ADVICE Please on Log Book Loans

puppy999

I know there wz a thread about this but cant find it
I remorgtaged my house 3yrs ago for my daughter to start a business I trusted her and let her have the money £120,000 well she spent it I am being evicted (sorry about spelling) Yes I know its my fault.........
The house is going up for Auction I have to move out in 4wks I just cant seem to sell anything furniture, cars .......I have no were to go with 3 cats and 1 big dog so I thought I would buy a horsebox with full living and live in that .......
My car and jeep are the only things that I got from the money they are not new.
I dont do loans always yes if you cant afford dont buy but I am desperate and thought about taking a loan £10,000 against my car.
What advice can you give me is LOG BOOK Loans a bad idea ????

Tixy

Getting a log book loan is a terrible idea I'd say - the APRs are horrendous and the companies are unpleasant to deal with.
If you don't need the car and the jeep then look at selling one of those instead.
It sounds like you have already tried to sell the car - can you drop the price, try a dealer to buy it etc? It might not be the best price for it but you'll probably end up far better off than trying to keep it, getting a log book loan after you've paid the massive interest & charges these incur.

Have you spoken to or had any advice from Shelter or similar at all regaring the repossession and your circumstances and that you will have nowhere to live?

KingElvis

can you actually live in a horse box?

Tixy

KingElvis wrote: »

can you actually live in a horse box?

A lot are like motor homes/caravans with a section for horses at the back - so have a kitchenette, shower, seat/table area that converts to a bed.

So I guess in the short term you could - providing you have somewhere to park it.

Apples2

Log Book Loan is a terrible idea. They have a wonderful reputation of bouncing your payments and shouting DEFAULT at you. Then becoming impossible to contact whilst the penalties rocket.
It doesn't get messy after a while, it gets messy from the day you get your loan.

The penalties are frankly absurd, laughable almost if it weren't so serious.

Take one for the team and offload one of the vehicles, even under book price, at least it will give some breathing space.

KingElvis

Tixy wrote: »

A lot are like motor homes/caravans with a section for horses at the back - so have a kitchenette, shower, seat/table area that converts to a bed.

So I guess in the short term you could - providing you have somewhere to park it.

Cool, you've always got the added advantage of joining the horsey set?

I've always longed to live in a caravan but my wife's having none of it

2nd_Time_Lucky

Have you tried the dreaded webuyanycar.com? they are better than a logbook loan.. the other option is a classified ad on Ebay- costs £15 with no final sale fee I needed to sell my car quickly and my Subaru sold in 2 hours :j
FWIW i spent a winter in a horsebox- very cosy it was too

KingElvis

2nd_Time_Lucky wrote: »

Have you tried the dreaded webuyanycar.com? they are better than a logbook loan.. the other option is a classified ad on Ebay- costs £15 with no final sale fee I needed to sell my car quickly and my Subaru sold in 2 hours :j
FWIW i spent a winter in a horsebox- very cosy it was too

Did you actually have a horse in there too?

Tixy

KingElvis wrote: »

Cool, you've always got the added advantage of joining the horsey set?

I've always longed to live in a caravan but my wife's having none of it

Is it the lack of wardrobe space? if so maybe you can sell her on the idea of a horse box - if you offer to put wardrobes and shoe racks in the horse section?

puppy999

Tried to sell both webuyanycar.com will only give me £1,700 for my jeep and its like new with only 34,000miles and 5 new tyres and £5,000 for my car with 4 new tyres which is way below book price I cant afford to let them go at that.
I treid to sell my Jeep last year on Ebay the bidder rang me and said that he wz sorry but his wife would not let him hav it I went thou the complaints thingy Ebay took nearly £50 which they are still owing me to this day .......Ebay say they hav paid it into my Paypal and Paypal say that they hav'nt ...
A 7.5 Horsebox as shower/elect toilet, hot/cold water, fridge, full size cooker, tv/dvd, air blown heating, padded ceiling with led lights, wardrobe, cupboards,sleep 4 push botton genni and 240 hook up and carry 3 horses with lockers on the outside.
I also hav a horse had him 26yrs I could live well in a box, and ther is room for him to sleep in the back you just hav to get use to the rocking when your horse gets up or down...lol
OMG see what you mean someone just rang me about Log book loan I asked what the interest is he said "oh its not like a bank its 12% EVERY mth" I just said no thank-you...........

Tixy

How much is your car worth (if you had time to sell it)?

If you go for a classified add on ebay then you are just advertising on ebay and you actually do the transaction yourself (just like if you'd put it in the local paper or whatever).
Have you tried the local paper? or as its presumably a fairly new car (as you wanted to raise £10k against it) have you been to the local dealer for that make car to see what they would give you for it?