager also keep a copy and send a copy to the Ombudsman.
You will receive a reply within 5 working days. (Should do, if you dont the only way is to keep pesterring them)
the trouble i have had... i applied online through a website which lead to being contacted by these so called friendly customer service consultants. they fed me with a load a rubbish confirming a loan amount, monthly repayments, to which i paid an application fee of £69.50.. and never received anything! ive contacted on numerous occasions to be stuck on hold for up to 29minutes! which I might add cost me £22 in my credit. when i did get through i was spoken to sooo rudely and they cut the phone off!
ive actually reported every person i have spoken to and the company to the Financial Ombudsman, although it doesnt say on their website they are regulated.. so if you have hassle trying to get a refund or bad service like i have write to them and they will look into it for you!
Its amazing how it takes two seconds for them to take a fee and give you a quote, but then 4 months to cancel and have a refund! they are possibly the worst company along with the 'unsecured loan company' i have ever dealt with. wish id have found this website prior to applying.
I have called them repeatedly and they either just hang up the phone on you or say that they will connect you "Directly to a lender" who’s criteria you do not meet and even a Mr Adam Mathlyn, one of the Yes loans advisors tried to get rid of me by giving me an incorrect number beginning with a 0270 pre fix.
I still wish to pursue the loan and have given them one last chance to send me the credit agreement and loan paperwork but I am furious with the service given to me by their advisors and feel I haven’t been treated fairly at all.
On Feb the 16th 09 I wrote them a letter explaining my situation. I also stated that...
''Yes Loans contacted me offering me a loan and asked for my account details which I assumed would be to take the monthly payments by direct debit from my account.
I feel I was mislead into giving my account details as I trusted the company.
This is shown in the Misrepresentation Act 1967, arguing that you induced to enter the contract by misleading me as to what my bank details would be used for.
Furthermore, Section 155 of the CONSUMER CREDIT ACT 1974 states that a credit broker can charge no more than £5 for their services if you do not enter into a relevant credit agreement within 6 months of the 'introduction' (i.e. you do not take out a loan with one of the credit companies they recommend). If they have already charged more than £5, the excess must be refunded upon request.
Therefore, I can claim back anything over £5.
I am happy for you to take the fee of £5 which is the maximum amount that you are legally allowed to take from my account with my agreement but I would like a refund for the remaining £54.50''
I made no phone calls to the company as they are chargable
I stated in my letter that I will be giving them 1 month to respond before I take legal action.
Yesterday (19th March 09) I received a letter from them with a cheque for £54.50 attached!
Make sure if you are going to do the same as me that you keep copys off all of your letters and sent them to...
Yes Loans Ltd
Tintern House
William Brown Close
Llantarnam
Cwmbran
NP44 3AB.
Hope this helps and I shall be skipping to the bank to cash my cheque!!
Also use their call back service, as the line you call costs about 10p a minute! (there is a link on their website, just ask to speak to admin when they pick up)
They will tell you that it is being sorted, that they have sent it out etc, but keep calling them if it still doesnt turn up.
If you do choose to threaten them with court, you would need to state that they are in breach of:
Consumer Credit Act 1974 Section 155,paragraphs 1.21 and 1.22.
So good luck to all you guys still chasing your money! remember don't give up its your money not theirs!!
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