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Citizens Advice welcomes OFT’s revoking of Yes Loans’ licence

8 Mawrth 2012

Gillian Guy, Chief Executive at national charity Citizens Advice, said:

"As increasing numbers of people struggling with debt become targets for unscrupulous credit brokers, it’s good to see the OFT revoke Yes Loans’ licence. Our 2011 super complaint, Cashing in, called for urgent action to tackle the unacceptable practices of credit brokers, including cold calling and charging up-front fees.

We hope the OFT's action shows that credit brokers won't be allowed to get away with unfair practices any more. But in the meantime, Yes Loans will be free to trade while it challenges the OFT's decision, so the OFT must be empowered to stop this, as a matter of urgency."

Notes to editors:

  1. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
  5. Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014  service statistics see our quarterly publication Advice trends
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.