It IS possible to get a refund of the admin fee from Yes Loans! Don't give up!
Unfortunately you will have to fight for it though. Be confident and assertive when speaking to them but try not to get angry with your advisor. Remember they have the right to terminate any call.
A piece of further advice I would like to give is not to ring them up too often. The hold times are ridiculous and all they are going to do is make up excuses and deny all knowledge in the hope that you give, so they can keep your money.
I've done all the angry phone calls and they don't help.
Below are the steps to take:-
1) Ring and ask for a refund. They will politely give you the email address. email them accordingly. They will not respond in any shape or form so don't expect even an automated reply.
2) A week later, ring the Financial Ombudsman Service on 0845 080 1800 and file a complaint. Tell them that despite following Yes Loans procedure you are still awaiting a refund. FOS will send letters to Yes Loans and you. Yes Loans have 8 weeks to respond but again, don't expect anything from them.
3) A few days later ring Yes Loans and ask to speak to the refunds department. Ask what their response to the FOS letter is. They will pretend they haven't received it. Mention that you are writing down everything that they are saying and you will use it in further complaints if necessary. Now ask to speak to the complaints manager and again, tell him about your FOS complaint and that you are writing down his responses. Ask him why you haven't received a refund. Be assertive and he will action your refund.
4) Add one week onto whatever date he says you will receive your refund - the date he tells you will be a lie too.
Yes Loans are obviously operating legally and no doubt anyone defending them will talk about small print and sections of law that validate their practices, from the initial "hooking you in" acceptance right through to the withholding of your admin fee. That doesn't mean that they should continue as they do. It is clear that they cause alot of upset and stress amongst vulnerable people.
Take the following example:
Woolworths were selling a girls bed range named "Lolita." They were doing nothing illegal and yet, the line was withdrawn after causing upset.
To finish off, don't accept your eventual refund as the conclusion to your FOS complaint. Like me, please take it as far as you can. Perhaps if enough people using FOS demand explanations as to why they were given the impression that their loan application was successful and why the refund isn't immediate, things may change for the better and this dreadful company may get its comeuppance.
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