Logbook Loans

Super_Ram · 27 June 2009 at 7:58AM

Hi All,

I know these Logbook Loans are a rip off, but was wondering, has anyone actually got one that was paid on time every month and apaprt from the rip off APR, paid it off fine with no charges.

Just seems that alot of people are saying they charge you alot for late payments but not sure if this is because they will jump on your back if you are an hour late paying, or because they are wrongly charging people

Cheers for advice

seeya23 · 27 June 2009 at 8:01AM

i would stay a way from them

peachyprice · 27 June 2009 at 8:02AM

Log book loans would rather you didn't pay, they want your car to sell at auction and have been know to 'lose' payments, slap on exhorbitant late charges and interest where you end up in the position you can't pay. Hey presto they come a take your car.

Super_Ram · 27 June 2009 at 8:57AM

I totally understand what you are all saying, but it is looking lie it is the onyl option for us at the moment, I am not pleased about the high interest but we factored it in and are okay with it. My worry is, if we pay on time all the time, as in i am going to pay earlier than date to make sure, is the experience that thye will see find a way of charging us which in my opinion would be illegal but these companies always find loopholes

RobertoMoir · 27 June 2009 at 9:02AM

So you're still going to them even though you know they're going to try and rip you off?

Super_Ram · 27 June 2009 at 9:25AM

No, I didnt say that, what i wanted to know was is there anyone with experience out there that has taken these and paid on time and had no hassle off them apart from the Interest they charge.

In an Ideal world i would not need an emergency loan, but I am in a position where i need some cash quick and even though i dont like it, I will pay back with interest on top as it gets me out of a big hole.

Thiese companies may rip everyone off with charges and if thats the case, i will leave them alone, but if the only catch is the interest they charge then thats fine

CHR15 · 27 June 2009 at 9:28AM

My only experience is based on what I read on here, I have never used one so my opinion may be flawed...but...

The warnings are based on people's experiences of payments mysteriously "going missing" or some technical hitch which stops the payment getting through on time, or a computer error which tries to take the next payment immediately after the first.

If you think you can simply dig your heels in and shout "illegal" and it will be all sorted out, good luck and keep us posted.

Super_Ram · 27 June 2009 at 9:40AM

cheers chri5,

Yeah, they are mostly the stories i have read and if thats the case, I know they way it will go as in they can wrongly take a payment or lose a payment from you, and its a case of, you having to prove they are in the wrong and not them having to prove they ar ein the right and can be a long drawn out battle.

Cheers for the advice, might look elsewhere maybe

selecta_c · 23 July 2009 at 8:37AM

I used Logbook Loans a couple of years ago out of desperation.Didnt find them difficult to deal with but their APR rates are truly shocking.Using them must really be your last resort.

dazzaofdagenham · 23 July 2009 at 9:41AM

PLEASE PLEASE PLEASE dont use those sharks..

Just paid off my £750 loan....and i reckon icluding fees ive paid about 3K over the course of a year...

I would rather not eat food then deal with them..

PLEASE DONT DO IT...

Darren

matt8188 · 23 July 2009 at 9:51AM

selecta_c wrote: »

I used Logbook Loans a couple of years ago out of desperation.Didnt find them difficult to deal with but their APR rates are truly shocking.Using them must really be your last resort.

Good point Selecta,

I used them last year. Got myself in an awful mess and wasn't thinking clearly. Took out a Log Book Loan and my problems spiralled as I couldn't keep up with payments. No ones fault but my own.

My understanding and experience is if you keep up with the weekly payment they do not cause you any problems. As long as they receive their extortionate APR charges they are fine. I would also say that in my case taking my car wasn't there number one priority. They were quite helpful in general when I spoke to them. However what they don't tell you is every time they ring you hassling you for money or send a letter out they charge £12. Send one letter and make one phone call a week for a year, that's an extra £1248. I was extremely lucky that my mother bailed me out when I came clean and she paid the loan off on her credit card. I now pay her back every month and don't have the ridiculous charges to deal with, got to keep my car as well.

If you are desperate for a loan and have a bad credit history there a companies which charge less than LBL. Sub prime companies like Real Personal Finance or Black Horse charge up to 100% APR and I certainly don't advocate them, however they are still far cheaper than LBL or Pay day Loan companies. These companies along with brokers like Yes Loans and websites that advertise using about ten different trading names take advantage of people. I know it is the person who takes the loan who signs on the dotted line and its their responsibility but the world would be a lot better place without them.

Logbook Loans

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