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logbook loans scams

gregashsab
Posts: 6 Forumite
in Loans
Anyone got any advice please, A friend of mine purchased a car for £5.000 only to find out 2 months later it has been taken off them because the car is on a logbook loan from the original owner, who sold it to a car front from which they bought it.The police say its a slim chance they will get their money back. Surly there must be a law from people doing this?
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I'm pretty sure that what they've done would be classed as fraud... I'm sure others will be along to advise0
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That is what a HPI check is designed to protect against. To ensure there is no third party interest.
Same as buying a stolen car. There are laws about stealing cars but you would still lose it if you bought one.0 -
The logbook boys are not a friendly bunch either, they have the worst repuation possible so expect bolt croppers etc"We want the finest wines available to humanity, we want them here, and we want them now!"0
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i would sue the previous owner..... the logbook company take the logbook so how did they manage to flog the car without it.
if they read the loan terms and conditions they would kno thy cant sell car.Promo codes are never always cheaper..... isnt that right EuropCar?0 -
That is what a HPI check is designed to protect against. To ensure there is no third party interest.
Same as buying a stolen car. There are laws about stealing cars but you would still lose it if you bought one.
unfortunately, not all logbook loans companies register it on the systems that HPI checks show. there was a big thing on watchdog about this last month, i will see if i can find the link
http://www.bbc.co.uk/blogs/watchdog/2011/05/log_book_loans.html0 -
unfortunately, not all logbook loans companies register it on the systems that HPI checks show. there was a big thing on watchdog about this last month, i will see if i can find the link
http://www.bbc.co.uk/blogs/watchdog/2011/05/log_book_loans.html
Just watched the clip. Amazed that this is the law. I assumed a HPI would show all outstanding liens, but as you said, the payday loan co's do not have to register an interest and often don't - it's entirely voluntary. So there is absolutely no way of knowing if you're buying a car with a clear title !0 -
Was the v5 present when purchased?0
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This happened to someone I know. They never got their money back. Though I don't know how hard they pressed the issue, or whether or not they explored any legal channels.0
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