Yes Loans/Dial - X-Ray(BBC Wales)

Dubious company Yes Loans - that is more of a brokerage than an actual loan company was on tonights X Ray program on BBC Wales, so lets hope that lots of people saw that and stay well clear of this company. Nothing on dubious director Keith Wilmot Chorlton which was a shame, still his day will come...

They had two cases of people who had applied for loans on the program, instead they recieved "example loans" through the post, with one apr% on it and either the loan they were offered was at a far higher apr rate or they were declined a loan.

Either way if your not happy with that, tough. It takes them six months, yes a whole six months to get the 49.50 that you have paid Yes Loans back to you. Oh did I say 49.50, sorry my mistake 49.50 minus a fiver for admin.

Five minutes of processing on the phone and thats a fiver. Plus all the time that the 49.50 is sat in the companies bank account rather than with the customer. They aim for what is termed in the trade the sub prime market, in plain english - something Yes Loans also don't do, a bit like filing accounts in on time with companies house - that means poor people, people who have been turned down by the banks/building societies and so end up in the hands of sharks like Keith Wilmot Chorlton.

A sub-prime lender is one who lends to borrowers who do not qualify for loans from mainstream lenders. Some are independent, but increasingly they are affiliates of mainstream lenders operating under different names.

Sub-prime lenders seldom if ever identify themselves as such. The only clear giveaway is their prices, which are uniformly higher than those quoted by mainstream lenders.

Mind you at Yes Loans they don't treat the staff any better, I have heard about countless problems with holiday pay, oh and if you leave make sure you chase them up over it. If not they will forget, you know how it is, busy company lots of things to do and all that.

So on X-Ray they had the new top chap a bloke called Gordon Bon who is in charge of affairs, could make a few comments on those as well as from what I have heard seems that there are a few people fucking each other over more than in one sense of the word, but anyway from that sort of affair and back to Gordon.
Yes new boy Gordon Bon, had a few problems reading the small print and had to get his glasses, maybe now he knows how customers feel? Not exactly embossed in large letters is it, hardly states "this is an example" on the front sheet. Well anyway our Gordon did a fine job putting the stock excuses across and came across as far less smug than Alan Spedding.

An example of Yes Loans behaviour:

21 year old Nathan Williams from Cardiff needed a loan to help with his new personal training business. He told us why he decided to apply to Yes Loans.

"I needed a loan startup fund to advertise to get myself known and that's why I went on the internet to look for a loan."

"They sent me a letter back in black and white saying I could have a loan for £1,000 over 12 months for 25% APR."

The letter he received welcomed him to Yes Loans, and at the top of the letter was the loan amount, and an annual percentage rate. Nathan thought the loan was his because the repayment details were printed in bold, right the top of the letter. It went on to say he'd been checked and assessed by their approval system and confirmed that Nathan had been successfully accepted as a client of Yes Loans.

So, as far as Nathan was concerned, he had said yes. But it wasn't to be that straightforward; for starters, they told him he had to pay a £49.50 administration fee, which he did.

Nathan waited for the money to arrive and when nothing happened he rang Yes Loans and was shocked with what they had to say.

"The loan they were offering me was more like 40% rather than 25.9%."

He turned down the loan. What Nathan hadn't realised that he'd never actually been offered any loan at 25.9%. Why? Because of a phrase in the letter he received which said the figure quoted to him was a "repayment example". This meant it was nothing but an example loan - not at all specific to Nathan. This was also stated in the small print terms and conditions. Nathan was not happy.

"When I read the letter I thought it was a clear offer for a loan, and that was really misleading, definitely looked like a loan agreement."

Oh here is the bit on the X-Ray site on dubious company Yes Loans:
http://www.bbc.co.uk/wales/x-ray/allarticles/stories/6p20_yesloans.shtml

The bit on Chorlton getting banned from The Guardian: http://business.guardian.co.uk/story/0,,235408,00.html

The Mirror bit: http://www.mirror.co.uk/archive/tm_method=full%26objectid=18183777%26siteid=89520-name_page.html

Couple of links below - the top one is for companies house, check out the details on our Kieth being barred as a director. The bottom is a link to Blagger where the topic is Yes Loans.
http://www.companieshouse.gov.uk/ddir/
http://www.blagger.com/db4/company_id/574/companyname/Yes-Loans.html

Now for the old links:
http://newportcity.blogspot.com/2007/02/keith-wilmot-chorlton-disqualified.html

and here:
http://newportcity.blogspot.com/2007/02/keith-wilmot-chorlton.html

and here
http://newportcity.blogspot.com/2007/02/yes-loans-complaint-letter.html

and here
http://newportcity.blogspot.com/2007/01/yes-loans.html

and here
http://newportcity.blogspot.com/2006/12/more-on-yes-loans-and-convicted.html

Some previous bits on Dial/Yes Loans and Keith "Wilmot" Chorlton:
http://newportcity.blogspot.com/2006/12/dialyes-loanskeith-chorlton.html

and here
http://newportcity.blogspot.com/2006/12/yes-loansdial-run-by-disqualified.html

and here
http://newportcity.blogspot.com/2006/10/keith-chorlton-post-2.html

and here:
http://newportcity.blogspot.com/2006/10/someone-i-used-to-work-for-keith.html

and also here:
http://newportcity.blogspot.com/2006/11/cpw-carphone-warehouse-strong-arm.html

** Like to point out that Keiths accounts are now in with companies house, although is still claiming small exemption. Not sure if that is regards the size of his genitals or the company...
http://www.companieshouse.gov.uk/toolsToHelp/findCompanyInfo.shtml

Tags: Dial
Yes Loans
Gordon Bon
Mel Roberts
Gaby Cocchiria
Talk Talk
Alan Spedding

.