Logbook Loans advice

ThumpJunkie

Yep, I was silly enough to take out one of their loans in my time of need :lipsrseal

Anyway, I only have until February to assign my private plate to my car, however with my logbook being with Logbook Loans I couldn't do it. I emailed them, and to their credit not only did they quickly call me to discuss, but also subsequently sent me out my logbook as I "have been good with repayments and keeping the account up-to-date", yada yada yada.

What I want to know is, now that I have the logbook in my possession, does this in anyway negate me from said loan? It hasn't been amended in anyway, so surely the car is mine to do as I please with?

Maybe not, but thought I'd ask

CHR15

So you are so short of cash you went to a lender of last resort?
A lender nobody in their right mind would approach unless it mean the family couldn't eat (and even then, you wouldn't be advised to go to a Logbook loan company on here)??
Despite that, here you are paying for a private plate for your car!!

Please tell us you are a Troll.

If not, then you have the log book so stop all payments immediately. :rolleyes::rolleyes:

ThumpJunkie

Thank you for the friendly welcome!

CHR15 wrote: »

So you are so short of cash you went to a lender of last resort?

*were

CHR15 wrote: »

A lender nobody in their right mind would approach unless it mean the family couldn't eat (and even then, you wouldn't be advised to go to a Logbook loan company on here)??

I've been a member of this forum for about five minutes. Thank you for paying attention.

CHR15 wrote: »

Despite that, here you are paying for a private plate for your car!!

I paid £500 for it almost five years ago. If I don't put it on the car by the expiration of its two-year retention period (i.e. February) that £500 and my plate will be flushed down the pan.

Big difference between paying LBL £800, and paying the DVLA £80.

CHR15 wrote: »

Please tell us you are a Troll

Please tell us not everyone on this forum is as presumptuous and unfriendly as you? :rolleyes:

CHR15 wrote: »

If not, then you have the log book so stop all payments immediately. :rolleyes::rolleyes:

Not sure if that's a serious reply or not, so I shall await any further repsonses.

duggie1982

I believe the loan is still payable as you would have signed a credit agreement with them. If you stop paying then they can still take legal action to recover the amount but dont think they can take your car now since you have the log book. Im sure someone will be along shortly to help.

P.S. We do get alot of trolls on here.

ThumpJunkie

duggie1982 wrote: »

I believe the loan is still payable as you would have signed a credit agreement with them. If you stop paying then they can still take legal action to recover the amount but dont think they can take your car now since you have the log book. Im sure someone will be along shortly to help.

P.S. We do get alot of trolls on here.

Thanks bud. I was thinking along those lines, and from what I've heard since taking the loan out they're pretty persistent when it comes to getting their own way!

ThumpJunkie

Shameless bump!

CLAPTON

you still owe them the money

they will pursue you for payment

this will trash your credit rating

what else do you want to know?

pitkin2020

i dont understand why they even bother taking the logbook, one phone call to the DVLA explaining you have lost it and !!!!!! a new one in the post

MrsTinks

Did you sign an agreement stating the car would in effect be theirs if you failed to pay? If so then it doesn't matter one hoot who holds the reg doc - people HAVE tried to just report the docs lost so you holding the paper work is little more than symbolic... I would repay that loan ASAP and get shot of it - don't try running from it unless you have let someone who KNOWS what they are doing look over the paperwork you signed!

inmypocketnottheirs

LBL will have registered the debt with HPI, so any attempt to sell the vehicle to a dealer would throw the debt up. In effect, you now have aloan secured against the vehicle. If you sold the vehicle privately, then LBL would eventually track the vehcile down via the DVLA, repossess it, adding significant charges to your account, and then pursue you mercilessly for the balance.

You need to fully think this one through.

ThumpJunkie

CLAPTON wrote: »

credit rating

LOL. Chance would be a fine thing.

MrsTine wrote: »

Did you sign an agreement stating the car would in effect be theirs if you failed to pay? If so then it doesn't matter one hoot who holds the reg doc - people HAVE tried to just report the docs lost so you holding the paper work is little more than symbolic... I would repay that loan ASAP and get shot of it - don't try running from it unless you have let someone who KNOWS what they are doing look over the paperwork you signed!

inmypocketnottheirs wrote: »

LBL will have registered the debt with HPI, so any attempt to sell the vehicle to a dealer would throw the debt up. In effect, you now have aloan secured against the vehicle. If you sold the vehicle privately, then LBL would eventually track the vehcile down via the DVLA, repossess it, adding significant charges to your account, and then pursue you mercilessly for the balance.

You need to fully think this one through.

That's all I needed confirmation of, thanks folks