Log Book Loan and Webuyanycar - Help!

aphill24

OP, What have you done with the £1000 loaned to you against the car? If you still have it you should be able to repay it within the 14 day cooling off period and have your v5 returned, not that complicated really? If you have spent it you can hardly ask for the v5 to be returned in order to sell the car first before raising the money loaned to you.

CHR15

ilikewatch wrote: »

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?

Op took out a loan using his car as security. How can you consider it okay to lie so op can get rid of that security?

There is a reason op couldn't get a loan without security, it's because he doesn't repay his loans.

27col

loskie wrote: »

are these log book loans legal?

Funny how the OP had no trouble accepting the legality of the loan when he took it out.

loskie

custardy wrote: »

Why wouldnt they be?

Because the "log book" states who is the "keeper" not necessarily the owner. The two can be entirely different.

A4374AL

Ive just sent this to the Area Manager of Loans2go, I can't do anymore!

What a nightmare! Lesson learnt!

"Dear Mr. Woodhouse,

My name is Scott Hughes, I'm a customer of Loans2go with the credit agreement number, TL-UK...........

Following a brief conversation today with Trevor from the ** office, I need to contact you directly regarding this agreement and the sale of the security.

Currently the loan is within the 14 day cooling off period and I hereby give notice of my intention to cancel the agreement within that period.
That said, however, I need to arrange for the sale of the vehicle, the transaction of which is to clear the outstanding debt with yourselves.

My intention is to sell the vehicle to Webuyanycar (WBAC), a reputable company within the car industry. The company have confirmed that they will purchase the vehicle to the sum of £3600, obviously subtracting from that figure the outstanding amount payable to you. I need you to confirm this figure urgently, I believe it to be under £1100.

This scenario is identical to that of selling a vehicle on finance, the dealer will pay you as the finance company and then pay me any remainder.

In order for the sale to be processed I need the V5C Registration Document. Currently Loans2go have custody of this document as per the terms and conditions of the loan agreement.
Within those terms and conditions however is a clause regarding the temporary release of documents held against the security available to the sum of £10. It's that condition to which I hereby apply for the temporary release of the V5C registration document.

The sale needs to be completed tomorrow, 17th February, 2015. I need to either a) arrange for the collection of the document from the ** Office or b) take your agent to the Webuyanycar office on ** who then can be the custodian of the document on your behalf whilst the transaction is processed. I expect the latter to be around 1.5 hours.

On receipt of the V5C, WBAC will complete the transaction whereby written guarantee shall be given of the sale, the payment to you will be made, followed by the payment of the remainder to myself.

I appreciate there is an element of risk releasing the log book however, I hope my openness and honesty, as well as written documentation to you will bring some comfort in understanding that this transaction is true and honest and not one where I'm intentionally attempting to defraud your company. (This is me making that statement and not insinuating any comments have come from Loans2go). I'm happy to offer you the cash lump sum of £500 either towards the loan or as a deposit of the V5C, this is my rent money so I too are taking an element of risk.

I'm stuck between a rock and a hard place in that I'm trying to do the right thing by clearing off the debt before, possibly, getting into a deeper situation of which I may regret, especially as I'm registered disabled with Severe PTSD and mental health condition. I need your help, I appreciate its an exceptional circumstance but, that said I need your help.

I hope this matter can be mutually agreed between ourselves and that a quick transaction between all parties can be completed.

I'd be grateful of your further consideration to this matter, I'm more than happy to drive you to WBAC if you should choose? I just need your help.

Looking forward to hearing from you,
Scott".

A4374AL

CHR15 wrote: »

Op took out a loan using his car as security. How can you consider it okay to lie so op can get rid of that security?

There is a reason op couldn't get a loan without security, it's because he doesn't repay his loans.

That's untrue. I would never lie and I hate to be a party pooper but i do pay my loans, I just make wrong decisions.

A4374AL

27col wrote: »

Funny how the OP had no trouble accepting the legality of the loan when he took it out.

To which I hold my hands up and admit that I did, and very keenly sign on the dotted line however that said, it wasn't a good decision hence why now I'm trying to rectify it.

With respect, I didn't post on here for comments with such tone, I posted for help. I don't need to be told I've chuffed up, I already know.

Gaz83

You have no chance of cancelling the loan within the 14-day cooling off period if you do not have the money. None whatsoever.

Apples2

A4374AL wrote: »

That's untrue. I would never lie and I hate to be a party pooper but i do pay my loans, I just make wrong decisions.

It wasn't you who suggested you would lie. It was poor advice from an MSE member suggesting you should.

If you have repaid all your credit agreements on time, surely you must have a great credit file.

A4374AL

My circumstances are that in 2010 I had a mental breakdown and are now registered disabled with severe PTSD. To this end, there is a notice of correction on my credit file meaning most applications are automatically referred. At the time I had to undergo a MALG DMHEF scheme. Lenders don't like this hence why I'm boxed off into a corner.

Ps. Yes the notice of correction can be removed and/or changed. The lenders however have marked the previous accounts with VA or something similar meaning the removal wouldn't make any difference anyway.