No Worries Loans and Yes Loans

[bitsboy]

You can currently listen to the programme here -

 

BBC - BBC Radio 4 Programmes - Money Box

[no to yes loans]

Check me out on facebook Noto Yes loans and the group that I have joined - lets give them hell

[Wonderboot]

:D:D Persevere, guys and gals. I received my full refund £59.95 cheque today, at last, nearly eight months after my initial request.

 

You CAN do it. Just never let up until you get what you want. I was on the point of giving up so many times but at last it's paid off.

[ics2s3b]

treid to fleece my colleague today - he said no to the charge, then cehcked on the net. Saw all the horror stories so went to his bank and told them about it. They spent an hour changing his bank account for him so they couldn't take any cash out. Barclays knew all about them and thier fraud. Bandits! they're up there with the Private Parking Companies!!!

[akp08]

No Worries charged me £79.95Their sister company BCC charged me £245.00 without my authorisation.

I am down by £324.95

I actually feel sorry for the people who work there......they are gonna upset someone who is gonna do something silly to get their money back!!!!

KEEP AWAY.......KEEP AWAY......KEEP AWAY.....KEEP AWAY.....

[akp08]

unfortunatley myself and my partner went to no worries loans in november but we told them w never wanted a loan and yet they still took the money, we then had to wait 60 days (there rights apparently?) but we still never got the money in january we were told to wait till feb 13th but when we phoned the machines were down and they couldnt transfer the money although we were HIGH PRIORITY! Told to wait 7-10 days but money still hasnt went in and no sign of cheque they said might be posted inplace of the transfer taking place.

I have wrote numerous emails to them (no replies surprisingly) , recently wrote to the financial ob and at the wekend wrote to steve carwford after reading about him on here. have tried to phone today without success as no one has answered !!!

 

I am now going to the national papers would anyone mind if i used there letters aswell as mine??

 

they screwed me too......i feel like going round there and causing a scene!!!

[loppylou]

I personally used to work for Yes Loans.

Now I appreciate that all of you have had bad experiances .. but loans is not the only thing yes loans do. If you actually had look at the services that they offer you would be able to appreciate the good the company actually does. They stop peoples homes from being repossesed, Help claims back PPI that was unlawful and also try to wipe off debts for those who dont really need to be paying it back. I'm aware of some one that had 60k worth of debt and yes loans wiped 55k of it off for her .. that life changing amounts of money.

[ajax95]

Help claims back PPI that was unlawful and also try to wipe off debts for those who dont really need to be paying it back. I'm aware of some one that had 60k worth of debt and yes loans wiped 55k of it off for her .. that life changing amounts of money.

 

There are many disgruntled Yes Loans customers who would beg to differ.

[akm234]

just had a bit of a run in with this company. if having trouble getting any money back just mention bank intervention, fraud squad and trading standards and you have a solicitor/lawyer onto this company giving them all of the address details NO WORRIES LOANS LTD, Tintern House, William Brown Close, Llantarnnam Park, Cwmbran NP44 3AB. Tel. 0844 856 9021 Fax. 0844 856 9021. also watchout for no money worries debt co. just the same people wanting to con you out of more money.

[Private Copper]

Companies House has asked that any evidence of money paid to No Worries Loans Ltd in their name be sent to them.

 

[email protected]

 

 

Ref CH956120

 

"Should you have any evidence that No Worries Loans LTD has received income and paid that income into an account in its name, or has paid out any invoice etc by an account in its own name, and has therefore traded as No Worries Loans LTD and has therefore incorrectly filed a Dormant Account then Companies House would review that detail to determine if revised accounts are required.

 

 

You may also wish to contact the Inland Revenue with such evidence and maybe provide them with this forum reference also.

Edited June 2, 2010 by Private Copper

[noright]

Got stung by the same thing,

Before i detail my predicament can i just say.

I got off the phone with the ombudsman, the convo was going fine until i gave an analogy to which i was it was implied that what i just said was a stupid thing to say. What i said was, "it's like me going out and buying a gun and demanding money from someone, but it's their own fault for not being able to defend themselves." Now it's something i would never do and i maybe should of realised that people can be sensitive to such words as gun, but it's besides the point.

 

First time i have ever phoned someone for a loan, well known company telling me first thing on a morning that they need card details to verify my id and to put money in my account, upon reflection it was a dumb thing to do but apparently to some people that makes it ok.

Using these peoples analogy i need to go out and buy a gun and start stealing things from people at gun point because apparently its ok to take advantage of people less able than myself.

The reason this analogy (which appears at first glance to be wrong) is actually the same, is because on the 1 hand you have someone who has something that i don't which is the mental ability to take money from me against my will. on the other hand you have someone who has something that i don't which is a physical ability to take money from me against my will. It's exactly the same concept apart from 2 things, 1 uses a gun and is considered more violent than the other. But it's the same concept.

 

It's like saying if you live in a world of Derren brown's and they can pull some stunt on you which to them is a silly mistake to fall for, then in accordance with the analogies of said people. Because it's such an apparently silly mistake to fall for, that makes it ok for 1 of these Derren's to steal your wallet.

 

I know at this point people normally say sorry for the ramble ect. I think this is because these people are used to saying things that make sense to them only for others to try and say they are just going on, so as a way of trying to fit in they feel thay have to say sorry for the ramble.

 

I will say sorry for the long post, though i believe what i post to be logical, and I'm open to anyone who would like to try and point out the flaws in my logic through fact.

 

Anyway, i got stung by them, didn't give them permission to take any money, now not only have they taken £79 -odd but i am also overdrawn by around £29 through lloyds tsb who will do their damn best to ambiguously add charges on top of that, which they will demand i pay in 1 10th the time-frame that i am legally allowed to demand money back from no worries.

