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  • FIRST POST
    trini_honey
    Log Book Loans? (merged)
    • #1
    • 21st Aug 05, 9:51 PM
    Log Book Loans? (merged) 21st Aug 05 at 9:51 PM
    Official MSE Insert:

    If you've arrived from Google, see our Payday Loans guide to check if you really need one. It's also worth reading our Debt Help guide.

    Back to the original post...

    My partner brought home a leaflet, given to him by a mate, for a company offering "log book loan", this is a selection i've taken from their website. you can do a google to come up the site i'm refering to, but don't want to post it. It's aimed at people with ccj's poor credit rating etc. But my bother with this is it seems fishy. I have a feeling that this is not legit. There has to be a catch.

    Well my reason for posting this, is for others who have heard about this, can verify it's authencity, or not, as i suspect, so I can show to my OH.

    HOW DOES A LOG BOOK LOAN WORK?
    We keep your log book (V5), you keep your car and keep driving
    Loans available from 500 - 50,000
    No credit checks, CCJ's no problem
    All enquiries treated in strict confidence
    Same day service: Money the same day
    Last edited by MSE Zorica; 20-01-2014 at 4:20 PM.
Page 1
  • carl310166
    • #2
    • 21st Aug 05, 9:55 PM
    • #2
    • 21st Aug 05, 9:55 PM
    How would you tax your vehicle without the V5 i wonder?
    Sponsored by Tesco Clubcard Points !!
  • Fatboy_NSS
    • #3
    • 22nd Aug 05, 12:44 AM
    • #3
    • 22nd Aug 05, 12:44 AM
    How can this be googled without the name of the lender? Doesn't sound particularly fishy to me, just that the loan would be secured against the vehicle.
  • ChrisB
    • #4
    • 22nd Aug 05, 2:38 AM
    • #4
    • 22nd Aug 05, 2:38 AM
    carl - you don't need your logbook if you use the form that the authorithies send directly to your address (not the form in the post office).
  • Ember999
    • #5
    • 22nd Aug 05, 7:25 AM
    • #5
    • 22nd Aug 05, 7:25 AM
    How can this be googled without the name of the lender? Doesn't sound particularly fishy to me, just that the loan would be secured against the vehicle.
    by Fatboy_NSS

    This is the website honey, just click on this link if you want to see what it is all about Log Book Loans though why anyone would be desperate enough to loan money from such a company is beyond me! I had a look at this site a few weeks ago when another member of MSE asked me about this company and I told him 'DO NOT DO IT' etc. If you have to use a company like this, you cannot afford a loan, so you will lose your car! I wouldn't have anybody have my log book and neither should you. Take my advice, everybody, keep away from companies like this. They prey on the poor and the needy and rip them off.
    ~What you send out comes back to thee thricefold!~
    ~
  • carl310166
    • #6
    • 22nd Aug 05, 9:33 AM
    • #6
    • 22nd Aug 05, 9:33 AM
    carl - you don't need your logbook if you use the form that the authorithies send directly to your address (not the form in the post office).
    by ChrisB

    I was under the impression that you will need to produce the V5,M.o.T and Insurance certificate when taxing your car.

    Also,what is to stop you just applying for a duplicate V5,having one doesn't mean you are the owner.

    I am willing to be corrected though.
    Sponsored by Tesco Clubcard Points !!
  • Bossyboots
    • #7
    • 22nd Aug 05, 6:50 PM
    • #7
    • 22nd Aug 05, 6:50 PM
    I was under the impression that you will need to produce the V5,M.o.T and Insurance certificate when taxing your car.

    Also,what is to stop you just applying for a duplicate V5,having one doesn't mean you are the owner.

    I am willing to be corrected though.
    by carl310166

    No, you only need the form sent out by DVLA, MOT and insurance.

    If you don't have the form you need your registration document and a V10 (I think, I've got to do one later so will double check) together with insurance and MOT.
  • Miss Cinnabon
    • #8
    • 14th Nov 05, 11:27 AM
    • #8
    • 14th Nov 05, 11:27 AM
    Has anyone heard of them as i got a leaflet from cash converters promoting them.

    They offer loans without credit checks but are secured on your car and they keep your log book.

    I am considering this but any info would be great.

    kyle
  • Robert_Sterling
    • #9
    • 14th Nov 05, 12:13 PM
    • #9
    • 14th Nov 05, 12:13 PM
    I have heard of it.
    If they tell you the APR on the loan which I think they must do please let us know what the APR is.
    ...............................I have put my clock back....... Kcolc ym
  • grumbler
    Log Book Loans?, logbook loans - another 2 treads ...
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
  • inmypocketnottheirs
    How it works:

    They do a valuation based on the "Glass's Guide" value on the car you wish to secure a loan against. They take the very bottom trade value. Then, if you have any finance on the vehicle, they subtract the amount outstanding. If there is any equity left, they then lend you half this amount.

