Hi, wondering if someone can advise?

I recently applied first time ever for a loan and was accepted by yes loans (or so i thought)

They called me and said yes they could give me the amount i was looking for and would send me out an agreement form to sign. A few days later the agreement form came with the information of amount asked for, amount repayable and monthly repayments. I signed the forms and filled in my debit details so they could take an administration fee of 50 quid and sent them back. They sent me a letter stating they were processing my application and it would take 7-10 days. After 10 days i hadn't heard anything so i called them and was told I'd had an offer of half the amount I'd asked for from a different company, i was confused and the person at the other end of the phone explained that they were a broker, i was annoyed as it was portrayed to me in the 1st phone call was that i was taking the loan out with them and not that they would search for a loan on my behalf (Even their website portrays this)

Anyway i have now found the money i needed all by myself and phoned yes loans to cancel my application, i told them their services weren't needed as I'd found the money elsewhere. I have now received a letter confirming my cancellation and telling me i am entitled to a refund on the admin fee minus 5 quid for their costs, that's fair enough. Problem is i have to wait until 24/07/07 until i can have my refund because i have to wait for a 6 month period after signing under the consumer credit act of 1974. I have looked at this act and found this-

section 155-right to recover brokers fees

The consumer is not entitled under section 155 to a refund of any fee or commission until the 6 month period has elapsed, although he may have such rights under contract law. There is also no legal obligation on the broker to make a refund following the expiry of the 6 month period unless the consumer so requests, although the office (of fair trading) might regard it as an unfair business practice if the broker did not offer to do so, or if he adopted a policy of making consumers wait the full 6 months before providing a refund in cases where it was obvious well before then that no loan would be forthcoming.

The letter has stated that i may have a refund after 24/07/07 but i have to contact them on or after this date to claim my refund and have a cheque issued to me.

When i canceled my application i made it clear that i no longer needed their services as I'd found the money i needed elsewhere and a loan was no longer an option required so can i ask for this refund now under the information above in section 155, could i argue that their sales person was deceptive and deceived me into thinking i was taking the loan with them as well or should i just wait?

Raver:-|

Phil_charman had success with 'yes', it might be an idea to read his thread, I found it on the same page your thread is on.

Hi Adam, thanks for that, will look at it.

Raver.

Actually, I can understand the reasoning.

Say that you know that they are a broker, decide to use them to do the legwork and find you the right loan. Once you have the paperwork and credit agreement, you then find out that the lender is actually X bank. You could then in theory cancel the agreement, approach X bank directly for the loan, thereby depriving the broker not just of your fee, but also what they get from the bank for brokering the deal. The 6 months is obviously there to prevent this kind of things. So that makes sense.

Edit: Just noticed date of the first post, grrrr.

Hello to all having problems with those EDIT at yes loans I like say myself and my wife made a loan enquiry to them because we were struggling to make ends meet as i lost my job in nov07 the women i spoke to took our details when i said this was just a enquiry she your details are safe and share them with anyone else now about a week later she called us my wife said we changed our minds and details deleted and now the nasty bit in late feb08 we had someone call us asking to speak to my wife as she is from sri lanka this person got racial and abusive with her it happened from 1 30am to 2am with a witheld number 10 times it rang i got checked out with B.T. and the police they told us it was a employee of yes loans who used his mobile to call us the police are calling trace on our phones and many more loan companies call us and still today no letter appology from them and my wife is scared this creep still works there i was told MY ADVICE IS TO THINK CAREFULLY BEFORE TAKEN A LOAN OUT WITH THESE EDIT