| Product: |
Yes Car Credit |
| Date: |
24/02/05 (4093 review reads) |
| Rating: |
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Advantages: None
Disadvantages: They are a broker, they do not pay you the loan, You never see the money, 50 quid Admin fee
Now I haven't got a dodgy credit rating at all, but living in rented property and moving home twice a year doesn't help. Anyway, I wanted a new car and was turned down by my bank for a loan, so I started looking at the "Bad Credit" loan people.
I searched the web and came across "Yes Loans". They seemed to suite me so I filled out the short form on the website. Shortly after I got a phone call from them asking me for more details.
I went through my life history and at the end of it I was told that I had been "accepted for a loan"! All I have to do is wat for the paperwork to come, sign an return it and pay an admin fee of £49.50. "Brilliant" I thought.
So I got the paperwork and read the tiny tine print on the back. It turns out they are a BROKER for loans, I hadn't been passed for a loan at all. Not at any point was I told that they were just a broker.
I was really angry about this, but went ahead and sent the form back anyway, after all they do say that they will find a loan for you within 7 days.
The first loan company the referred me to was another broker, who wanted another 50 quid who then passed me on to another broker and the second company could only offer me £1500 (which was their limit for tenants), a lot less than I wanted.
You can't get hold of them on the phone and they refused to refund my fee.
My advice-don't bother. All they do is pass you from broker to broker and you never see your money.
Summary:
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Last comments:
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- 09/03/05 Hi, I read your notes on Yes Loans with interest as I work for the DTI (Department of Trade and Industry). The way I understand your case at the moment is that you haven't actually taken on any credit through Yes Loans therefore the fee of £49.50 which you have paid to them should be partly refundable to you. I will explain further, if you do not enter into a loan agreement within six months of being introduced to a possible lender, the broker can only charge a fee or commission of £3 and if you have already paid more you can recover the excess. Similarly, other fees, such as a survey fee paid to the credit broker in connection with a loan that you do not eventually take up, are also refundable if you are borrowing £25,000 or less. If this is the case I would advise that you contact Yes Loans, in writing, stating these facts (you should keep a copy of the letter and also obtain a receipt of postage from the post office. If you receive an unsatisfactory reply I would advise that you contact the financial ombudsman with regard to your situation/complaint (www.financial-ombudsman. org.uk)
You state that Yes Loans were only able to find a lender that would offer you £1,500. I would be interested to know how much they (Yes Loans) initially agreed with you on the phone when they stated to you that you were 'accepted for a loan'.
I hope this information is of use to you.
David
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- 25/02/05 Hi and a warm welcome to dooyoo. Some good info there in your first, well-written review. I hope you enjoy the dooyoo experience. Ray
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