Log Book Loans Horror Stories

NoLogBookLoans

Hi there,

I'm currently setting up a web site highlighting the dangers of using Log Book Loans. I'd be interested in hearing any horrors stories that anybody has about their experiences with these loans.

Ric

samantha3101

Hi, can i have the website address for that?

I'm currently with Log book Loans. I (stupidly) took out a loan for 1.5k in April 2009 and wanting to settle the loan in September 2009. They are really hard to contact by phone and hardly reply to emails and all i want to do is settle the loan and just want a figure. It just feels like as soon as they give us the money they don't keep in contact for people who just want to re-pay the loan!

Other issue is there stupidly high intrests...:mad:ARGGGH!!! Taking out 1.5k and if i kept going with the 78 payments i would of paid back 4.5k!!!

Hope that if someone ever goes with them it is there last hope like mine was....:rolleyes:

selecta_c

Probably not what you want to hear but i was once desperate enough to use Logbook Loans,apart from the stupidly high intrest rates (which i was aware of when I signed the agreement) i never had any problems with them.They served there purpose well at the time.

Wutang_2

saulhudson wrote: »

I have just found out that my wife has one with this bloody company, as you say APR of over 400% it has put a huge strain on our marriage as this is not the first time she has took out loans behind my back and then incurs debt as a result, I really don't know what to say about these shysters and thieves other than the government should be taking steps to shut these people down.

Sounds to me its not the loan company you have a problem with...

I_know_my_ABC_and_my_CMYK

saulhudson wrote: »

:mad: Yer not wrong there fella, but we are trying to sort it out which is better than just fighting I guess, whether we remain together...is another matter.:cool:

Having said that, as long as there are loan companies like these there will always be weak, easily led individuals like my wife who'll take up their outrageous offers.

She must have been desperate at the time and felt she couldn't tell you.

rog2

NoLogBookLoans wrote: »

Hi there,

I'm currently setting up a web site highlighting the dangers of using Log Book Loans. I'd be interested in hearing any horrors stories that anybody has about their experiences with these loans.

Ric

You might want to look at the following thread:

http://forums.moneysavingexpert.com/showthread.html?t=83984

As with all of these types of sub-prime and short-term loans, there will be pros and cons

If you pay it all back, within the agreed time span, then they can be a source of quick cash for somebody who is unable to raise 'main stream' finance.

The 'problems' really only start if the 'debtor' has problems in paying, or extends the term - then the problems really start. :mad: :mad:

If you do a 'search' - by using the search facility at the top of the page and entering logbook loans - you will find over 40 well subscribed threads from boards across the site.

That should give you some ideas.

rog2

NoLogBookLoans wrote: »

I'm currently setting up a web site highlighting the dangers of using Log Book Loans. I'd be interested in hearing any horrors stories that anybody has about their experiences with these loans.

Forgot to say - Good luck with your website and don't forget to read Martin Lewis' conditions on 'copyright' before using any of the stories that you read here.

campez

logbook loans should be reported in the pappers aswell as the shops that advertise them i told them when i took out my loan that i could not provide payslips or any proof of employment do they need these to give me aloan as it didnt seem to bother the agent he didnt even tell me the amount i would be paying back on 1000 i have to paye back 2995 now they are adding more for missed payments .i have just started a new job if i loose my car i loose my job and then my house.they just tell me i have to paye 1000 with in three days or they take my car they are going to ruin my life and my childrens.hope they are proud rip off b

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ds

Tubbss

surely you were given a document to sign and a copy to take away. Even if it did not give a total amount payable its simply payment x terms eg 36 x £100 = £3600.... Appears to be another case of give me the cash now and i'll look into it and regret it later!

Apples2

campez wrote: »

on 1000 i have to paye back 2995 now they are adding more for missed payments

When you were desperate for the money you thought that was a great deal.

Now you have stopped paying they are enforcing the fees you signed up to.


You need to look closer to home to see where your mess started.

campez

they are thiefs simple they dont do things right wich is why the fsa and cab have had a verry large number of people complaining .if you want to be a loan company you have rules and regs to follow these cowboys dont.