LogBook Loans Rip Off!

hoyles10

I have been a customer of LBL in the past and it was the worst thing I have ever done as far as money is concerned and i've done some pretty stupid things in the past

I borrowed £1000 when I was 23 to see me over Christmas and to buy my mum some nice presents as my dad had died a couple of months earlier and wanted to make it as nice as possible for her. In the long run it all back fired and she ended up lending me the money to sort out the problems I had with LBL.

I missed two weeks payment because something happened with the wages at work and I wasn't paid on the day we were supposed to, this led to loads of charges being added to my account over the space of 2 weeks so to sort it they offered another loan which would pay the existing one off and start a fresh with them and told me they would refund some of the charges. I did this without thinking they were offering to lend me what it would cost to pay the loan off with the interest added. I can't remember the exact figures but the £1000 loan I took out and messed up by missing the payments ended up costing me £2200 which I took the loan out for to pay back.

I don't need anyone to tell me how stupid I was but it seemed an easy way to stop all the letters and phone calls to the house so my mum wouldn't find out what I had done.

I would suggest to the OP going to CAB and seeing what they suggest to help you out in your situation.

Kimitatsu

happyhols wrote: »

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

You need to take ALL of the paperwork that has been given to you, especially the ORIGINAL agreement that you signed. This is very important as it will allow the adviser to see if the agreement is legal.

I would recommend that you tell them that you are aware that their Specialist Support Unit is looking into LBL and the validity of the agreements and ask them to look it up on the system and take further advice.

You need to get the CAB to do you a financial statement and get it sent to LBL at the earliest opportunity and make an offer of payment that is realistic and that you can stick to. If they send the bailiffs then they will take the car from your driveway or the street and you will pay through the nose for it. Have you spoken to them and asked if you can make a payment arrangement? I do realise that they are not the most approachable company!

You could also contact the Office of Fair Trading and ask them to look into the fairness of the charges. The OFT will write to the company and ask them to justify their charges, in my experience many companies at this point will refund charges especially of you are in financial difficulties already, if not then the OFT will make a ruling as to whether the charges should stand or not.

saulhudson

cyril82 wrote: »

Are you for real pal? this company are scum, the O.F.T. are seriously considering revoking their consumer credit licence, they charge 437.4% APR and prey on those who are desperate.

Put it this way, if you borrowed £2,000 of your bank and missed a couple of payments and they wanted £2,500 in charges i doubt you would say, "hmm, that sounds fair, i must pay them immediately"

I agree people have to take responsibility for their own finances but companies like this one should be outlawed and people who see fit to defend them sanctioned under the mental health act....(just my opinion)

:mad: I so agree with this, my wife is currently tied in with these leeches and she is a classic example of the weak and desperate kind of person these people rely on, if I could in anyway shut these people and others of their ilk down, or at the very least get strong government legislation to stop the dearth of companies that make money from desperate people such as my wife I whole heartedly would.
Hopefully C.A.B. can help somehow.