Thats him the fine ginger haired bloke as snapped by The Mirror some time back.When I pointed out that their accounts were overdue the below link will take you to the companies house website, enter 04553449, and lo there be Kieth's Yes Loans details. Although no brownie points for Crossit Target Marketing, as there accounts from 2006 are still overdue. There ref is 04137383http://www.companieshouse.gov.uk/toolsToHelp/findCompanyInfo.sht
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.Anyway the BBC story is here(copied in full below)The UK's largest sub-prime loan broker is run by a man previously banned from being a company director for "serious misconduct", the BBC has found.They found did they? Well no that was actually covered first in a small piece in The GuardianKeith Wilmot Chorlton had recieved a ban for siphoned £460,000 from his insolvent dating agency, leaving creditors unpaid.An exemption was granted for him to run Yes Loans - a decision a leading business charity says shows regulators are putting the public at risk.
The BBC has received over 1,000 complaints about the Wales-based company, Yes Loans, since 2004.
The company claims it is providing customers with a good service.
Yes Loans Ltd is a broker of unsecured loans which specialises in offering products to people who find it difficult to borrow elsewhere.
Yes Loans claims to process 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 customer Ahmed Zaghou said he was shocked at how he was treated when he asked for his refund after deciding not to go ahead with a loan he had applied for.
"I sent many letters. I spent many minutes on the phone on a hotline," he said. "And I finally got my refund back seven months later."
Not refunding money promptly is in breach of consumer regulations, according to the Consumer Action Group's founder Marc Gander:
"It's very clear under the Consumer Credit Act 1974 - and also Distant Marketing Regulations - that money has to be returned promptly."
Yes Loans said it receives very few complaints relative to its large customer base and that it has taken steps to improve customer service.
Following regulations is essential if a company is to have a consumer credit licence.
A BBC investigation has discovered that Yes Loans' licence expired in June 2008.
But the Office of Fair Trading (OFT), which issues licences, has allowed the company to continue trading before it decides whether to issue a renewal of the licence.
The OFT told the BBC that it has investigated Yes Loans and is working with them to resolve issues.
The BBC has also learned that one of Yes Loans' company directors is still serving a 10-year ban from being a director.
Keith Chorlton received the ban in the year 2000 after he diverted cash from an insolvent business into his personal bank account.
At a subsequent court case, his credibility was questioned by the judge who found that a document produced by Mr Chorlton was "not authentic".
Despite this, Mr Chorlton obtained an exemption from that ban in 2008, allowing him to become a company director of several businesses, including Yes Loans.
Serious questions need to be asked according to the Institute of Business Ethics research director, Simon Webley.
"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 Mr Chorlton's lawyers deny any breach of consumer regulations.
I covered this here when I asked for people to come forward who had worked at Yes.
Oh before I forget I also contacted one Paul Murphy MP , back in April 2007 - link - answer from the Rt Hon. Member was nothing. Must have been worried about his boiler.
Also I had recently spoken to the media and had been approached over the phone by a few "unofficial" representives of Yes Loans. Representives who think that threats of violence will make a story go away.
Now the "scam" 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".
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 isjust 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.
Oh I also contacted the OFT/DTI about Yes and Keith back in 2007.
Now, we find out that not only do they know about his ban but his licence has run out and they are quite happy to see him carry on.
So much for government departments putting consumer interest first.
Some assorted links to various sites on the internet covering Yes Loans:Link to the BBC X-Ray site. And I have posted it below.
Joe McGrath's article(copied below)
Mirror story- Yes Loans like to say no.
BBC Wales: X-Ray(again) The customers who wish they’d said “no”- One of the better tv programs.
http://www.blagger.com/db4/company_id/574/companyname/Yes-Loans.html
http://www.reviewcentre.com/reviews95640.html
http://blogs.mirror.co.uk/mirrorinvestigates/penman/feb2007/notoloans.htm
http://www.moneysupermarket.com/community/forums/t/yes-loans-9088.aspx?Source=MS
http://www.filesaveas.co.uk/cgi-bin/consumer/YaBB.pl?num=1102088733
http://www.consumeractiongroup.co.uk/forum/general-consumer-issues/66806-yes-loans-more-like.html
http://www.mirror.co.uk/news/tm_headline=penman---sommerlad-investigate--these-yes-men-are-a-real-no-no-&method=full&objectid=18183777&siteid=94762-name_page.html
http://business.guardian.co.uk/story/0,,235408,00.html
http://www.ginfo.pl/more/273171,HONEYMOON,IS,OVER,FOR,COMPUTER,DATING,AGENCY,BOSS.html
Ye olde Tags: Keith Chorlton Dial Yes Loans Gordon Bon Mel Roberts Gaby Cocchiria Talk Talk Alan Spedding
Some old posts I have done: Someone I used to work for... and Keith Chorlton
Plus a wee bit of blowing ones own trumpet at having the old Frausters name owned on Google. Only taken the BBC the best part of 2 years to catch me up on this story.
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