Urgent advice needed

beebop23

I am about to take a logbook loan as a last resort. i have read in forums they r monsters to go to but surely if u pay ur payments u get ur v5 back at the end of the time? i have paid for a copy just in case. however what does every1 thinkj?

ILW

They will probably try to load you with all sorts of spurious charges etc. and god help you if you ever make a late payment. Avoid at all costs.

beebop23

i know but i really need the cash

ILW

You would do better to sell the car and buy a cheaper one.

beebop23

probably actualy. iv just cancelled my appointment i cant do it. just in case they take my car. i guess ill need tostruggle on

ILW

I honestly think that if you deal with these cowboys you will be in even deeper stuff in a few months.

beebop23

i would be too worried about my car. thanks.

andywybers

I had one of these loans several years ago, was late with one payment and they came and clamped my car at 4.40am.
I then had to pay my monthly instalment plus the clamp release fee of £175. As soon as i made the payment over the phone a guy came and released it. He must have been sat around the corner waiting for the call to release it.
Once they have your v5 they just see you as a 'cash machine'!!!!
Embarassing when your neighbours see it!!!

avoid at all costs, they don't leave you alone - dont do it