Logbook Loans - Reclaming Money?

rubbishgambler

Hello,

In the past I took out a total of three loans with Logbook Loans. I had major financial problems but looking back in hindsight these loans only compounded them. I destroyed all my documentation when I eventually paid them all off, I think I did this at the time as a symbol that I was free from their shackles! I am now in a far better financial position but still feel upset and angry at both myself and Logbook Loans for what happened. Looking back I think the three settlement figures I received seemed far greater than what they should have been. I can't remember the exact figures but roughly it was;

Loan 1 for £1400, paid back about £1300 within 8 months then got a £400 top up loan which was Loan 2, approx £1750 (£400 top up plus interest and money owed from previous loan). Six weeks after getting this loan I hadn't made any repayments but then got credit card and paid off full settlement figure which had gone up to £2400. Finally stupidly about five months later I took out a third loan for £1400. Over the course of 9 months I paid back approx. £1050 and then after finally facing up to my problems I managed to get a family member to pay off the loan which was an additional £2500. I then sent them a letter telling them never to let me get another loan and not to send me offers, letters etc. I sold my car and since that time have become a debt free wannabe.

However I do feel agrieved how much I paid. I know the APR is 400% or something stupid like that but the settlement figures seemed ridiculous. I never had one of the loans for more than 10 months and my second loan jumped from £1750 to £2400 in six weeks. I should have queried at the time but I didn't but now with a fresh sane mind I feel I want to look into this in more details.

Does anyome have any advice? I thought I would contact them and ask for copies of my three agreements and breakdown of the payments I made. However I really don't understand APR and settlement clauses. I can't really afford to go to a solicitor but is there any other agencies I can try to see if the figures they gave me were accurate. If they were incorrect can anyone suggest the best method to tray and reclaim any monies owed?

Many thanks

Mark

sharpy2010

rubbishgambler wrote: »

Hello,

In the past I took out a total of three loans with Logbook Loans. I had major financial problems but looking back in hindsight these loans only compounded them. I destroyed all my documentation when I eventually paid them all off, I think I did this at the time as a symbol that I was free from their shackles! I am now in a far better financial position but still feel upset and angry at both myself and Logbook Loans for what happened. Looking back I think the three settlement figures I received seemed far greater than what they should have been. I can't remember the exact figures but roughly it was;

Loan 1 for £1400, paid back about £1300 within 8 months then got a £400 top up loan which was Loan 2, approx £1750 (£400 top up plus interest and money owed from previous loan). Six weeks after getting this loan I hadn't made any repayments but then got credit card and paid off full settlement figure which had gone up to £2400. Finally stupidly about five months later I took out a third loan for £1400. Over the course of 9 months I paid back approx. £1050 and then after finally facing up to my problems I managed to get a family member to pay off the loan which was an additional £2500. I then sent them a letter telling them never to let me get another loan and not to send me offers, letters etc. I sold my car and since that time have become a debt free wannabe.

However I do feel agrieved how much I paid. I know the APR is 400% or something stupid like that but the settlement figures seemed ridiculous. I never had one of the loans for more than 10 months and my second loan jumped from £1750 to £2400 in six weeks. I should have queried at the time but I didn't but now with a fresh sane mind I feel I want to look into this in more details.

Does anyome have any advice? I thought I would contact them and ask for copies of my three agreements and breakdown of the payments I made. However I really don't understand APR and settlement clauses. I can't really afford to go to a solicitor but is there any other agencies I can try to see if the figures they gave me were accurate. If they were incorrect can anyone suggest the best method to tray and reclaim any monies owed?

Many thanks

Mark

Hi Mark,

Unfortunately, these companies are ruthless and VERY expensive, as you have found out. By all means request copies of the agreements, but they are likely to be correct.

My honest advice would be to look on it as a period of bad money time, which you've now moved out of and won't go going back to, and move on.

Sorry I can't be more productive.

Cheers

BLT_2

rubbishgambler wrote: »

Hello,

In the past I took out a total of three loans with Logbook Loans. I had major financial problems but looking back in hindsight these loans only compounded them. I destroyed all my documentation when I eventually paid them all off, I think I did this at the time as a symbol that I was free from their shackles! I am now in a far better financial position but still feel upset and angry at both myself and Logbook Loans for what happened. Looking back I think the three settlement figures I received seemed far greater than what they should have been. I can't remember the exact figures but roughly it was;

Loan 1 for £1400, paid back about £1300 within 8 months then got a £400 top up loan which was Loan 2, approx £1750 (£400 top up plus interest and money owed from previous loan). Six weeks after getting this loan I hadn't made any repayments but then got credit card and paid off full settlement figure which had gone up to £2400. Finally stupidly about five months later I took out a third loan for £1400. Over the course of 9 months I paid back approx. £1050 and then after finally facing up to my problems I managed to get a family member to pay off the loan which was an additional £2500. I then sent them a letter telling them never to let me get another loan and not to send me offers, letters etc. I sold my car and since that time have become a debt free wannabe.

However I do feel agrieved how much I paid. I know the APR is 400% or something stupid like that but the settlement figures seemed ridiculous. I never had one of the loans for more than 10 months and my second loan jumped from £1750 to £2400 in six weeks. I should have queried at the time but I didn't but now with a fresh sane mind I feel I want to look into this in more details.

Does anyome have any advice? I thought I would contact them and ask for copies of my three agreements and breakdown of the payments I made. However I really don't understand APR and settlement clauses. I can't really afford to go to a solicitor but is there any other agencies I can try to see if the figures they gave me were accurate. If they were incorrect can anyone suggest the best method to tray and reclaim any monies owed?

Many thanks

Mark

My condolences Mark, but I suspect you will have very little success in your endeavours. You can certainly request copies of the documenation but the terms and conditions as far as I am aware are pretty clearly laid out in these types of loans.

In case you wish to feel further aggrieved I believe the normal APR for these types of loans is nearer 2800% than the 400% you quote

At least !!!!!! Turpin wore a mask

Tixy

rubbishgambler wrote: »

However I do feel agrieved how much I paid. I know the APR is 400% or something stupid like that but the settlement figures seemed ridiculous. I never had one of the loans for more than 10 months and my second loan jumped from £1750 to £2400 in six weeks. I should have queried at the time but I didn't but now with a fresh sane mind I feel I want to look into this in more details.

That doesn't sound far out on quick 'fag pack' figures
£2400-£1750 = £650 interest

Borrowed £1750. If APR had been 400% then annual interest £7000 so interest for 6weeks is 7000/52*6 = £807.