To which people will defend .. yes but its not your banks fault...

I don't care if it's not my banks fault, that shouldn't mean they have the legal right to use it as an oppertunity to add salt to my wounds...

 

Failing any argument to that some other form of low life will take 15 minutes out of their day to examine my post so that they can inform me of any spelling and or grammer mistake(s) that i made.

 

What happened to all the nice caring people in the world ?

Edited June 2, 2010 by noright

[Private Copper]

Got stung by the same thing,

Before i detail my predicament can i just say.

I got off the phone with the ombudsman, the convo was going fine until i gave an analogy to which i was it was implied that what i just said was a stupid thing to say. What i said was, "it's like me going out and buying a gun and demanding money from someone, but it's their own fault for not being able to defend themselves." Now it's something i would never do and i maybe should of realised that people can be sensitive to such words as gun, but it's besides the point.

 

First time i have ever phoned someone for a loan, well known company telling me first thing on a morning that they need card details to verify my id and to put money in my account, upon reflection it was a dumb thing to do but apparently to some people that makes it ok.

Using these peoples analogy i need to go out and buy a gun and start stealing things from people at gun point because apparently its ok to take advantage of people less able than myself.

The reason this analogy (which appears at first glance to be wrong) is actually the same, is because on the 1 hand you have someone who has something that i don't which is the mental ability to take money from me against my will. on the other hand you have someone who has something that i don't which is a physical ability to take money from me against my will. It's exactly the same concept apart from 2 things, 1 uses a gun and is considered more violent than the other. But it's the same concept.

 

It's like saying if you live in a world of Derren brown's and they can pull some stunt on you which to them is a silly mistake to fall for, then in accordance with the analogies of said people. Because it's such an apparently silly mistake to fall for, that makes it ok for 1 of these Derren's to steal your wallet.

 

I know at this point people normally say sorry for the ramble ect. I think this is because these people are used to saying things that make sense to them only for others to try and say they are just going on, so as a way of trying to fit in they feel thay have to say sorry for the ramble.

 

I will say sorry for the long post, though i believe what i post to be logical, and I'm open to anyone who would like to try and point out the flaws in my logic through fact.

 

Anyway, i got stung by them, didn't give them permission to take any money, now not only have they taken £79 -odd but i am also overdrawn by around £29 through lloyds tsb who will do their damn best to ambiguously add charges on top of that, which they will demand i pay in 1 10th the time-frame that i am legally allowed to demand money back from no worries.

To which people will defend .. yes but its not your banks fault...

I don't care if it's not my banks fault, that shouldn't mean they have the legal right to use it as an oppertunity to add salt to my wounds...

 

Failing any argument to that some other form of low life will take 15 minutes out of their day to examine my post so that they can inform me of any spelling and or grammer mistake(s) that i made.

 

What happened to all the nice caring people in the world ?

 

Your analogy seems fine to me. Some people at the Ombudsman are OK, others are pratts.

 

If you didn't give them permission to take money out you shouldn't ask them to return it, you should tell your bank it was an unauthorised transaction. They then shouldn't make any charges and refund the amount.

 

If the company has been accepting money into a bank account in their name before 31/10/09 then they have been trading illegally and 'defrauding the inland revenue' as they submitted a return to Companies House saying they hadn't traded up to 31/10/09.

 

see WebCHeck - Select and Access Company Information

 

You may wish to:

 

1. Contact your bank and say it was an unauthorised transaction.

 

2. If you want to do more you can ask your bank if the money went into an account in their name 'No Worries Loans Ltd'

 

If it did then you could contact the Inland Revenue (Cardiff office for companies is 029 2032 5003) and say they seem to have been trading before 31/10/09 as evidenced on this forum and whether they have informed the office they are trading. OR else you could fill up an internet form (most fields you could leave balnk or put N/A )http://tinyurl.com/yjqzkzj

[dexter-10]

i have made the mistake of simply enquiring about a loan with no worries loans, and after reading reviews such as these i told them i was not happy to go ahead with anything and told them not to debit my account as i did not have the funds anyway. the following friday i had 79.95 debited from my account! i also tried to contact them without any luck and alot of time listening to cheesy music before i finally got through to someone who had no record of me at all on the system. i have written them an email and am now getting whoever has been edit by this company to get together and sort it out. we have a much higher chance of gettin our money back and stopping this happening to other people if we get together in the masses (which im sure there are!) if anyone would like more information on this email me on email removed

Edited July 6, 2010 by IdaInFife
removed for personal protection

[bluehoon]

wow didn't realize so many people have been scammed by these people, my wife got caught by this company today so i have phoned the bank stopped the card and ordered the visa dispute form and too boot i have sent them this letter one way or the other i'll get our money back

 

luckily my daughter is a solicitor so it will go over to her for us

 

Your Ref: xxxxxxxx

 

''Dear Sir/Madam

 

I called to enquire about a loan today and gave my details in order to be provided with more information. I was told congratulations I had been successful with my loan but I had to pay £79.95 for administration of the loan, I was then put through to an advisor who told me the loan had been declined, the money had already been taken. As the information I had been given was a lie (and at best untrue) this money was taken without my consent. (for un supplied service)

This is theft by Deception.

 

I have just spent the past couple of hours on the telephone this morning trying to get through to someone who can assist me.

Having been transferred to the ''concern'' department several times, with absolutely no response, I am now writing to ask for the money back which you have stolen from me. No one seemed very ''concerned''.

The customer number I was given is 0871 4240240

Reference xxxxxxxx

At this time all I am writing to ask for is the £79.95 be refunded into my account with 48hrs of receipt of my letter, alternatively I will be seeking my costs which will include phone calls, letters and investigation time a list of costs shown at the bottom of the page, I will take your receipt of this letter and no contact by the close of business on the 25th September 2010 18.00hrs as your full acceptance of these terms which are no negotiable.

