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Great experience with FOS


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I just saw this section and thought I would post my great experience using the FOS. I find it strange that most of this section is filled with complaints about the FOS since they were so helpful with my case.


I applied for a loan with the dreaded Yes Loans UK and stupidly paid their £69.50 admin fee. Of course, I never received the loan and my money was nowhere to be seen. Numerous letters and phone calls to them didn't help so I went to the FOS. 2 weeks later, I had a cheque in my hand for the full £69.50 and a grovelling appology from Yes Loans UK. They didn't even take the £5 they were entitled to keep by law.


I don't know what they did, but the FOS definately scared this company into paying up quick. I was very impressed with their service.

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Very pleased that you had this experience.


However, your comment that you don't know what they did is very important.


Although you achieved a personal result for yourself, there seems to have been no transparency in the process. Yes Loans failed to pay your your money as it seems they may have done in the case of many other people. Instead of some clear and transparent process which produce a clear, transparent and public warning to be followed by others who may have been wronged, it seems as if a phone call may have been made producing some immediate reaction in your case but no long term benefit for others who may have not had the personal resource to approach the FOS.


If the FOS approach produced some informal solution, this may not even be added to the statistics of numbers of complaints against this or some other company and this means that proper action is less likely to be taken in this kind of instance because many companies are able to sidestep some formal sanction merely by reacting when they get caught out.


I'm afraid that your story adds to the criticism of the FOS because by and large it doesn't provide remedies for the ling term.


Which company is ever going to be frightened of being caught out if they are always given the easy way out.

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Guest Mrs Hobbit

I have had reason to go to the FOS and three times they have managed to resolve the matter. Yes it did take quite a few months in each case, the case worker was different each time, many phone call between case worker and me, but the matters did get resolved in my favour. I never hesitate going to the FOS. Their hands are tied sometimes and they can only do what is permitted by legislation, they do what they can with the evidence presented to support your case. The last time it was not all in my favour, but by golly to have £7500.00 back in my pocket felt really good. We are still arguing the toss over £2500.00, but FOS and I are picking away at it.

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