Yorkshire Bank Loans

Update: In August 2020, Yorkshire Bank Loans were taken over by Virgin Money. They are no longer accepting applications for the Yorkshire Bank Personal Loan.

Information correct as of 22/04/21 (YBOnline)

Are you considering a loan with Yorkshire Bank Loans? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Yorkshire Bank Loans for you in this loan guide. 

About – Who are Yorkshire Bank Loans?

Yorkshire Bank Loans is part of Yorkshire Bank. The company was founded in 1859 and is a trading name of Clydesdale Bank.

Find your best debt solution

This 4 question debt calculator will tell you if you’re eligible.

What is the total amount of your debt?

Loan interest and other charges – Government guidelines

There was legislation introduced by the Financial Conduct Authority which included price caps to protect borrowers. These price caps include:

  • 0.8% per day cost cap on the borrowed amount – including interest and fees.
  • £15 default fee cap – a default interest may be charged after this, but it cannot exceed the original 0.8% per day.
  • 100% complete cost cap.

The limits are applicable to credit agreements with an interest rate of 100% or more a year and are due to be either fully or substantially repaid within a year.

Other regulations came into place in May 2017. Lenders have a responsibility to provide details of the products they are offering on a price comparison website which is authorised by the FCA and they must provide borrowers with a summary of the cost of borrowing.

Do you wish to make a complaint about Yorkshire Bank Loans UK?

If they do not respond in 8 weeks or you are unhappy with the response, you can speak to the Financial Ombudsman by phone on 0800 023 4567 or 0300 123 9123.

Continuous Payment Authority and what this means for you

Loan companies often set up loans to be repaid using a Continuous Payment Authority (CPA). This gives them permission to take payments from your account.

There are new regulations that make Continuous Payment Authority much stricter than they have been in the past. For instance, loan companies cannot attempt to take the payment on more than two occasions, and they must not take partial payments. If the full value is not there, then they cannot take the payment.

What if you can’t afford to pay the loan back?

These are some the rules that lenders must follow:

  • They must give you information on where to find free independent debt advice.
  • They should hold off debt recovery and give you a chance to pay your loan back.
  • Freeze interest and charges, where relevant.

When you need help with your debt

These are some organisations who provide free independent advice on debt:

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
×