A sub-prime credit broker accused of “deceitful and oppressive company methods” has had its licence revoked by the trading watchdog.
Yes Loans arranged expensive payday advances for many customers as opposed to the items these people were initially asking about and misled other people into thinking it had been a loan company instead of a credit broker, any office of Fair Trading (OFT) found.
The company emphasised it to continue trading through any appeals process that it had not shut down and said its licence allowed.
Customer groups welcomed the OFT’s choice, with Sarah Brooks, manager of economic solutions at Consumer Focus, saying it appeared “long overdue”.
She said: “we should not tolerate organizations whom use deceptive product product sales practices to leech more income from cash-strapped customers.”
The OFT happens to be investigating Yes Loans over a length of many years as well as the firm formerly changed several of its techniques because of this, including no longer asking charges upfront.
However the watchdog stated that “the data of extended engagement in deceitful and business that is oppressive, while the continuing presence of a number of the staff accountable for operating the firms, means they are unfit to put on a credit rating licence”.
The Financial Ombudsman provider upheld significantly more than eight away from 10 complaints meant to it against Yes Loans within the last few 6 months of 2011 also it stated that complaints about credit broking generally speaking had been rising. Continue reading “All About payday advances business Yes Loans has permit revoked”