I look forward to you refunding my money directly to my account very shortly

Regards

 

Xx xxx xxxxx

My rates are as follows.

 

Letters written including postage £12.00

Letters Received £4.50

Phone calls all £1.25 per minute

Hourly charge for any other business £40.00

 

[TheAgent]

Be aware, folks.

 

Yes Loans and No Worries! Loans are the same company. They are trying to rebrand themselves as No Worries to avoid their bad reputation and swindle you all over again

 

The Yes Group (their collective name) is made up of the following companies:

 

1) Dial (formerly PremiumStar) - The Cwmbran based call-centre from which the Yes Group operates

2) Yes Loans - Loan Brokering service

3) No Worries Loans - Loan Brokering service

4) We Fight Any Claim (formerly Beneficial Claims, rebranded to avoid bad reputation) - Payment Protection Insurance Reclaimers

5) MoneyWorries - Debt Management service

 

Be warned that Yes Loans and No Worries loans are very much so two faces of the same company, providing the same crappy service and working with (with a few exceptions) exactly the same lenders such as FLM (guarantor loans), Provident Personal Credit (250%+ APR loans), Welcome Finance (who recently went bust, but will be operating again soon apparently), First4Credit, ACF Car Finance and PayDayUK (payday loans). Their sales agents work in the same call center and in the case of Yes Loans / No Worries! loans are sitting side by side, no more than six feet away from eachother, supervised by the same managers.

 

You might note that several of the companies above websites list a different registered address on their front pages (in the blah at the bottom of every page), but are required to show their actual business address and contact information on their about us / contact pages. This is particularly necessary for them in the case of No Worries Loans, all in an effort to avoid being associated with each other at first glance.

 

The real address is always:

Tintern House, William Brown Close,

Llantarnam, Cwmbran, NP44 3AB

 

Note the addresses in these pages at the bottom (which shows on every page) compared to the actual contact on their About Us page. The bottom of the page address will be the officially registered address of the business, invariably some small and mostly unused office in some random location in the country.

 

commercail links removed

 

Their imminent rebranding

 

Yes Loans has been operating for seven years and is well aware of its reputation and the public's increasing awareness of how they operate, and how Loan brokers in general are a swindle. They know their time is almost up, and know that they will have to shed their reputation if they are to continue swindling people. The fact of the matter is that No Worries Loans is a less well known name to the public. The entire Yes Group goes to great lengths to teach its agents from departments other than Yes Loans to tell people that they are seperate, unrelated companies, as do their websites. Even though they are sitting in the same room, if you asked them if they know about Yes Loans they will invariably deny all knowledge, or even denounce Yes Loans as a well known con and offer tips on how to get your money back from them. When asked about having the same address, they will simply repeat the above and point out that "many" financial companies operate in Cwmbran - though these companies are almost exclusively owned by the Yes Group.

 

The company has recently purchased a new, larger property in the Llantarnam Business park and is planning to use the extra office space to expand and helping disassociate themselves from the Yes Loans brand. Aside from the location, nothing much will actually be changing - the company will be moving its Yes Loans staff over to its cleaner No Worries brand and hoping to carry on as it has for another seven years.

Edited October 8, 2010 by IdaInFife
sorry but you cannot post these links

[flapper84]

Hello,

 

just come across this site after a little research and am greatful for the information provided, especially in the previous post by the agent.

 

i received a call from my fiancee early evening to say we had been accepted for a loan (we are looking to borrow 5k to consolodate debts) and she explained that after applying for a loan online with 'wentworth' she was then contacted 15 minutes later by a company called 'no worries loans' who told her she would be able to receive a loan, she was duped into giving her bank details (they claimed they needed them for security details) and told that if the loan was not successful she would receive a refund.

 

I told her immediately to call back to advise we were not interested in the loan and to ensure the bank details are not used however she was told another department would need to deal with this- she was then put on hold then hung up on!

 

she called back and spoke to someone called 'clark' who was aparantly really rude to her saying that to cancel she would need to put her request in writing, she politely told the guy that there was nothing to cancel- she just wanted to inform them that she didnt wish to go through with the application and therefore has not used any of their services and there is nothing to charge for. The guy continued to be rude stating 'I know the terms and conditions of the company i work for and am not prepared to argue about it'.

 

From reading the above posts it is clear these people are not interested in providing any level of customer service- is the best tactic for my future wife to contact her bank and inform them she was tricked into giving away her bank details & ensuring any transactions made by the company are cancelled?

 

it seems absolutly ridiculous that this company is allowed to operate like this- it made me so angry to hear about how friendly they were initially and then how rude they were when things were not going their way.

 

(sorry for the long post- really pleased to find this site, the other half was very upset and embarassed about the whole episode but obviously not alone)

[TheAgent]

If she has paid their fee, do not return their agreement, decline any loan offers you receive and do not accept any of their services if they contact you. The documentation you will receive clearly stipulates that you will give No Worries 6 months in which to find you a loan (also able to be found in the T&C on their website), meaning that if you sign and return it you will not be eligible for your refund during that period and are likely to give up or forget about it in that time. If you do not return the agreement and your wife was not naive enough to accept any of their services beyond No Worries Loans then you should still be able to get your money back.

 

Getting your refund sorted is - as you might guess from the complaints - a little trickier, but still absolutely possible as these companies are, when all is said done, well aware of their need to adhere to the law or face their Consumer Credit License being withdrawn. When she made the application, she was no doubt clearly told that they will only accept a refund request in writing, and that is something that is unfortunately true for customers. You will have to make the refund request in writing, quoting your reference number and other details. What you need to do is - as they are legally required to tell you during your application call thesedays, as they never used to - indeed clearly laid out in their terms and conditions. When they receive your refund request, they have 30 days in which to process the refund request and should return the funds directly to your bank account.

