Log Book loans

crystal_clear

Hi there

Log Book loans
Does anyone have any info on terms and conditions on this company.

Can they just legally Repo a car that was sold from the original person (who took out a log book loan) then without informing the new buyer the new buyer then sold it on again (still with no knowledge of any log book loan debt)

I did explain all in this thread
http://forums.moneysavingexpert.com/showthread.html?t=1933541

but it now has me thinking. If both myself and the person I sold the car to sent the log book away to get in our names and this was never in any question. HOW CAN LOG BOOK LOANS just turn up un announced to repo the car from its now owner.
When the loan was taken against the car 2 owners back.
Surely log book loans must persue the original applicant for the loan repayments and then send bailiffs to recover goods from the original applicants home if not another car, and not the 2nd person in the chain after the car was sold with what appeared to be good title.

I hope this makes some sense.


Crystal clear

hoyles10

A family member used log book loans and he had to hand his logbook over when he took out the loan, supposedly to stop him selling the car on. I ended up lending him the money to pay them back and pay me back without the massive rate of interest.

I may be wrong but if someone has taken a loan out against the car then sold the car on then I would imagine that's fraud and for logbook loans to pursue.

Sorry my answer hasn't really helped but i'm just trying o say that the car shouldn't have been sold on but should be upto Logbook loans to trace the original owner.

I stand corrected if i'm wrong though

crystal_clear

hoyles10 wrote: »

I may be wrong but if someone has taken a loan out against the car then sold the car on then I would imagine that's fraud and for logbook loans to pursue.

Sorry my answer hasn't really helped but i'm just trying o say that the car shouldn't have been sold on but should be upto Logbook loans to trace the original owner.

I stand corrected if i'm wrong though

Thank you for the reply

I am thinking that LogBookLoans and the original customer have both acted illegally in this case and the debt is with both of these to sort and not some innocent persons who were obviously duped for want of better words .

But I really need to know if anyone has any knowledge of there T&C and how the original customer can breach them and Logbookloans can come after innocent people that never had any dealings with the LBL company.


Crystal clear

hoyles10

It sounds like someone has taken a loan out, handed over their logbook then reported their logbook lost with the DVLA, got a copy then sold the car on. I would imagine it happens a fair bit with companies like logbook loans.

Maybe you could contact them to ask for a copy of their t&c's and take it from there. I can't seem to find any on the website.

http://www.logbookloans.co.uk/contact-logbook-loans.html

crystal_clear

No I tried to look for there T&C on the website before hand but I could not find them either.

Hence why I asked if anyone else on forum could be able to enlighten me on there T&C in anyway.

Crystal clear

crystal_clear

"Bumping " to see if anyone can be any further help on this awful mess.


Crystalclear

Amistoso_2

Loan Amount £1,500

Weekly Repayment £53.60

Loan Term 78 weeks

APR 437.4%!!!!!!!!

Total Repayable £4,180.80

I had a look and couldn't find the T&C's either, think hoyles is right tho, they probably reported it lost and got a new one in order to sell on. I nearly had heart failure when I saw their interest rates tho, OMG!!!!!!
Borrow £1,500 and end up paying back up to £4,180. Flippin eck!!!

Esqui

If you pay it off after a month, you "only" have £300 interest.

Holy cow!

crystal_clear

I do agree the interest is sky high !!!!!!

But I still would like anyone with a contract to tell me what hold can they legally have to reclaim a car that has been sold on twice with a log book each time.
And why they are not persuing the fraudulant debt' er rather than the other innocent parties involved here.

crystal clear

peachyprice

You'll get more specific help on CAG, there's a whole section of the forum dedicated to LBL

http://www.consumeractiongroup.co.uk/forum/log-book-loans-bills/

Keep scrolling down.

Good luck.

Luc1

Im having a few problems with LBL, cant believe they get away with this.. see below!

Just a update on the my ongoing dispute with Log Book loans.

Even though LBL confirmed to me on 27/04/09 that the car was free from finance, they have now taken the vehicle back from me. The reason for this is that the previous owner contested the payment of the outstanding balance which her boyfriend paid on the 21/03/09.

This was contested on the 8/05/09

On the 21/09/09 @ 6:45am Bailiffs take my car.

I spoke to the police, they give me a crime ref number as I report this stolen, they now say its a 'civil matter/dispute'.

Got to take LBL to a court now... looks like I will never see the car again - at the moment I have lost 6100 pounds.

Really dont know how the hell they can get away with telling me that the car was free from finance!