Payday advances company Yes Loans has licence revoked

A sub-prime credit broker accused of “deceitful and oppressive company methods” has had its licence revoked by the trading watchdog.

A credit that is sub-prime accused of “deceitful and oppressive company techniques” has had its licence revoked by the trading watchdog.

Yes Loans arranged expensive pay day loans for a few consumers as opposed to the items these were initially asking about and misled other people into thinking it absolutely was a loan provider as opposed to 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 Customer Focus, saying it showed up “long overdue”.

She stated: “we should not tolerate businesses whom use deceptive product product product sales techniques to leech more cash from cash-strapped customers.”

The OFT happens to be investigating Yes Loans during a period of many years therefore the company formerly changed several of its techniques because of this, including no fees that are longer charging.

Nevertheless the watchdog stated that “the evidence of extended engagement in deceitful and oppressive company techniques, together with continuing existence of a few of the staff accountable for operating the firms, means they are unfit to keep a credit rating licence”. Read more