    They want to see the car and check that it is taxed. They keep the log book, and register thier loan with HPI. They want to see your valid MOT (if apllicable) and insurance. These are returned to you.

    The charge is 10% per month for the amount borrowed, plus a documentation fee of around 55.

    The loan is for 3 months, you can settle before, paying 10% per month on the capital outstanding. The way the loan is structured and the paperwork laid out, you are not encouraged to settle before the 3 months!! Strange that, eh :confused: ??!!!

    It is expensive and to be avoided, 'cos obviously if you default on your repayment you lose the car.

    I have done it in the past when have been desperate for short term cash, when I know I have had sizable amount in the pipeline coming to me. I am self employed and have had problems in the past credit wise, and I find it very difficult to get any mainstream lending. There are occasions when I can need a few hundred quid, when in a few weeks I am certain of collecting four or five thousand, so I have used log book loans only on this basis.

    Hope this helps.
  • Mikeandmitch
    Hey everyone,

    I am a customer of log book loans and I would like to share my experience of them with you all!

    I base myself as someone with a good credit rating so getting loans is not a problem for me, i needed to get 1500 and put it with the rest of my money so I could put a deposit down on a house, the problem was they needed the money that day so I went to logbook and presented my Audi A6 V6, which was paid for in cash so no outstanding loans, there eyes lit up and they said I could have the cash that afternoon, I was overjoyed, I made a arrangement with the rep which was get the loan and make a full payment of the whole balance in 1 month when I got paid and all I would have to pay back in full was 1800, ok thats a lot of interest to pay back just for a 1500 loan over a month, but I needed the money ASAP, the rep also said that if I wanted to keep the loan going I would have to pay 49.99 a week for 12 months, now thats a lot of interest! i managed to move into the new house but shortly after I fell ill, my son came home from school with chicken poxs, its not something I have had so yep I got it too, insult to injury mine turned into shingles oh the pain was loverly!!!!!!!!!!!

    Anyway!

    I couldnt work cos I was in so much pain! Not too mention my head look like a mix between a pomegranate and a joint of beef that was dragged along the road by a car!

    Am I building a good picture? Im all better now and look as pretty as ever!

    Anyway!!!!!!!!

    During the time I couldnt work I didnt get paid, logbook dont offer insurance if your ill or cant work so I had to come up with the money, not being able to afford the full 1800 I went to paying the weekly amount which the rep said can be taking monthly, here is the problem, logbook loans dont use direct debit, you have to ring them with your card and pay over the phone every month! Not really a huge problem until they say it has to be paid every week! My payment date is on a Sunday, they dont seam to work Sundays so I get charge 12 for late payment every week! Hmmm smells fishy!

    I learnt the hard way that log book want payments weekly.

    As you can gather I went 1 month with out paying them as I was going to pay at the end of the month like you would any normal loan. I went to the hospital so I could have my shingles looked at as my eye was starting to fall out, this was around the 1 month mark, so as soon as I came out I rang them and paid the loan for that month not to mention the 12.00 a week late payment charge which I just learnt about during the telephone conversation. I was happy! I carried on paying the loan and 2 weeks later, Anglia bailiffs came out at 6 am and told me

    I WANT 3000.00 OR THE CAR, YOU HAVENT GOT 3000.00 SO IM TAKING THE CAR!

    He pushed past me and snatched the keys from the table inside the house!

    I told them the loan is up to date, this is unlawful, he said..

    I WANT 3000.00 OR THE CAR, YOU HAVENT GOT 3000.00 SO IM TAKING THE CAR!

    (i wondered why he was wearing headphones i guess his mother ship was scripting the words to him)

    He took the car and I phoned it in stolen, (car jacked if you will tee hee) I believe the bailiff got sacked for just for pushing me! HA !

    Them I rang logbook and said is there any problem with my account, I was told no your account is running smooth and is up to date, so I asked then why has your bailiff just reposed my motor! The phone went silent and a little voice said I will call you back!

    The next person rang me with a whole life time of attitude and chips on her shoulder and said

    YOU SHOULD HAVE PAID YOUR LOAN!!!

    I said I did

    She said

    NO YOU HAVENT!

    Anyway she checked and can you believe it yes I have paid it. So they ordered the car to be given back to me at the auctions! How nice!

    So far I have missed 2 payments over a 3 month period and have the bailiffs knocking the door every time, of course I got the cash in the house to pay them, I do so love to see them at my door.

    In brief and I bet your really glad after reading all of that!

    LOGBOOK LOANS ARE NOTHING BUT LOAN SHARKS! WITH A NONPROFESSIONAL ATITUDE!

    My advise is to STAY AWAY FROM THEM!


    I borrowed 1500, my weekly payment is 49.99 a week for 12 months plus I had to pay 100 admin fee! Work that lot out, Im too scared to look at the interest rate but I do believe that mine is cheaper cos I have or had good credit but some do run as high as 250%
  • inmypocketnottheirs
    Wow, Mikeandmitch what a horror story!