 

Send two identical letters, one day apart, to ensure that they are not "lost" in the post - the postmen in South Wales are apparently quite dire (cough) and tend to lose little things like refund requests en masse. Give them five weeks to be sure (as they will invariably dance around the issue before finally providing the refund within the legal time limit) and if they have still not provided you with a refund, then you'll have to take things further. Calling their Customer Care, or their Application line are both wastes of money, pure and simple. The application line will simply send you to customer care, and customer care will keep you on hold / randomly hang up on you, or simply tell you what I have told you already. Don't waste your time talking to them, your just racking up a phone bill. Just request your refund in writing.

 

*PRO-TIP* But there is a clever way to find out if they have received your refund request - meaning you can definitively start your stopwatch of 30 days for them to give your money back. After a few days when you've sent your letters, give their application line a call - or to be particularly clever and save your phone bill on an 0844 number, toss your phone number into the application on their website and THEY will call YOU- tell the application agent that you have made an application and aren't sure if you paid the fee or not. This will stop them hanging up on you and make them open up your application - because they think you are prepared to pay the fee if you haven't already. They will confirm Data Protection (3 questions minimum) then be able to talk about your application. When they are actually discussing your application with you, you can easily ask them whether or not they have received your refund request. Depending on who you are speaking to, they are likely to at least tell you if your refund request has been received or not, and are able to see on what date it was received. Of course they might just hang up, but you can easily try it again in a few minutes and probably get put through to another agent who might do it instead. This does work, and often much easier, cheaper and faster than contacting their Customer Care department.

 

I also put out a call for anyone who HAS received their refund from Yes/No Worries Loans after writing in to provide this forum with a word-for-word copy, or template, that people can use when doing so in future. Many people are unsure of how to word it properly, what information they need to provide and in some cases where to actually send the request. A template would no doubt be very helpful.

Edited October 13, 2010 by TheAgent
Adding more helpful information

[flapper84]

thanks for the advice, well since writing that post she contacted her bank to try to cancel the future payment (she didnt actually make the payment over the phone by card but said she would be able to make the payment on the 20th) however they said there is nothing they can do to stop the payment because she provided the bank details- it does not matter that they obtained the bank details by deception!

 

I then did something a little stupid and called them getting myself all worked up- they actually found it quite funny (and to be honest the guy was actually quite funny). They honestly believe they are doing nothing wrong and to quote him 'its not our fault if people dont ask us for more details'.

 

i will certainly be taking your advice and writing letters- rather than sending it twice i will just send one recorded delivery so i have proof of postage, i wil keep copies of all letters so that if no refund received within 30- 35 days i will go straight to the FOS (which from reading above i believe costs them £450?).

 

anyway on a much more positive note- i managed to get the 5k loan i was looking for yesterday and the funds all ready paid into my account- i used ratesetter which is a peer to peer lending site! i would reccommend them to anyone as it cuts out the middle man.

[TheAgent]

Warning: This is a long post. The short version is; don't trust No Worries or Yes Loans.

 

To be fair, Yes Loans / No Worries do clearly inform people that they are a loan broker, and when asked they are trained, instructed, supervised - and are legally required - to explain that the loan is not guaranteed, and that the payment does not finalise your agreement with them. The company does actually take blatant lies (e.g. You have been approved for the loan, it is guaranteed, we are a lender, expect the funds within X time) by its agents very seriously, because the calls are monitored and recorded by a Quality Assurance department who know that not correcting and acting upon those lies can result in FOS / County Court action and if done en masse the revocation of their consumer credit license. It is absolutely 100% a person's own fault for not understanding the difference between many of the following, and it is this lack of understanding that they prey on. Their agents are trained to deliver their scripts smoothly, calmly and confidently to the degree where people will simply accept what they are saying as something else, and a certain deal. This is because the more confident they sound and smoothly they deliver their scripts, the less likely you are to interrupt them to question their apparent wisdom.

 

I'm somewhat bored, so have decided to hark back to my days with the company and reveal / explain some snippets from the Yes / No Worries loans sales scripts can help explain some examples of what people are told during their application, what they (being unaware of the subtle differences or clever wording) tend to glean from those words, and what those words actually mean. More importantly, it provides some insight into how people really fall into the trap of paying the fee when they didn't really want to, or don't really understand (and aren't inclined to ask about) exactly what is going to happen, or what the company does.

 

--- Credit broker statement ---

 

What they say: "We are licensed credit brokers, working with the top UK lenders to provide you with the best loan to suit your circumstances."

 

What people hear: We can provide you with a loan.

 

What it actually means: We do what you can do with five minutes on google and a bit of know-how. But we are in no way, shape or form a lender. We have no idea if you will actually be accepted for a loan.

 

--- Consent to credit checks ---

 

What they say: You will be credit checked to help us find the best financial solution / loan for you. But don't worry, we specialise in dealing with people with adverse or damaged credit histories, including CCJs or previous bankruptcy. As long as you are not currently bankrupt / involved in an IVA - we can help you.

 

What people hear: They want to provide me with a loan, so of they need to credit check me. They know I've had trouble, that's why companies like them exist, to help me.

 

What it actually means: Yes Loans / No Worries do not perform any credit checks themselves. Their lenders and partner company's will, and the subtle wording means that you are giving consent to multiple credit checks rather than a singular credit check. Each lender will credit check you individually when you are submitted to them, each leaving their mark on your credit file and worsening your chance of finding finance elsewhere from more appropriate lenders. Loan brokers will of course tell you that your credit history doesn't matter, because as long as you are not currently bankrupt / in an IVA it is possible for you to get credit, however crappy the rate. They don't care about your credit history, because your credit history does not effect them or their decision - they do not base any of their decisions upon it. Their actual lenders do, however, and are likely to decline you because of these reasons - or will provisionally accept you, the provision being that you have a guarantor with a perfect credit history. Hence why you will apply, be told you are accepted, but often be declined by the actual lenders.

