logbook loan help

rafaldesign

!I have taken the!logbook!loan for £2500 pounds in April 2011. Loan was agreed for the term of 8 months (7 payments of £250 + final payment of £2750)I was paying every single month on time until December 2011 as agreed however I wasn't able to make the final payment of £2750 so called the company and asked if I can extend the loan for a couple of months. They said yes, and asked me to carry on with payments of £250 which I did until April 2013 !!!!! they didn't send me the new contract or agreement.So up until April 2013 I have repaid £5750 which is more then the car is worth. In May 2013 I found myself in hard financial situation and stopped making payments. I called the company (logbookloans247) in August and they said that they want to receive the outstanding £2500 and they will release the car.I'm not in position to pay it back at the moment but was wondering if there is anything I can do to lower the amount owed.Please help!!thank!you

gb12345

rafaldesign wrote: »

!I have taken the!logbook!loan for £2500 pounds in April 2011. Loan was agreed for the term of 8 months (7 payments of £250 + final payment of £2750)I was paying every single month on time until December 2011 as agreed however I wasn't able to make the final payment of £2750 so called the company and asked if I can extend the loan for a couple of months. They said yes, and asked me to carry on with payments of £250 which I did until April 2013 !!!!! they didn't send me the new contract or agreement.So up until April 2013 I have repaid £5750 which is more then the car is worth. In May 2013 I found myself in hard financial situation and stopped making payments. I called the company (logbookloans247) in August and they said that they want to receive the outstanding £2500 and they will release the car.I'm not in position to pay it back at the moment but was wondering if there is anything I can do to lower the amount owed.Please help!!thank!you

What did the T&Cs that you originally signed say about what would happen if you weren't able to pay the balloon amount on time?

You would have been better off flogging the car (with their permission) when you found out that you couldn't repay as agreed - this would probably be your only course of action now, unless they have breached the T&C that you agreed to.