Yes Loans

[confused78]

I have applied today to Yes loans and they told me that I had been accepted, and that the £7500 I wanted would be repaid at 174.xx a month over 5 years - they couldn't tell me the APR which made me suspicious but I worked out it was around 15% which although not as good as I was hoping for was a slight improvement over the current APR I'm paying. I couldn't pay the admin fee of £59 over the phone s I don't have a VISA debit card as my old one expired last month (thank god) and my CC is almost at the limit. They said they'd send me some paper work and I could send the fee by Cheque or Postal order if I hadn't received a new VISA debit card by then.

. Why thank god - well I've just checked them out and it seems that although I put the phone down convinced I'd been offered a definite loan, I will probably not get one at all or be offered one at a much higher APR, and that my fee will be nigh on impossible to recover. Although I did give them my bank details it seems they can't take it out over the phone without a debit card. Needless to say I won't be taking them up on their offer and won't be sending the fee.

 

Can anyone confirm that the fee won't be taken out via my bank account? They said it couldn't but I'm suspicious after reading the HUGE amount of negative press. As I said all they got was the sort code and account number.

[reallymadwoman]

Don't know, but would it be worth contacting your bank and asking them, in writing, not to allow any payments to this company. If they then did allow a payment, I imagine it would be your bank who would have to refund your money.

[confused78]

appears they haven't anyway - got the paperwork today and as I suspected they HAVEN'T offered me a loan, and they also ask for payment by cheque/postal order unless I used a Credit card or Visa debit at the time so clearly they won't be taking any. Won't be getting a cheque either. Definitely going to complain to OFT as they sent me a text after I submitted my application saying that my "loan application has been accepted in principle" which is clearly designed to mislead as they have no direct control over whether I get a loan or not so cannot say that I'm anywhere near getting a loan. Also on the phone they gave me a specific quote and left me with the impression that I had a definite offer. Their use of the phrase "Accepted as a customer of yes loans" is also out of order as it portrays a false image that I've been accepted for a loan - clearly no one could get rejected unless they were under 18, they're only a broker and you're supposed to be paying them so they're not going to reject anyone. Bunch of thieving buggers. The text is definitely my best evidence. Very misleading when they're only brokers.

[silvertigress]

Oh Dear,

why didnt i read the info in this forum. I too have been taken in by this lot and like so many others having been "accepted in prinicple" and quoted monthly repayment of 135, a few days later ( after like 20 phone calls) I recieve a call today saying that they had founf me a lender, however welcome were the only lender willing to offer me a loan. so I was put through to a very rude girl at welcome and she completed the application proces with me.

 

However every time That I asked her a question and interupted her rambled off script she got quite annoyed with me. then she was pretty annoyed when I said that I Didnt want personal accident insurance and to take it off the quote. she also very bizarely told me that the rate of repayment (303 pounds dont you know... not the rather attractive 135 that yes loans led me to believe I would be recieving) was two pounds more expensive if I took the loan over three years rather then four. she actually said she didnt understand why that was.

 

I am so angry with myself for not researching this further. obviously I am not taking the loan. an APR of 60%!! funny how they never actually mentioned that. I was appauled to see a post that stated that someone had applied for thier experian report and found 7 searches. I wanted to clean up my credit file not ruin it.

 

I also do not want my information passed on to any other companys. I have been literally getting up to 6 phone calls a day. even though they told me not to apply for any other loans I got a call from another broker firm trying to give me a no fee service and advice and then patched me through to a lender!!!! I told yes loans about this and they totally dodged the issue.

 

I am so glad that I checked this forum out. I wanted a loan to consolidate my current repayment to make my life easer and by getting involved with this mob I have just made it worse. I intend to complain to trading standards and the OFT and I am sure that I shall have a hell of a lot more to complain about when I ask them for a refund.