 

--- Getting your card details ---

 

What they say: "You will need a current credit or debit card for a standard loan security check. This will dramatically improve your chances of getting a loan."

 

What people hear: I need to confirm my identity to them. It would be silly of them not to do that before loaning someone money.

 

What it actually means: You need a credit or debit card, because it lets them take money from you with nothing but your verbal consent. Your card details have nothing to do with your identity in this case, and in reality have rather little to do with your ability to repay a loan - accounts can be capable of direct debits, standing orders, transfers and other methods of payment without having a debit card associated with them. It doesn't even have to be your card that you provide the details for, you can just tell them its yours and lie about the name on the card and they will accept it. As long as you provide a valid 16 digit number, start/expiry date and security code you will pass their "security check".

 

Your card details are asked for under this false pretense because they discuss the fee with you after delivering the as described in the next section - seemingly excellent news of being accepted for a loan at a very reasonable rate - you will be much more inclined to agree to something without really understanding what they actually mean. They will have a single button to push to take their fee from you, because they already have those card details in front of them ready to take the payment. They will do this the moment you consent, generally without double-checking if you understood the question.

 

It is done this way because few people would accept being asked for their card details twice, or asked for them AFTER they have been told they are accepted for a loan. They will ask alot of questions, and it would make the fee-taking more prolonged, increasing the window of opportunity for you to say no, and decreasing the chances that you will misunderstand and agree to them taking the payment. People who apply with brokers have usually been declined elsewhere - often repeatedly - and will be elated enough not to be paying full attention when the Agent they are talking to whisks over the fee script in under 5 seconds, and will foolishly say yes to the payment. You soon realise this when you are contacted by the lenders - and by lenders I mean FLM, the guarantor loan company, because there aren't really any other lenders willing to work with Yes in most cases - you will be asked to provide ACTUAL evidence of your identity, including photocopies of passports/utility bills and other such genuine pieces of proof.

 

More in the fee section.

 

--- FEE SCRIPT PART #1 - I've been accepted! Thats like being approved! ---

 

What they say: "I have some good news for you! You have been accepted as a client of Yes Loans / No Worries! loans, congratulations!"

 

What people hear: I have been accepted for the loan we just spent 10 minutes discussing. Hooray!

 

What it actually means: You have a pulse, a bank account and it is legally / technically possible for you to find credit. You have in no way, shape or form been approved for any kind of loan. The main reason they are able to say this is because if you are legally capable of getting credit, at least one of their lenders - generally FLM for most loan brokers - will provisionally accept anyone, but to actually be get the loan they will require a guarantor (homeowner) who passes their credit check on your behalf. You do therefore technically qualify for a lender, and thus you are acceptable as a client. People simply misinterpret this acceptance as actual approval. You will be told that Yes / No Worries do not require guarantors, and again they are technically right - because they are a broker, and it is their partner companies who do - not themselves. This assumption is reinforced by their next tidbit, read on.

 

--- FEE SCRIPT PART #2 - Reinforcing your assumptions, the example rate ---

 

What they say: "The example rate in front of me today shows that if you borrow £X amount, over Y months/years you will be paying Z amount per month! That sounds affordable to you, YES?"

 

What people hear: "I've been accepted, and this is how much I will be paying each month. Thats not so bad! Yay!"

 

What it actually means: This is clearly stated as an example rate, it has no actual bearing on anything and is not indicative of what you will actually receive. It is stated purely to reinforce your assumption that you have been approved for a loan, and to add an air of legitimacy to this assumption. You may think it is based on your circumstances, and technically it is - because your circumstances say you can get credit. But it is one generic formula, make no mistake. No matter what your monthly income, expenditure, admitting to previous bankruptcy / CCJs that would obviously effect rates for an actual lender, you will always get the same example rate from these companies (provided you apply for the same loan over the same period). This example interest rate - especially when applying for a loan over 12-36 months as many do - can be calculated as somewhere between 15% and 25% APR, which is obviously above the 8% to 20% Good/Fair credit rating rates banks will charge for the same loan, without being ridiculous (as the actual rates from their lenders are). This again reinforces the belief that people have been approved for the loan, because the example repayments appear so realistic and believable. The reality is that the best rate you can expect is 45% APR, and that is through FLM with a perfect guarantor.

 

--- FEE SCRIPT PART #3 - Further reinforcement of your assumptions, also known as "The Agreement" ---

 

What they say: "What we're going to do is send you all the paperwork and documentation you need to see, YES?. You just need to read over it, make sure all the information is accurate and correct, then send it back to us with your signature, YES?"

 

What people hear: I knew there'd be some paperwork involved. But it makes sense they'd need some sort of written agreement, right? All I need to do is sign and return their paperwork and its sorted.

 

What it actually means: What you are sent has nothing to do with the loan. It is simply the loan brokering agreement, which actually looks quite fancy and legitimate, similar to the paperwork for an actual loan. But bear in mind you have already given consent to the credit checks, they are inevitable and unstoppable while your application is still open. This agreement is by no means an easy read, but includes several causes that make it a pain in the ass for you to get your money back. Its main purpose is that when you have signed and returned it, you have agreed to give the company 6 months in which to keep trying to find you a loan, passing your information to their partner companies, allowing them to contact you (in a manner bordering harrassment) and are not entitled to your refund during this period.

 

They are technically correct. This is all the paperwork and documentation you need to see - for the loan brokering application you have just gone through. If you are actually contacted by a lender, you will basically go through a proper application all over again, including the need for you to send photocopies of various documentation, possibly even a fully copy of your credit record from the credit agency of their choosing (which you will need to request via DPA directly from the company, also having to send them a swathe of information to prove your identity).

