Yes Loans has its credit licence withdrawn
Discussion
Is this owned by the chap with all the cars? If so things may be a little different for him from now on.
"Yes Loans Ltd, the Cwmbran-based broker of unsecured credit, has had its consumer credit licence revoked by the Office of Fair Trading (OFT).
The watchdog ruled Yes Loans and two associated companies - Blue Sky Personal Finance Ltd and Money Worries Ltd - were unfit to hold a consumer credit licence.
It said the decision to revoke the licences was taken in light of evidence that Yes Loans had failed to comply with the Consumer Credit Act 1974 and associated regulations, and with requirements previously imposed by the OFT.
The OFT found evidence that Yes Loans had engaged in "unfair business practices", including using high-pressure sales tactics to persuade consumers to provide their debit or credit card details on the false premise that they were required for an identity and/or security check, deducting brokerage fees without making it clear that a fee was payable or obtaining consent and not providing refunds in a timely manner"
"Yes Loans Ltd, the Cwmbran-based broker of unsecured credit, has had its consumer credit licence revoked by the Office of Fair Trading (OFT).
The watchdog ruled Yes Loans and two associated companies - Blue Sky Personal Finance Ltd and Money Worries Ltd - were unfit to hold a consumer credit licence.
It said the decision to revoke the licences was taken in light of evidence that Yes Loans had failed to comply with the Consumer Credit Act 1974 and associated regulations, and with requirements previously imposed by the OFT.
The OFT found evidence that Yes Loans had engaged in "unfair business practices", including using high-pressure sales tactics to persuade consumers to provide their debit or credit card details on the false premise that they were required for an identity and/or security check, deducting brokerage fees without making it clear that a fee was payable or obtaining consent and not providing refunds in a timely manner"
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