Yes Loans, Unauthorised Fee Taken **Successful refund from YES**

[JGJ]

A very close friend has rather stupidly made a telephone enquiry to Yes Loans re a loan facility, during the conversation personal details (including banking details) were asked for and passed to yes.

 

Three days later (today) an application form with the details outlined was received, this application has not been signed nor will it be as they do not want to proceed further.

 

Upon checking their bank details today, YES have very kindly helped themselves to a processing fee of £69.50 "without" the authority from my friend.

 

Advice will be gratefully received as to how this unauthorised money can be retrieved from Yes and which appropriate authorities should be contacted, (Police included if need be.)

 

 

"EXEMPLO DUCEMUS"

[Series3]

Yes Loans Terms & Conditions

 

Business Terms & Conditions

 

1. These terms and conditions explain our services to You as our client and your obligations to Us (Yes Loans Ltd). You should expect them to take precedence over any other documents, conversations or course of dealings and represent the understanding between You and Us. Ordinarily they need to be varied with our written agreement signed by a director. You need to read these terms carefully since they apply as soon as we send them to You. They also appear on our website Unsecured Loans, Tenant Loans, Bad Credit Loans & Personal Finance from Yes Loans. We cannot accept responsibility for You failing to read them.

Services

 

2. We provide a variety of services by phone, internet, mail and other means. These may include acting as a loan and finance broker; insurance introducer*; introducer to debt and property possession adjusters/advisers, utility switching agents, compensation advisers, prepayment card and bank account providers, equity release arrangers and credit reference advisers. We are not responsible for tax or legal advice regarding the services and You must rely on your own expert advisers in those fields. By asking Us to provide You with services You authorise Us and any associate companies to act on Your behalf. [*this means introducer appointed representative for non-investment insurance contracts]

3. When You ask Us, orally or in writing, to provide You with a service, You agree to abide by these terms. We acknowledge your instructions expressly or by acting upon them. You can only withdraw or vary your instructions with our consent. We treat You as our Client. We accept no liability or obligation to any third party whether or not You may be acting as their agent, fiduciary or intermediary. Even if You disclose their identity to Us and You are acting in such a capacity, your obligations to Us remain unaffected. We are entitled to act on any oral or written instructions We receive from You or anyone We believe is authorised by You to give them.

Restrictions

 

4. When acting as a loan or finance broker we seek to get a lender or financier to offer You a loan or finance. We act as your broker for 3 months in order to maximise your chances of getting a lender or financier to make You a loan or finance offer. We seek to match your loan or finance application with one or more of the lenders or financiers we deal with. We do not act on behalf of the lenders or financiers or represent them. For your protection we require the documentation covering any loan or finance agreement to meet statutory and regulatory safeguards laid down by the Consumer Credit Acts 1974 and 2006. If You would like to know more about the protections and remedies provided under those Acts please contact your local Trading Standards Department or The Citizens Advice Bureau.

5. We do not offer loans or finance. The lenders or financiers decide whether to approve loan or finance applications, how much to lend or finance, at what interest rate, on which terms and on what evidence of ability to repay. Where We give examples they are only illustrations. We do not warrant that examples are the actual rates and amounts because the lenders or financiers decide whether to give approval for any loan or finance and on what terms according to your specific circumstances.

Communication

 

6. Unless You inform Us differently, You agree to Us using telephone, email, SMS, fax and/or post to contact You to discuss products and services without having first been expressly invited to do so. This will override any registrations You may have with any preference services. To communicate in writing We may use the last postal address You give Us. Please note that to improve our service we can monitor and record any telephone conversations with You for security, training and evidential purposes.

Checks

 

7. In trying to get You a loan or finance, make decisions about them, manage your accounts, utilities, premiums, debts or provide any other services, We or associate companies (including lenders and financiers) may use credit scoring or other automated systems to assess your application, make decisions and verify your identity. These systems include searching your records with credit reference agencies, employers, fraud and money laundering prevention agencies and the electoral register as well as providing them with information. These agencies can add your details to their records for other organisations to do searches. Where there are joint clients, both records are processed by the agencies and a link between You can be created.

8. To help our fraud prevention and data protection strategy, You agree to Us and our associate companies, credit reference agencies and selected third parties processing and using personal data (whether provided electronically, in writing or orally) You give Us. You agree to Us using the data to advise You of other products and services unless You notify Us to the contrary. The information You give Us must be true and accurate. You warrant and undertake to comply with legal and regulatory disclosure requirements so that We can comply with our obligations. If You provide Us with false or inaccurate information and/or we suspect fraud We may notify agencies which would have a detrimental impact on your credit records. In the event that You provide Us with inaccurate or misleading information, We reserve the right to reclaim any losses incurred by Us in performing the service to You.

9. If You authorise anyone else to give Us instructions, any action We take on their instructions will be binding on You. If there are joint applicants each has authority to deal with Us for the other. Notice to one is notice to both. We can require joint instructions. If instructions from different joint applicants are inconsistent, We can choose to take no action until We receive satisfactory instructions. To withdraw any authority You must notify Us in writing.

Fees

 

10. We charge a fee for providing the service of acting as a finance broker. 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.

Exclusions

 

13. We shall not be liable for any breach of obligation to You by any bank, counterparty, intermediary or other third party with whom You do business. You will be liable for any loss You suffer as a consequence of You providing inaccurate information. If there is any partial non-performance of our obligations, provided We have made reasonable endeavours to perform them You must give us full credit for doing so. We will incur no liability for any loss arising from non-performance by Us which is caused by something beyond our reasonable control including changes in the law or regulations affecting how We normally operate.

