Yes Loans stripped of its licence
Public
Yes Loans, one of the UK's largest loans companies, has lost its licence after the Office of Fair Trading concluded that its practices were "deceitful and oppressive". The company is planning to appeal, but as things stand, Yes Loans may well go out of business. There's a telling stat at the bottom of the BBC page linked to above: in 2011, 133 complaints were made about Yes Loans to the Financial Ombudsman Service, and no fewer than 83% of them were upheld.
Of course, I don't know what will happen with regard to an appeal -- the company has 28 days to decide, and can continue trading in the meantime -- but if they are, as the OFT says, "unfit to hold a credit licence", then they deserve to go under. I have personal reasons for detesting dodgy lenders, and if the OFT is going to be a bit more muscular on bad practice in this area than of late, I'm all for it.
Yes Loans, one of the UK's largest loans companies, has lost its licence after the Office of Fair Trading concluded that its practices were "deceitful and oppressive". The company is planning to appeal, but as things stand, Yes Loans may well go out of business. There's a telling stat at the bottom of the BBC page linked to above: in 2011, 133 complaints were made about Yes Loans to the Financial Ombudsman Service, and no fewer than 83% of them were upheld.
Of course, I don't know what will happen with regard to an appeal -- the company has 28 days to decide, and can continue trading in the meantime -- but if they are, as the OFT says, "unfit to hold a credit licence", then they deserve to go under. I have personal reasons for detesting dodgy lenders, and if the OFT is going to be a bit more muscular on bad practice in this area than of late, I'm all for it.