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Credit broker Yes Loans stripped of licence by OFT

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  • #1

    Credit broker Yes Loans stripped of licence by OFT

    Credit broker Yes Loans stripped of licence by OFT

    This is a duplicate of the Blog Entry made on 8th March 2012 15:48.

    One of the UK's biggest brokers of loans, Yes Loans, could be put out of business after a regulator found that it conducted "deceitful and...

    Click to Read More...
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    Tags: 2012, bbc, broker, brokers, businesses, complaints, credit, customer, customers, debt, directors, eas, firms, investigation, licence, licences, loans, loss, misled, money, office, oft, people, regulator, selling, size, unsecured, wales, withdraw
  • #2
    Re: Credit broker Yes Loans stripped of licence by OFT

    Yes Loans decides not to appeal against loss of licence

    A loan broker found to have conducted "deceitful and oppressive" practices has decided not to appeal against the loss of its credit licence. Yes Loans, based in Cwmbran, Torfaen, was stopped from selling loans in March after an Office of Fair Trading (OFT) investigation into customer complaints. Directors were given 28 days to appeal against the decision to withdraw credit licences for three associated firms. They say they will only appeal to retain the licence of Money Worries. As a credit broker, Yes Loans was supposed to introduce people who were looking for a loan to businesses willing to provide unsecured credit. The OFT, which had been investigating Yes Loans, found that the business misled some customers into believing that it was a loan provider rather than a credit broker.....Read more here
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