I need serious help over log book loan!

immoral_angeluk

chanz4 wrote: »

doubt get a loan if going for logbook loans anyway, but not good coming from a money advice worker

I am a human being as well you know... :P

27col

sp1987 wrote: »

You need a car for work, correct?

You don't need that particular car for work though.

Buy a cheap old car with a new/recent mot for £100-200 and let them repossess this one.

If letting them repossess the car will get rid of the loan burden then surely that is the way to go. Then get a cheap car, as has been suggested. What utter madness to get into this position in the first place.

majorwally

Unfortunately, its only worth £1,300 now, as this has been going on for some time, so I would still owe them big time if I let them repossess it, what with all their charges.

I would definitely go for a loan as it would easily be cheaper but obviously you don't go to mobile money if you can get a proper loan, so it's not really an option.

Thanks for all your ideas, but i'm totally stuck!

Does anyone know any rather high bridges?

Enterprise_1701C

You need to go to the Debt Free Wannabe board - they truly have some wonderful advice.

Other than that, you have to cut back on other expenses where you can, do you go out of an evening, or have any other less than necessary expenses? If you have to keep topping up the loan to find another month's payments, then you "just" have to save a month or two's worth of payments from somewhere and you will catch up with yourself, at least for a while.

If you drink or smoke then there has never been a better time to give it up!

You really should go to the DFW board though, and they will get you through this.

Avoid high bridges though, there is a way to get through this.

KingElvis

The only pratical thing you can do is the following

1..Default on the loan and let them have your car
2..Change your bank account pronto
3..Come to an arragment to pay
4..Buy a banger until you've got shot of those crooks.

Thats what I would do rather than pay 12.6k

fozmcfc

KingElvis wrote: »

The only pratical thing you can do is the following

1..Default on the loan and let them have your car
2..Change your bank account pronto
3..Come to an arragment to pay
4..Buy a banger until you've got shot of those crooks.

Thats what I would do rather than pay 12.6k

Definately the best advice.

MortgageChallenge2011

A firm called auto-money has recently set up shop near me. Out of curiousity I looked at ther website and to be quite honest I am staggered how people can take out such a loan and not think of the consequences. Then they claim the company is at fault.

They advertise a £500 loan (a typical amount people might go for) - at a max time of 12 months @ £112.63 a month = £ 1376.56. the loan is secured on your car, APR typical 799.90% !!!!!

Take out the max £5000 and pay back over £13.5k!!!!!! (in one year).

Utter madness.

geoffky

IF i was the op i would be going to citizens advice debt service and see if they have a remedy..Avery harsh lesson learnt...at least you have the balls to come on here and admit it was your fault..we usually get knobs screaming blue murder on how they have been the victim of fraud ect ect..and tried to not pay anything back.get a banger just in case they go for your next car via a clamp..hide it if you can..