log book loans

Carter25

help help help

I was so desperate and stupid last Christmas I took out a log book loan on my car for £1000.

I was paying roughly £38.00 a week for 78 weeks

Unfortunately Ive been really ill with depresion from may and have fell behind with my repayments. Im now around £400 behind...

To stop reposession i need to pay aprox £80 a week which I cannot afford and although i am just now able to pay the minimum of £38 per week they are not accepting my repayment offers.

The loan has just been passed to the repossesion team...

Im so scared I dont know what to do

Please help...

eschaton

Hide your car.

immoral_angeluk

Sorry to hear you have been ill, but unfortunately logbook loans will not consider letting you just carry on with the normal repayments now, they will want your contractual payments plus something off the arrears. If they take it to court, the court will want this also, otherwise you face repossession of your car. In hindsight you should've contacted them when you knew you were going to fall behind, and ask them for some kind of help such as a payment holiday BEFORE getting into arrears.

PNPSUKNET

you need to take a trip to the CAB or you will lose your car

Apples2

PNPSUKNET wrote: »

you need to take a trip to the CAB or you will lose your car

In a CAB just in case they see you

sassy_one

OP, If I were you, I wouldn't have taken a LogBook loan.

I have been where you were, and after talking to the guy on the phone regards a loan, that put me off, he was a right idiot with an attitude!
And I didn't like the APR either, what a joke, shouldn't be allowed.

However, do you have a partner/friend or someone whom would take the car over and keep it on there drive?
The only way to stop this would be to keep your car a long way from your address - a good 10 miles to be safe!

The only other way to stop this, and to get the law on side, is if you can prove to a court you need a car to go back and forwards to work.

What car is it?
Might be worth just letting them have it, clear your debts and use the money you can afford, £38 a week to save for a new car, you would also save on insurance during this time too!

thecableguy12

just sell the car!

iolanthe07

just sell the car!

(S)he can't. (S)he hasn't got the log book (V5). The loan company will have it as security.

caz380z

I'm sorry for posting in the wrong area but, I seem to be being incredibly dense and cant seem to figure how to start a new thread!! I tok out a (stupidly) logbook loan on Nov last year. All was fine up until april when I started to have financial problems. I fell behind and then managed to catch up again. I am now currently 4 weeks behind and have started receiving the usual letters. Problem is..... Last week, I was involved in a major car accident and my car has now been written off. I have a loan which I got through work to purchase the car (LBL were aware of this) not secured on the car. I have a year remaining on this and will need to repy this before getting another car, which i must contractually have for work. I have gotten a duplicate V5 document as i know this will be needed to send of to the insurance company. HOwever, having had a coversation with the insurance company today, I gather they do checks..... does this mean LBL will get the payout??? I'm really panicking as i have to pay of the other loan or i will not be able to get another car.... any advice will be gratefully recieved.... and again i apologise for hijacking this post.

Peelerfart

caz, follow this

http://forums.moneysavingexpert.com/forumdisplay.php?f=12

and look for the big blue button on the left hand side of the screen marked "New Thread".

PF

iolanthe07

Log book loans will want their money back one way or another - perhaps the insurance company will clarify whether they will settle with you direct or pay off LBL. You really do need to ask them. I understand that some of these log book loan type of companies can be quite aggressive, but in the end they can't get blood out of a stone.