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Yes Loans

Volume 494: debated on Wednesday 17 June 2009

To ask the Minister of State, Department for Business, Innovation and Skills (1) for what reason Yes Loans has been allowed to continue trading after its consumer credit licence expired in June 2008; (277312)

(2) when a decision will be made on the renewal of Yes Loans' consumer credit licence.

Yes Loans' licence did not expire in June 2008. Yes Loans submitted a valid application to renew its consumer credit licence before the licence was due to expire. In accordance with section 29 of the Consumer Credit Act, the licence continues in force until the OFT reaches a decision on its application and, if there is an appeal against the OFT decision, until the appeals process is completed.

The OFT is aware of concerns and has been working with Yes Loans in considering certain matters relating to its business practices. However I am sure you will appreciate that it would not be appropriate for me to comment further on this matter while a review is still under way.