 

--- FEE SCRIPT PART #3 - Dodging the question of if the loan is guaranteed, the final build-up to the fee ---

 

What they say: "As you are probably already aware, here at Yes Loans / No Worries we do charge a standard one-off processing (or administration) fee of £69.50 (Yes Loans) / £79.95 (No Worries). Now although this fee doesn't finalise our agreement today, basically as long as all the information you have provided is true and accurate there should be no problems. We aim to complete the process for you within 4-5 working days. YES?

 

What people hear: There's a fee, go figure. But its only £9.50 I think he said? It might have been £69.50. But I'm borrowing £5000, thats nothing to pay for getting that loan in a week. I told them the truth during the application, I was pretty accurate about my address history. There should be no problems, this is easy!

 

What it actually means: You are eligible to enter our loan brokering agreement, and as a broker we charge a brokering fee. Your application for our service has been accepted based on the information you have told us during the application, which indicates it is legally possible for you to obtain credit. This information has not been confirmed by any further checks, so you better not turn out to be 14 years old or you'll have wasted our time. Our ADMS (advanced data management system) has already forwarded your application to our lenders, already returning a result as to whether or not you are provisionally accepted / qualify for them. They should get in touch 4-5 days after you have returned your agreement to us and we give them the green light to start harassing you.

 

--- The Fee ---

 

What they say: "So I'll authorise (or process) that payment for you now, YES?"

 

What people hear: "Yes?"

 

What it actually means: You are giving verbal consent, after having provided the agent with your account and debit card information. The moment you say yes, they are able to attempt to take that payment.

 

--- We like to say YES! ---

 

What they say: "Yes"

 

Note carefully the order, build-up and psychology toward the fee scripts. You go through some serious questions, provide very sensitive information and are intentionally left in limbo with cheesy music while the application agent seemingly decides your fate and - you are led to believe - reviews your credit history to determine if you will be approved for a loan or not.

 

The moment you are brought off of hold, the fee script commences. This is where the majority of a - particularly for Yes / No Worries Loans - phone salesman's training goes, all of their focus channeled into these few, brief moments which are engineered to make you say yes at a particular moment without really thinking about it. Everyone knows that during a conversation, especially one where you cannot read each-other's body language, it is possible to verbally box someone into saying yes or no to something they normally wouldn't say yes or no to, getting them to follow your lead, verbally. The motto "We like to say Yes!" is not just a cheesy gimmick for advertisements, it is a somewhat cynical reference to the way in which the fee is taken from unprepared clients.

 

You are provided with a smooth, constant stream of very agreeable information, after which the agent will say "Yes?", provoking you into saying Yes. Notice that during the fee script you are prompted to say yes repeatedly, the agent will wait for you to say Yes before proceeding each time, further prompting you to say Yes so that you can get through the call quickly. This builds what is known as a "fixed action pattern", which instills you with a "compliance trigger" to say Yes after we end a question with Yes. We like to say Yes, because it conditions you to say Yes. It is a very basic, very effective sales technique - used to get you to say Yes to increasing demands, even though your not comfortable with it. We like to say yes, because you are likely to instinctively respond to the trigger. Now bear in mind that during the application you will have asked questions, and a well honed agent will have responded calmly, confidently and quickly to each question with a fluent, clear (and often misleading) answer.

 

As long as the fee script has been delivered in a confident, consistent manner it is likely that you will automatically respond yes when asked for verbal consent to take the payment. This generally results in one of two things - you saying yes and paying the fee, or you saying yes and your card being declined, often incurring bank charges in the process. This is in fact true for around 30% of applications. Thats right, that many of you will fall for the oldest trick in the salesman's book, and you'll fall for it to the tune of £70 or £80 if there are funds in your account, or you'll incur bank charges for a declined transactions.

 

--- Objection Handling - Getting the payment if the trigger doesn't work, or the card is declined ---

 

Objection handling is a loose term used to describe what a salesman does to get someone to continue down the path toward buying something. But this post is long enough for now, I think.

Edited October 14, 2010 by TheAgent
Adding a warning to the top :P

[flapper84]

that was an interesting read, its amazing how much trickery is used and in an apparant legal way! There is no doubt that this industry needs to be more tightly regulated- when a consumer makes a loan application it should be made very clear to them what services are being offered.

 

It is not morally right for someone who is potentially desparate to obtain a loan to be told ' your application has been successful' to be tricked into paying a fee which they probably cannot afford & will not end up obtaining any loan.

 

I received the no worries application form today and have prepared a strong worded letter demanding that they do not take any funds from our bank account and deleate all data held on their files with regards to my original application. I have asked that any fee which is taken is refunded back promptly and that i have not authorised them to handle my data- any misunderstanding which they had previously has been revoked and that any further dealings on their part will be reported as a breach of data protection. i then point out that IF THE FEE AND APPLICATION CAN BE MADE OVER THE TELEPHONE THEN IT SHOULD ALSO BE ABLE TO BE CANCELLED OVER THE TELEPHONE. it is not reasonable to expect a written application for an application to be withdrawn especially when the broker fee has not yet been paid and no service has yet been offered by the cpmpany- this is where i believe they have no legal right to take funds for the processing fee.

 

Of course they have not actually taken the funds yet & these are due to be taken ont he 20th October- by which point they ought to have received my letter (i will know because am sending it recorded delivery) It sickens me to learn that they have now been passing our details to other creditors to obtain credit checks and thus ruining our credit rating- i have worked very hard to build this up over recent years in hope of obtaining a mortgage in the not too distant future.

 

I feel cheated and angry- I am prepared to fight this all the way to the courts if necessary.

