Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

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By TalbotWoods
#292303 The OFT has today announced that they are revoking the credit licence for Yes Loans Limited, Blue Sky Personal Finance Limited and Money Worries Limited (all the same company).

They have 28 days to appeal this decision, which they may do and in the mean time they can are are continue to trade.

Part of the revocation come from the fact that they hid charges form potential customers, in fact they state on their webs site that they do not charge. OFT has determined that this is misleading as they do take charge. Further they imply that they are a lender, it has been determined that they are not they are only a credit broker, again a fact that they hide.

They were given a warning 2009, but have chosen not to take all the actions required, hence the licence being revoked.

At the time of the warning the following companies were associated with them, all have since surrendered their credit licence or have withdrawn their application to obtain a licence:

i. Claims Assistance Bureau Limited (Application number 643578 - Withdrawn)
ii. We Fight Any Claim Limited (Application number 643041 - Withdrawn)
iii. No Worries Loans Limited (Licence number 622909 -Surrendered)
iv. 141 Loans Limited (Licence number 576615 -Surrendered)
v. Yes Money Limited (Licence number 568296 - Surrendered)
vi. Lead Response Limited (Licence number 601454 -Surrendered)
vii. Lead Locator Limited (Licence number 543829 -Surrendered)
viii. Crossit Target Marketing Limited (Licence number 513389 - Surrendered)
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By TalbotWoods
#296803 First thing yo need to find out is who his debt is actually with Yes Loans Ltd were NOT a creditor, they were jsut a broker acting on behalf of creditors.

They 'matched' clients to loan companies ONLY.

A little bit like the local High Street Insurance Broker called Jones, you go there to get your car insured, the match you with (for example) Grouprama, and they get a cut of the commission; It is Grouprama the insurance is with and not Jones.

So in your sons case even though the Brokers (Yes Loans Ltd) has gone, the creditor (Loan Company) still exists, and they will ultimately chase him