Logbook Loans

Eric_Pisch

What I dont get about these sharks is that to take a loan you have to have an asset, a car.

Why not sell the car and buy a £100 banger that's tax and tested for say 3 months

surely that's better than paying these insane charges

iceland_viking

I am taking one of these payday companies to court over their charges, same as credit card charges.....it seems to be working they have backed down and just want original payment back:)

selecta_c

Eric_Pisch wrote: »

What I dont get about these sharks is that to take a loan you have to have an asset, a car.

Why not sell the car and buy a £100 banger that's tax and tested for say 3 months

surely that's better than paying these insane charges

You make a good point there but as with alot of things in life you can become attached to your car which makes it harder to rationalise paying high intrest rates or getting rid of your pride and joy for a scrapper.

Snakeeyes21

I dont see what the problem is. Set up a standing order to pay them, then there cant be any 'lost' payments.
we all know you only get complaints on forums, what about the thousands of people who have used these types of loans without a problem?
its the same with payday loans, ive used them multiple times without any problems, then you got people on here saying they have got in to problems using them.
it seems to me that the people having problems with logbook or payday loans are people who have no idea how to manage their finances.
as long as you make payments on time i cant see you having any problems, apart from the high interest.

Eric_Pisch

selecta_c wrote: »

You make a good point there but as with alot of things in life you can become attached to your car which makes it harder to rationalise paying high intrest rates or getting rid of your pride and joy for a scrapper.

i can totally relate to that

but is it worth paying thousands in extra interest? especially as if u know cars you can get some bargains on ebay