14. In the event that any of these terms (each of which is severable) is for any reason illegal, invalid or unenforceable, such provision is to be deemed modified sufficiently to render it enforceable, legal and valid and of similar effect as We intended. Apart from provisions expressly covering associate companies, nothing in these terms is enforceable by anyone who is not a party to them.

Complaints

 

15. We operate a complaints procedure. If You wish to make a formal complaint, please send your complaint in writing to the following address: Customer Service Department, Yes Loans Ltd, Tintern House, William Brown Close, Llantarnam Park, Cwmbran, NP44 3AB. We will issue our final response to You within 8 weeks of Us receiving your complaint. If You are unhappy with our response or have not received our final response after 8 weeks You may refer your complaint to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.

 

 

 

I would write to them, they will pay you back the fee less £5..

and WOW...typical 48% apr...

[JGJ]

Series3,

 

Thank you for the swift reply and info it is gratefully received.

 

 

"EXEMPLO DUCEMUS"

[JGJ]

Success, :Dafter sending Yes a letter by Signed for recorded delivery,

 

Cancelling the application and requesting a full refund of the £69.50

 

less their "brokerage" fee of £5.00 provided for by the Consumer Credit

 

Act 1974 and receive the Refunded monies within the 30 days prescribed

 

limit.

 

No reply from Yes after 30+ days so I sent another letter by signed for

 

recorded delivery, this time quoting their own Tand Cs and the Financial

 

Services (Distance Marketing Regulations 2004) which both state

 

refunded monies are required to be paid within the 30 days..

 

A copy of the signed for receipts and the letters were attached to the

 

letters which I had sent to their Customer Services in CWMBRAN and

 

Bridgend

 

within 2days:eek: I received a cheque for £64.50 as they took their £5.00

 

brokerage fee re the agreement.

 

Late yes, but none the less a lesson learned for my friend to ponder the

 

perils of dealing with such companies.

 

 

"EXEMPLO DUCEMUS"

Edited June 12, 2010 by JGJ

[MARTIN3030]

Well done.

[postggj]

Well They Have Put Up The Price Then

 

Its Allways Been £50

 

Its Fine Yes Loans Returning All This Money But Deducting £5 A Time

 

A Very Nice Earner

[JGJ]

I was looking at the cheque and letter from "Yes" when I just realised that

 

the dates on them both are identical and were dated, at the time that I

 

sent my "first" request to them for the cancellation. I believe that had I

 

not sent the "second" request with the signed for recorded del letters and

 

receipts, I would not have received any refund and they were just sitting

 

on it.

 

A further precautionary tale of the tactics that they employ, instead of

 

just losing the £5.00 brokerage fee, the whole of the £69.50 would be

 

swelling their ill gotten coffers.

 

I wonder how many vulnerable people, have been relieved of their just

 

refunds, by not pursuing them after the initial contact.

 

"Caggers beware."

 

 

"EXEMPLO DUCEMUS"

[waterwizard]

It is in their terms and conditions that they can take the money through any means possible, but let's ignore that. Yay to you getting their money back!

[Adrian_Woodhead]

I can't believe I fell for this... 41% interest rate, even though initial calculation was 22%.

 

Don't get me started on the 88,963% APR 'Pay Day Loan....

 

 

Letter sent today recorded,.

 

Customer Service Department,

Yes Loans Ltd,

Tintern House,

William Brown Close,

Llantarnam Industrial Park,

Cwmbran,

NP44 3AB.

 

Monday, 16 August 2010

 

Ref: XXXX

 

 

Please refund my £69.50 application processing fee.

 

Under Financial Services (Distance Marketing) Regulations 2004 I have a right to cancel my application within 14 days and by law you must give me a refund within 30 days of receiving my written request.

 

This document is sent by recorded delivery, therefore I will take legal action in the county court (small claims) if the money is not in my account by 17 September 2010.

 

Kind regards,

Edited August 16, 2010 by Adrian_Woodhead
Personal info removed

[ref2403]

I have registered a small claims court order against YES loans and today have received a reply from the court stating that Yes loads intend to defend all of my claim.

This is great as I can now have my day in court with them.

I am putting together a file of peoples dealings with this company so that I present this to the court along with my claim

I would be grateful if you could email me your experiences with YES loans

The more people email me the stronger the case will be and hopefully stop others from been misled

 

email me at [email protected]

[Adrian_Woodhead]

Advice from Yes Loans... “You are messing up your credit rating by not taking this loan.” Read on!

 

 

 

I received a call from Yes Loans, trying to convince me to take out the PayDay loan.... The call was at 19:40 on 19 August.

 

I said, "I don’t want an 88,000 % APR loan.” Chris the salesperson defensively replied, “It’s not that high it’s only 1,737 percent- the only reason it’s so high as it’s until your next pay day.”

 

The call got even stranger with some quite illegal sales tactics being used...

 

I was told, “You will vastly increase your credit rating by taking this loan. If you take this PayDay loan, when you then reapply for your main loan you will get a much better rate than 41%.”

 

I asked for clarification saying, “When you say “Vastly improved credit rating” can you put that in quantifiable terms. My credit score is 162, how much will it increase by...?”

He got quite annoyed with my response and said to stop asking stupid questions. I then stated, “You are merely a credit broker, so how can you guarantee want APR I will get from the end provider?”

 

Chris started to get aggressive saying, “You are messing up your credit rating by not taking this loan. If you don’t take this loan it will be marked on your credit file and will increase your chances of getting rejected in the future. Just think about this conversation the next time you apply for a loan and get rejected. “

I said Chris, can you tell me your last name as I’ve been transcribing this call...

He said he didn’t have to give his name due to data protection and then hung up!

[ref2403]

Adrian

 

you can request a copy of your conversation. They are legally bound to give you this, they will probably charge you £10 for it, but you can then use this in a court of law

[darkladyrae]

hi can anyone help me get my refund??