    I have used log book loans in the past when really pushed. Never for longer than a month, and have paid their standard charge of 10% for a month, i.e. borrow £2000 pay back £2200, plus a documentation charge (they register the debt with HPI).

    10% for a month is extortionate, but this was back in the days when I was being robbed blind by the Co-op Bank and their £35 bank charges, (thanks D_Church - got all that back), and it was a life saver for me.
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • Silvafox
    Holy s**t Mikeandmitch. That must of been seriously stressful.

    I'm glad you've took the time to post it though just to give others food for thought in case they are considering that same route.

    Hope you get it sorted real soon....and get better if you're not already?
  • caprikid
    I had a classic for capri I payed 1300 for it she was in very good nick I was needing cash in a hurry so I went to log book loans and got a loan of 600 wath an APR of 375% . I payed back over 1400 to log book loans but the said I missed 2 payments that I had proof I had payed to them through internet banking . Log Book sent the bailiffs (Gemini) up to take my car one day when I was out they never had a court order and bailiffs have no powers in Scotland anyway !!!.

    I had a look at my loan aggreement and it states that they cannot take the car after I have payed 1 third of the balance without a court order . I have been to trading Standards , CAB, OFT, and the Scottish Executive they all said this action by Log Book Loans was not legal but I would have to take them to court on my own . I cant get legal aid so me taking them to court is not an option and it is now looking like they are going to get away with this .

    I would advise anyone not to use Log Book Loans I found out the hard way what they are all about and I miss my capri so much . Alex
  • debt debt debt
    HI GUYS
    i took out a loan with log book 3 yrs ago and was coping quite nicely with the payments untill i split with my partner and realy struggled, i contacted them and they promised to giv me sum breathing time wich i thaut was realy nice of them. but then i moved house and was receiving telephone calls from firstly anglia (bailiffs) then gemini (bailiff). i was so scared cos not only were this managing director of gemini (graham whittiker...as he goes by sometimes) contacting me but they were going on friend reunited and contacting my friends...sending me texts saying he knows the names of my children! i was petrified so it got to the stage wen i moved again and realy did not want this man knowing where i lived! i contacted trading standards and the bailiff watchdog as i still have the texts that say these thigs and my friend has kept the email which reads......"hello, i am wanting to get in touch with (me) as i have some very interesting photos she would like to see" bear in mind this man is like 30 yrs older than me!
    anyway they came and took the car but im still thinkin hes watching me and im still takin this further
    PLEASE DONT GET INVOLVED WITH THIS CRETTIN OF A COMPANY!
  • joeblack066
    What did Trading Standards do, out of interest? This company are advertising on my local radio station as oh-so-friendly, and I dread to think how many people will be put thru this kind of thing.
  • Paul Varjak
    i contacted trading standards and the bailiff watchdog
    Originally posted by debt debt debt
    Don't use the Bailiff Watchdog - they are closing down amid accusations that they are running a 'protection racket'!
  • Feux Verts
    HI GUYS
    i took out a loan with log book 3 yrs ago and was coping quite nicely with the payments untill i split with my partner and realy struggled, i contacted them and they promised to giv me sum breathing time wich i thaut was realy nice of them. but then i moved house and was receiving telephone calls from firstly anglia (bailiffs) then gemini (bailiff). i was so scared cos not only were this managing director of gemini (graham whittiker...as he goes by sometimes) contacting me but they were going on friend reunited and contacting my friends...sending me texts saying he knows the names of my children! i was petrified so it got to the stage wen i moved again and realy did not want this man knowing where i lived! i contacted trading standards and the bailiff watchdog as i still have the texts that say these thigs and my friend has kept the email which reads......"hello, i am wanting to get in touch with (me) as i have some very interesting photos she would like to see" bear in mind this man is like 30 yrs older than me!
    anyway they came and took the car but im still thinkin hes watching me and im still takin this further
    PLEASE DONT GET INVOLVED WITH THIS CRETTIN OF A COMPANY!
    Originally posted by debt debt debt
    Have you told this story to the Police and to Friends Reunited? I'm sure both would be very interested.
  • pest control
    I recently recieved a letter from log book loans saying that 'the vehicle on which the loan is secured is due to be recovered for sale at public auction'
    I do not have a drivers licence let alone a car. When i called about the letter i had to pass security questions which to my surpise I did pass (name, address, D.O.B). Why have they got my personal details when I haven't taken out a loan I asked? Apparently the person who has the loan had not replyed for some time so they entered her details (name & D.O.B.) into a data base and it came up with my address!! Having called them 2wks ago I was assured that I would be sent a detailed letter say how the misunderstanding came about and the letter would reassure me that my personal credit rating would not be affected. So why have I still not recieved this letter if all was ligitimit.
    Scary stuff
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