[TheAgent]

Actually, having re-read it there are a few small errors in what I've provided there and I should correct them for the sake of posterity.

 

Regarding the Refund

 

The first is regarding the refund. You are entitled to a full refund within 14 days of making the payment, and it is said this way to intentionally put you into the belief that you have 14 days to cancel before its concrete and that afterward you can't get a refund. Alot of people give up after this 14 day period, because the terms and conditions go on about 6 months like it is an infallible, unassailable period for the company to jerk you around. It is actually the case that you can cancel your agreement with them at any time, including requesting a refund. But after 14 days you will only be entitled to your refund minus a £5 administration / brokers fee (£64.50 for Yes, £74.95 for No Worries). Any and all refund / cancellation requests must be in writing, so don't bother calling their customer service line about it. Don't call about it, don't email about it, don't fax it, don't spell it out in the sky with one of those smoke-blowing planes. The reason it must be in writing is actually for much less sinister reasons than most people think - they provide their refunds in the form of a cheque via post, and part of you writing in includes you providing an address for that cheque to make sure they get it right and don't need to do it twice. Incredibly annoying - intentionally to make people think it is easier to be strung along than wait 30 days and have to go cashing a cheque - yes. But it does happen.

 

Regarding the lenders - and in part, your refund

 

The second correction is regarding the lenders. The company only really has two lenders. The rest of their "panel of lenders" doesn't really exist, or are lenders in the absolute loosest sense of the word. The two real lenders though? Both of them exist solely to help implement certain technicalities. FLM are of course present because anyone capable of breathing in and out is capable of "qualifying" on the condition that they are able to find a guarantor - no matter how bad your personal credit rating. As far as I am aware, the only way you can fail to "qualify" with FLM is if you are over the age of 65-70 (not entirely sure, its been a while). The second, more devious lender, is MEM Capital. Whiich is actually just another face of PaydayUK. When you go through an application with Yes/No Worries, you will (if you meet certain basic criteria and are paid monthly) be passed on to MEM. For every £100 you borrow you will usually pay back £125. Now obviously them making that much off of you is a good thing for them and you do actually get a payday loan if you want one. The real gem comes when you've paid their processing fee and then take the payday loan. This counts as your having found a loan through their (Yes/No) service, and thus voids your right to a refund. So if you pay the fee, borrow £300 to bridge the gap between now and you getting the loan, you'll be paying £375 back and never get your fee for either company back - meaning it really counts as paying up to or over £450 for a £300 payday loan. All while having no chance of ever seeing the actual loan you applied for. Clever eh?

[rachelhoney]

I'm really sorry to hear you've been caught as I was with Yes Loans. They took £79.95 from me without consent. I have just been contacted by another company called No Worries loans and went through the whole procedure again. When he asked for the security code on the back of my card I refused to give it to him because I know that they need that to take a payment. The guy insisted over and over again that he promised he would take no payment from me. I asked for his name and the address of where he works. I looked up the address on the internet while I was on the phone to me and he was still swearing that he wouldn't take any money from my card. Surprise surprise No Worries loans are in the same building as Yes Loans. He said he had never heard of Yes loans although reading further up this thread I can see they are told to say that. He said he had no idea who they are although he's probably sitting next to someone working for Yes Loans. He kept repeating that he wouldn't take my money. Even gave me his name...Shaun Jenkins if anyone is interested but I refused to give him the number. He said he needed it to be able to complete the application. I didn't give it to him and am now hoping that the information I did give isn't enough to take a payment. I have had a couple of payday loans to whom I gave the information but they take the money out of your bank account when it is due and so don't ask for the security code. Also you have to sign an agreement online with those it's not done over the phone. Beware of these companies. I'm now going to try and get my money back from Yes loans as I have read that other people have tried to do so. It's very easy to be persuaded by these call centre people that they are trustworthy and trying to help you. They are not! They will do or say anything to get your card details and to be able to take the payment. I imagine they are only paid commission on the payments they take. I'm sure they are not salaried.

[sillygirl1]

This lot made the mistake of phoning me - I said I was not interested and did not need any money, was told "Christmas is coming, you have many mouths to feed and presents to buy.." I told the guy that my presents were already obtained, and that Xmas cooking had already started and he would be better off talking to somebody else.

 

He was not amused.....

[TheAgent]

To be fair application agents are salaried, albeit at a rate that can loosely be described as minimum wage and far below what they are initially lead to believe when applying for the job. They do get bonuses (application agents who you are initially contacted by) but they are pretty lame too, so not alot of incentive there either for most. Rest assured the company treats its application agents (the lowest of the company's employees) almost as badly as it treats its customers. Application agents like this Shaun you mentioned can be pushy, but are generally just doing their jobs. It is a target-based sales environment with a horde of relentless supervisors constantly breathing down their necks. The average application agent is generally targetted at 24-30 applications / 8-10 fees per day depending on experience and agents who regularly fall below their targets face a variety of punishments varying from forced overtime, disciplinary action and losing their jobs altogether (if they incur repeated disciplinaries) if they have a few bad days in a row. Worth bearing in mind that South Wales is not a rich part of the country, nor one teeming with jobs for young people. They can be jerks, but no more or less than any other minimum-wage telesales worker.

 

Having once spent a pretty major chunk of time working there on Yes Loans, No Worries and a mouth-piece for various lenders in positions from Applications Agent and upward, I'm quite sure most people have simply fallen for the trap of saying yes, rather than Yes Loans mysteriously dipping into their bank account without permission as many claim. People who took fees without permission always faced harsh punishment, and when as long as you repeatedly say NO to the fee, your money is invariably quite safe from them. Moreover you will also STILL be put through to exactly the same lenders and services, because a) the lenders charge a commission anyway and b) the fees they take for applications amount to nothing in the grand scheme of their operation. Realistically you can just skip all the hassle and apply to the following three lenders individually on your own. This is the sum total of Yes Loans actual "panel of lenders", as most of their previous lenders went out of business - who in many cases they still "issue documents" for actually went bust or stopped working with them months/years ago.

