LogBook Loans Rip Off!

xmaslolly76

That is appauling how can they expect someone to keep up payments like that on benefits and how the hell can they get away with charging more in default charges than the original loan was for. Jesus i have some debt problems which are being sorted but over the whole 22k that i owe i havent been charge that much in default charges :-(

jonnyd281

OP please be careful - I know the APR is appalling before anyone jumps on me - but according to your weekly payment and the total payable you still have about 3 months left on the term - 1600/29.80 ~ 54 weeks! have you made any additional payments to them?

peachyprice

asandwhen wrote: »

Dont understand why you needed to get a loan for the insurnace - most insurance companies will let you pay off insurance monthly and £700 will be alot less than £120 per month (£29 per week)

Not if you have poor credit rating.

asandwhen

peachyprice wrote: »

Not if you have poor credit rating.

Most ( not all ) dont even do a credit check on you so how would they know?

cyril82

if you have had insurance cancelled in the past they won't let you pay monthly.

geoffwhite

Hi - sorry to interrupt the forum with a journalistic request - I'm the finance producer for Channel 4 News at Noon.

We're interested in doing something on logbook loans. I'm trying to find examples of people who've been badly treated by these loan companies.

My interest is not in the high interest rates, since the companies are generally transparent about that.

I'm interested instead in finding instances of shady behaviour, ie. companies organising payment deadlines for Sunday when the office is not open for payment, then charging late fees; installing hidden trackers on cars; charging for phoning customers, even if the customer doesn't pick up the phone, etc.

If anyone has a story they'd like to tell, do please get in touch. I'm at [EMAIL="geoff.white@itn.co.uk"]geoff.white@itn.co.uk[/EMAIL].

Thanks - I look forward to hearing from you.

Geoff White
Finance Producer
Channel 4 News at Noon

kate252

come on now- stop it- get to grips with this-m why are you letting them fleece you like this? youve paif the same amount again and your still paying. cease all money now and let them take you to court they wont get very far- get to your local CAB as soona s poss and let theirt legal solicitor deal with it- theyll soon stop it then- or get a debt relief order for £90- at least it wil save them !!!!!!!s fleecing you any more than they ahve done- this is rediculous- you need to smarten up how you deal with them as they are taking you to the cleaners- phone them up today- tell them where to go- and stop being such a walk over.
this has been tough love

happyhols_2

I too am a customer of this vermin company. i am worried sick and am being constantly hassled. what i would like to know is this:
I changed address a while ago and they sent me the logbook to send to dvla.I haven't sent it back.I am behind with the payments and they have sent me a reposession letter.Can they legally take my car while i have the V5?

Kimitatsu

In a word yes they can - thats because LBL attach a bill of sale to your property which is lodged in the high court.

You need to get yourself down to the CAB and speak to them - they are looking at class action against this lot at the moment.

happyhols_2

Please explain what i need to say to the CAB-i can't sleep with the worry over this.thank you