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Some more on Keith Wilmot Chorlton barred director of Yes Loans.

Wales online have picked up on this dubious company....BRITAIN’S biggest sub-prime loan broker is run by a man banned from being a company director for serious misconduct.
Shall have to point out first that this chap in the photo looking rather startled, is Mr Chorlton as snapped by The Mirror some while back.
An exemption was granted for Keith "Wilmot" Chorlton to run Cwmbran-based Yes Loans – a decision a leading business charity says shows regulators are putting the public at risk.

Mr Chorlton is still serving a 10-year ban from being a director, having been was disqualified in 2000 after he diverted cash from an insolvent business into his personal bank account.

The ban expires next March.

BBC Radio 4’s Money Box claimed Mr Chorlton’s credibility was questioned by a judge who found a document produced by Mr Chorlton was “not authentic”.

According to Companies House, Mr Chorlton, of Cwmbran and formerly of Chepstow, won an exemption from that ban in 2008, allowing him to become a company director of three businesses: Yes Loans, Blue Sky Personal Finance in Aberkenfig, near Bridgend, and Leeds-based Phomes On Finance

Institute of Business Ethics research director, Simon Webley said: “It doesn’t seem right that a person who has been a director and has been disqualified should be a director of any business.

“And particularly the ones where he now seems to be involved – in the financial services sector.”

Yes Loans and 58-year-old Mr Chorlton’s lawyers deny breaching consumer regulations.

Money Box also reported it has received more than 1,000 complaints about Yes Loans since 2004.

The company claims it provides a good service specialising in offering money to customers who find it difficult to borrow elsewhere.

It processes 50,000 applications a month. But many customers say that if they decide not to go ahead, or no loan is found, it is difficult to get their initial fee back.

One, Ahmed Zaghou, spent seven months chasing his refund. Not refunding money promptly is in breach of consumer regulations, says the Consumer Action Group.

Cardiff-based Y3S Loans – formerly named Yes Loans and Mortgages – is in no way connected with Keith Chorlton’s company Yes Loans UK, based in Cwmbran.
I think lots of finance companies will be considering re-naming themselves for fear of being tainted by the Yes Loans brush.

Still they took their time, but good things come to those who wait - unless your name is Keith Wilmot Chorlton that is! Although will do a trumpet blowing bit by saying I was going on about them way back in 2007!
Now the "scam" and that is what it is, run by Yes is quite simple, they aim for people in the sub-prime market - ie the poor who can not afford a fee to get a loan.

They then send out an acceptance letter that looks like a loan has been given, but this is just an "example". The only thing they have been accepted as, is as a "client of Yes Loans"

If they are offered a loan later on, they are charged a very high apr, often far higher than the example and service agents are advised never to discuss the apr with new customers. The fee is just to make them a client of Yes Loans, it can take up to six months for people to get their money back and in each case Yes charge them 5.00 to cover admin costs.
When I reported on their accounts being late with companies house. Something that the Mirror also picked up on (again) before the BBC.

One point that the BBC miss is that whilst barred Keith has denied being a director of Yes Loans, as the Mirror point out in the above linked piece.
A Yes Loans spokesman insisted that Keith Chorlton is just "a shareholder and provides consultancy services".

Which is disingenuous. Chorlton is not "a" shareholder - he is the sole shareholder of Yes Loans.

Still now that the authorities have decided he can practise, despite still being a barred director I can but assume he will be more honest the next time some reporters from The Mirror come a calling on him.

Oh the BBC also miss the fact that the Welsh Assembly fawned all over this company - WLA Case Study - check the PDF out. Nice to see the WDA spending taxpayers money on a company run by convicted fraudster.

Oh the details of his ban are here in The Guardian. Oh do have a read of this one as it has more details.

BBC Radio 4's Money Box will be broadcast on Saturday, 16 May at 1204 BST. Download the free podcast.

And you can hear more on BBC Radio 5 Live's Donal MacIntyre show, which is broadcast on Sunday, 17 May 2009 at 1900 BST. Download the free podcast.

Update the Oft growl at Chorlton



3 people have spoken:

Anonymous said...

Well done mate for keeping up the pressure on the Keith Chorlton scam. I hear that his little shag piece Juliet Howe has been dumped by the ginger swindler. She has been his 'PA' for years and is replaced in his affections by `Steve Francis the fat old poof. At least `juliet will have something to remind her of her time with the bullying fraudster as he has successfully passed on his herpes to a string of unsuspecting women, including his tubby wife Joy. Chorlton originally caught it from a bit on the side around 20 years ago, gave it to his wife and then on to loads more, including his best mate Sean's wife. Hey, nothing like keepin it close to the family. Chorlton has a history of brutal bullying, including his unfortunate sons who used to be summoned to his Bristol offices fpr a good old fashioned kicking and slap fest. Could explain why they all turned out as a bunch of useless pricks and bullys themselves.

Anonymous said...

I see that the BBC has investigated Chorlton the Ginger Swindler. This time for his dubious activities with his claims company Beneficial Claims. Is nothing going to stop this evil man?

Anonymous said...

its true about Chorlton and his sons. I used to work in BRistol in his offices and he used to scream at them like they was worthles. sad to seee it happen but probably explains why they all turned out like they did

The idiot one of the family who killed himself with drugs never stood a chance. He was always being told he was useless and a waste of space by Daddy Chorlton. He always said his family came first, which they did after shagging, money, himself and anything else.

Problem was the sons were too thick to realise what he was realy like. I think he just tried to bully them down so that they could never leave and give them a bit of money every now and then to keep them in line. that way they could never break free of him. Fucking sad to see as they never stood a chance with someone like this fro a father.