log bok loans have added £540 of charges to my account!!!help!!

jamesdrew

log book loans, loan sharks, whoever they are, they would normally only have done what they say in their agreement, or small print if you like. No doubt you will have checked it and signed it and they have the advantage over you. Best thing to do is pay it back asap on get rid.

Luc1

Thats what he's having problems with James... paying the loan back.

I honestly think Nick you will have to see the CAB or speak national debt line...
The thing is it will only spiral out of control, they will be penalising you at every opportunity...

The thing which is worrying Nick, is that you probably have signed a 'Bill of Sale'
So the car effectively belongs to them! You probabaly signed this piece of legislation unaware!

Kimitatsu

There will be a bill of sale already enforced.

You need to ask for a full breakdown of costs and also proof that the bill has been registered correctly in the High Court.

There is soem doubt as to whether these loan agreements are legally binding so you need to take your paperwork down to your local CAB and get them to go through it for you.

Luc1

That's right, its probably been enforced. Nick you will need to speak to Her Majesty Courts and see when/if the bill of sale has been stamped & validated.

I think it will cost you 5 to get a copy of the Bill of sale. If I was you, I would do this first thing in the morning.

Another thing you can do is get a injunction on the car, this will stop them taking the car of you until you sort this dispute.

orc_2

Luc1 wrote: »

Right, but surely there must be a cap on how many phone calls/letters they can send??

Unfortunately this crowd of sharks are without scrupels. Its a franchise operation- anyone can buy into the operation. They send out letters when they feel like it and phone when the want to and then charge excessively. Those charges are added to loan, then interest is piled on top.

I mean £540 within a space of a few months….. That works out that they contacted Nick 45 times… a bit excessive don’t you think?

I entirely agree with you.

Having just done a search, they don't appear to be registered with the FSA- perhaps someone can shed light on that.

Luc1

orc wrote: »

Having just done a search, they don't appear to be registered with the FSA- perhaps someone can shed light on that.

Hi Orc,

The company only trades its own capital, nobody else's, and does not offer any advice to anyone else. So I dont think they need to registered with FSA.

But always worth finding out from from the OFT if the Limited company trading as LBL have a licence to hand out credit/loans. If not then then they will be in serious trouble.

ILW

I woud hide the car. They do seem to have a habit of taking the vehicle and asking questions later.

bertyboo

I had problems with theses people quite a few years bac, i had paid loan off in full, and they then said i owed them £500, in charges for letters and phone calls, which obviously i refused to pay, next thing i new they were there trying to take my car, and after a high speed chase i finally lost them, they will try all sorts of stunts to get you to pay even if they are just charges, like i said my loan was paid in full, I got on to bbc watchdog about them, had a follow up call and they said they would investigate this company further, but have heard nothing since, i then applied to dvla for a new log book, and sold the car, and touch wood have never heard from them since, anybody considering using these people, i advise you to stay very clear of them.

ILW

bertyboo wrote: »

I had problems with theses people quite a few years bac, i had paid loan off in full, and they then said i owed them £500, in charges for letters and phone calls, which obviously i refused to pay, next thing i new they were there trying to take my car, and after a high speed chase i finally lost them, they will try all sorts of stunts to get you to pay even if they are just charges, like i said my loan was paid in full, I got on to bbc watchdog about them, had a follow up call and they said they would investigate this company further, but have heard nothing since, i then applied to dvla for a new log book, and sold the car, and touch wood have never heard from them since, anybody considering using these people, i advise you to stay very clear of them.

They probably went a took it from the poor soul you sold it to. They do that quite a lot.