 

1) Everyday Loans or "EDL" (30-50% APR Non-guarantor loans of up to £10'000 - Credit checks involved for Approval)

 

Yes/No Worries Loans only serious, half-way reasonable lender that people in their right minds would accept an offer from. You will know immediately - before the fee is asked for by the application agent - whether or not you have qualified through Yes Loans ADMS system to be introduced to EDL because application agents will try and use the fact you have been "approved in principle" / AIP by "one of our lenders" to wrangle a fee out of you. Through Yes Loans you will speak to a mouthpiece company called "Bluesky" - which is basically a few Yes Loans agents who run the basic checks and if you pass, refer you to one of EDL's branches. You can of course apply directly to Everyday Loans on their own site, and after AIP and a credit check directly from them will be invited to an appointment at one of their branches around the country to finalise things and produce the usual documents before final approval. They use a fairly standard, if somewhat ineffective / inaccurate credit scoring system to weed out obvious lending risks, determine maximum loan amounts and whether or not they would want you to have a guarantor to loan the money from them (A1, A2 scores etc). Thus even after AIP they are still as likely as any bank or building society to decline you if you credit check reveals a thin credit file (e.g. no previous debts on which to base your repayment habits), too much outstanding credit (e.g. credit cards, other loans), defaults, bankruptcies or CCJs.

 

At the very least, you will get an actual decision out of them. It is worth noting that when applying directly to EDL, you will need to instruct them not to pass your personal information on to other companies / brokers - as detailed on their websites privacy statement. Otherwise they'll just sell your information to Yes Loans.

 

2)FLM loans (45% APR Guarantor-requiring loans of up to £3000, Credit check on Guarantor)

 

If during your Yes Loans application you are not immediately referred to a lender - you will only recieve a loan offer from FLM thereafter. If your credit history is utterly useless / horrible / filled with CCJs / literally in ruins - as in you have literally just turned 18 or come out of a bankruptcy and are absolutely 100% determined to get a loan immediately then this is by far the easiest method. You will require a guarantor between 23 and 67 years old who owns their own home, works full time and has a decent credit history (no CCJs / defaults etc). Credit where credit is due, their APR is horrible but they are a very flexible lender who let you manage your loan online and do pay out very quickly when your guarantor passes their check. Moreover they will allow you to top-up your loan to up to £5000, and sometimes offer better rates on future loans if you are successful in repaying your first. However given the APR and maximum amount they will lend, you are much better off simply borrowing off family or just saving up for whatever it is your after.

 

3) Payday UK or "MEM" - Payday loans

 

A very expensive, aggressive and inflexible Payday loan company - the kind of Payday loan company that occasionally makes the news for "rolling over" Payday loan interest to dogpile people who can't pay it back on the agreed date with their 1700+% APR, resulting in massive debt. Their mouthpiece company manned by Yes Loans agents (though supervised by actual PaydayUK agents) is MEM Capital, and is mainly just an excuse for Yes Loans to void your right to a refund. You can apply directly to them online, but are much better off applying to cheaper / more flexible companies like Wonga.

 

Other Lenders

 

There are no other lenders working with Yes Loans at present. None. Those three comprise the entire "panel of lenders" of the UK's largest loan broker. Once upon a time Yes worked with companies like Welcome Finance (who had a 30-40% APR, but did lend to people with bad credit), Shopacheck (a sister-company of Welcome Finance), ACF Car Finance (as the name implies, a car finance company), First4Credit (a company who offered loans to people with Cheque Guarantee Cards to minimise risk of missed payments) and Gold Cashed (a sister company of Yes Loans themselves that essentially bought gold at rock bottom prices). The reason they can afford to have so few lenders is because loan brokering is not where the Yes Group makes their money.

 

Even a cursory review of their accounts indicates that Yes Loans and No Worries combined actually lose around £500k+ per month in operating costs, despite their fees. How do they do this? An explanation for another day, I think. Maybe later in the thread. Its late and I do have a much better job nowadays that I'd hate to lose my much needed sleep before attending.

 

For those who want to discuss Yes / No Worries loans directly with me

I would recommend sending me a PM for questions/ advice on how to handle the company (and its partner companies) so I can help you on a case by case basis to make sense of things, manipulate their system to get the biggest bang for your buck, or get your refund back without getting the run-around. I doubt CAG would appreciate me turning this thread into my personal stomping ground after all, nor would Yes Loans themselves appreciate the way I tell all about the reality behind their pathetic service piece by piece

[Gordon Collison]

I am ultimatly annoyed with myself for not researching "no worries loans" and for my gullability and stupidity in ringing and applying for a loan....it seems to me that no worries loans are principily a company where the "customer advisers" are tasked to extract (in my case) £69.95 from any poor individual niave enough to approach them.

They deliberatly avoid any further contact from their "customers" by transfering them to their customer care department and effectively leaving them on hold until they hang up and try again and then be put on hold again and eventually hang up again and ring up ad infinitum......Surely even the likes of No Worries must understand the frustration and anger they are generating by these sleazy tactics.

But on a more realistic note, I suspect that they are not even the slightest bit concerned because they have in their short sighted logic, "made" £60-70.00.

 

As a potential customer of No Worries Loans, you have no reason to listen to or take heed of a complete stranger such as I. But, at least take extreme caution when considering using the services of this company and read the reams and reams of complaints about them listed on numerous web-sites before making your decision. AND DON'T BE INTIMINATED BY PROFFESSIONAL CLOSERS who will come on the line and bully you into giving them your bank card details.