Logbook loans

maxmycardagain

If someone owned outright a car worth, say £7000 and borrowed £500 against the cars value would that car then appear on the HPi register meaning not free of finance.

WhenIam64

If someone owned outright a car worth, say £7000 and borrowed £500 against the cars value would that car then appear on the HPi register meaning not free of finance.

Have you had a look at the list of things you can't do if considering bankruptcy such as hiding debt

maxmycardagain

WhenIam64 wrote: »

Have you had a look at the list of things you can't do if considering bankruptcy such as hiding debt

whose hiding debt? come to that, whose bankrupt either?


ok, put simply... i take it a LBL means the car is not free of finance as, like when buying a car on HP, the debt is registered?

debt_doctor

Hi,

Log book loans are secured by a Bill of Sale in the High Court. This forbids the sale of the vehicle until the finance has been paid. My understanding is that LBLs are soon to be unlawful.

DD

maxmycardagain

debt_doctor wrote: »

Hi,

Log book loans are secured by a Bill of Sale in the High Court. This forbids the sale of the vehicle until the finance has been paid. My understanding is that LBLs are soon to be unlawful.

DD

and obviously a car on the Hpi register cannot be seized...


:beer:

MEM62

WhenIam64 wrote: »

Have you had a look at the list of things you can't do if considering bankruptcy such as hiding debt

I think you might not have caught the OP's drift. They want the car to have finance showing on it as they believe that this will prevent the vehicle from being seized & sold. It is probably a plan that is doomed to failure.

maxmycardagain

MEM62 wrote: »

I think you might not have caught the OP's drift. They want the car to have finance showing on it as they believe that this will prevent the vehicle from being seized & sold. It is probably a plans that is doomed to failure.

I think you will find we are all - eventually - doomed

JCS1

maxmycardagain wrote: »

and obviously a car on the Hpi register cannot be seized...


:beer:

if a car has HP, then if there is sufficient equity the OR can pay off the finance and sell the car.


If not sufficient equity, the OR will send a letter of non-adopt to the finance company, and then it's up to the finance company to decide what to do.

MEM62

maxmycardagain wrote: »

I think you will find we are all - eventually - doomed

Don't tell him Pike!! :-)

maxmycardagain

The "cant pay" Sherrifs just ask ...........

HP, or Not HP, that is the question:
Whether 'tis nobler in the mind to suffer
The slings and arrows of outrageous fortune,
Or to take arms against a sea of troubles
And by opposing end them. To die—to sleep,
No more; and by a sleep to say we end
The heart-ache and the thousand natural shocks
That flesh is heir to: 'tis a consummation

(Acknowledgement Bill Shakespeare)



(Though the IS or ISP may look on it from other angles)

Minkym00

A log book loan isn’t HPI, it’s just a secured loan. So the car could be seized and sold, and the outstanding debt satisfied when sold.