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Log Book Loan and Webuyanycar - Help!
Hi everyone.
My apologies in advance if this is the wrong thread, perhaps a moderator would kindly move the post for me if that be the case.
Guys I need some urgent help regarding a log book loan.
I've very recently, regrettably, taken out a log book loan on my vehicle to the sum of £1000. Since doing so I've regretted it and now, having thought about the interest etc want rid of it and quickly. More so as I'm still within the 14 day cooling off period.
I want to sell the car to webuyanycar, a reputable company etc so I can pay off the loan with minimal interest and have a few thousand left over for other debts etc. problem is, the loan company refuse to release the V5 and webuyanycar can't do the transaction without the V5! I'm in a right pickle.
I want to sell the car to avoid getting into more debt, I know that the loan should never have been taken out in the first place, i get that but trust me, I'm regretting it.
So can anyone offer me some advice on what to do? I thought about taking the matter to court as after all I just want to sell the car to pay off the loan so what's the big deal...? Maybe I'm missing the point. Someone please help or, if anyone knows of a similar company that will deal with log book loan companies please let me know.
Obviously the dealer will pay off the log book loan company first as per the HPI check then pay me the remainder. It's just the same as a dealer clearing finance, thing is though the loan company have the V5 which seems to be a disaster for me now as they won't release it.
Thank you.
My apologies in advance if this is the wrong thread, perhaps a moderator would kindly move the post for me if that be the case.
Guys I need some urgent help regarding a log book loan.
I've very recently, regrettably, taken out a log book loan on my vehicle to the sum of £1000. Since doing so I've regretted it and now, having thought about the interest etc want rid of it and quickly. More so as I'm still within the 14 day cooling off period.
I want to sell the car to webuyanycar, a reputable company etc so I can pay off the loan with minimal interest and have a few thousand left over for other debts etc. problem is, the loan company refuse to release the V5 and webuyanycar can't do the transaction without the V5! I'm in a right pickle.
I want to sell the car to avoid getting into more debt, I know that the loan should never have been taken out in the first place, i get that but trust me, I'm regretting it.
So can anyone offer me some advice on what to do? I thought about taking the matter to court as after all I just want to sell the car to pay off the loan so what's the big deal...? Maybe I'm missing the point. Someone please help or, if anyone knows of a similar company that will deal with log book loan companies please let me know.
Obviously the dealer will pay off the log book loan company first as per the HPI check then pay me the remainder. It's just the same as a dealer clearing finance, thing is though the loan company have the V5 which seems to be a disaster for me now as they won't release it.
Thank you.
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Comments
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You are missing the point. A logbook loan is not the same as having a car on finance. There is no way they'll release the V5 as there would be nothing to stop you refusing to pay them. Ultimately they keep the V5 until they are paid.
If you have had a change of heart, and are within the 14-day cooling off period, have you spent the money? Could you sell what you've spent it on and try to repay the loan quicker?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Good point - thank you.
They still have an order on it though through the court so even if that was my intention, which it is not, I couldn't sell it privately anyway as I'd be causing fraud?
It's just a nightmare. Rock and a hard place!0 -
Assuming that there's absolutely no other way to get your hands on the money to pay off the logbook loan...
You could borrow the money to pay off the logbook loan within the cooling off period from another "less reputable" source like Pounds to Pocket, then pay off the logbook loan, sell the car to WBAC and use the funds to pay off the second loan (also within the cooling off period). This course of action won't do your credit rating any favours, but might be cheaper than sticking with the log book loan...
I'm assuming that you don't have time to get a replacement registration document from the DVLA before the 14 day cooling off period is up?0 -
are these log book loans legal?0
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ilikewatch wrote: »
I'm assuming that you don't have time to get a replacement registration document from the DVLA before the 14 day cooling off period is up?
What justification would the OP have for asking for a replacement V5C?Optimists see a glass half full
Pessimists see a glass half empty
Engineers just see a glass twice the size it needed to be
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What justification would the OP have for asking for a replacement V5C?
You can write your own reasons on the V62 in a free text box when requesting a replacement. I would suggest "a 3rd party refuses to return the V5C to the registered keeper". Alternatively, if lacking morals he could even lie and say that its been lost...0 -
ilikewatch wrote: »You can write your own reasons on the V62 in a free text box when requesting a replacement. I would suggest "a 3rd party refuses to return the V5C to the registered keeper". Alternatively, if lacking morals he could even lie and say that its been lost...
No morals are needed for either suggestion. both are inherently wrong.
the op needs to deal with it, regretting a decision hardly justifies scamming the loan company.0 -
No, I'm not getting another loan plus, because of my poor credit history is the whole reason I went here in the first place.
So am I now thinking that no matter what, I'm not seeing this V5C again until I pay the loan?0 -
No morals are needed for either suggestion. both are inherently wrong.
the op needs to deal with it, regretting a decision hardly justifies scamming the loan company.
OP wants to sell his car to a dealer who will settle the loan upon purchase - I fail to see how the loan company is being scammed?0
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