We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Logbook loan advice needed
Hi there. Last year I took a logbook loan out for £2,000 against my vehicle worth £10,000. I took this due to my work not paying me correctly for two months, but was still given the loan despite not being able to show any wage on my bank statement.
Shortly after, I unfortunately lost my job due to a recent neurological disability I was suffering which affected my ability to repay the loan as I had no income at all. I was desperate to make an arrangement though and emailed the company many times advising my situation. Even though I had no income, I wanted to arrange something and have this in place with the aim of then obtaining help from my family.
The logbook loan company refused to allow me to make any arrangement unless I completed an income and expenditure form (I had no income but the ability to obtain financial support) as such they would not cooperate and refused to allow any arrangement at all. The emails went backwards and forwards until they just went silent and I had no further response or communication.
Due to my illness, which they were fully aware of I was experiencing very difficult personal circumstances and as such, due to not receiving any communication at all, this had been totally overlooked. A fault of mine which I fully accept, however was given no opportunity to resolve.
No emails or letters were sent to me at all. Nor was any repossession attempt made at my home address where the car was kept. I did not hear anything until I was stopped driving by the police as my vehicle was flagged up
As being reported stolen. Despite it being in my name, the car was as such confiscated on the spot. (Yet the police then send notification to recover the car to myself). This was incredibly distressing to myself, and not only was I unable to complete my journey, I was taken into custody and held whilst they completed their enquiries. Upon release. I then had to make my own way home with no means at all to do so. I had nobody to call as I was unable to face the shame of what had just happened or cause any distress to my relatives. Having never being in trouble with the police before in my life, I cannot express just how terrifying this was to me and left me very shaken.
It was however a ‘wake up call’ for me to resolve the situation and get my car back. I emailed them straight away requesting an arrangement. Shortly after I did receive an ‘automated’ email from the company advising of the repossession and offering me an arrangement as per the following quote:
Please note - The vehicle will be securely stored for 14 days pending an arrangement or settlement from yourself. If no arrangement or settlement is reached within this period, the car will be sold with the proceeds used to repay your debt.
Despite this offer. When asking for an arrangement, the company refused to allow this and provided the following response.
‘That is an automated sent when the vehicle is collected. Due to the termination of the contract, it is at our discretion whether we wish to continue with the loan.’
In total 22 emails were sent backwards and forwards with sheer desperation of trying to negotiate an extended period or any arrangement at all. However the company wouldn’t budge.
They did eventually allow an extra week to settle in full, which I was hoping of doing until a sudden death in the family came unexpectedly and at this point I knew I had no chance of raising the full balance (£4500 in total) and instead mourn the loss and face having to explain to my family what happened, causing further complications to my personal life. In addition restricting my ability to transition back to paid employment.
Today, yet another automated email arrives quoting the following and leaving me wondering if I have some sort of guardian angel looking out for me or if my family have secretly intervened and helped.
‘Your xxxxxxx loan has been fully paid and no further action is required by you. Your logbook (and spare key) will be immediately returned by recorded delivery, if it has not been received within 5 days of this email, please contact our offices.’
Upon asking for clarification I received the following response:
We have sold the vehicle at auction, and the proceeds have satisfied the settlement on your account.
Which is very contradictory to the first email and suggests to me in writing that I will get my car back as the account must have been settled by some other means. Having such in writing from the company, does this give me any right to be reimbursed for their errors, the distress I’ve faced and poor service from their part? I just don’t know where to start now.
Thanks.
Shortly after, I unfortunately lost my job due to a recent neurological disability I was suffering which affected my ability to repay the loan as I had no income at all. I was desperate to make an arrangement though and emailed the company many times advising my situation. Even though I had no income, I wanted to arrange something and have this in place with the aim of then obtaining help from my family.
The logbook loan company refused to allow me to make any arrangement unless I completed an income and expenditure form (I had no income but the ability to obtain financial support) as such they would not cooperate and refused to allow any arrangement at all. The emails went backwards and forwards until they just went silent and I had no further response or communication.
Due to my illness, which they were fully aware of I was experiencing very difficult personal circumstances and as such, due to not receiving any communication at all, this had been totally overlooked. A fault of mine which I fully accept, however was given no opportunity to resolve.
No emails or letters were sent to me at all. Nor was any repossession attempt made at my home address where the car was kept. I did not hear anything until I was stopped driving by the police as my vehicle was flagged up
As being reported stolen. Despite it being in my name, the car was as such confiscated on the spot. (Yet the police then send notification to recover the car to myself). This was incredibly distressing to myself, and not only was I unable to complete my journey, I was taken into custody and held whilst they completed their enquiries. Upon release. I then had to make my own way home with no means at all to do so. I had nobody to call as I was unable to face the shame of what had just happened or cause any distress to my relatives. Having never being in trouble with the police before in my life, I cannot express just how terrifying this was to me and left me very shaken.
It was however a ‘wake up call’ for me to resolve the situation and get my car back. I emailed them straight away requesting an arrangement. Shortly after I did receive an ‘automated’ email from the company advising of the repossession and offering me an arrangement as per the following quote:
Please note - The vehicle will be securely stored for 14 days pending an arrangement or settlement from yourself. If no arrangement or settlement is reached within this period, the car will be sold with the proceeds used to repay your debt.
Despite this offer. When asking for an arrangement, the company refused to allow this and provided the following response.
‘That is an automated sent when the vehicle is collected. Due to the termination of the contract, it is at our discretion whether we wish to continue with the loan.’
In total 22 emails were sent backwards and forwards with sheer desperation of trying to negotiate an extended period or any arrangement at all. However the company wouldn’t budge.
They did eventually allow an extra week to settle in full, which I was hoping of doing until a sudden death in the family came unexpectedly and at this point I knew I had no chance of raising the full balance (£4500 in total) and instead mourn the loss and face having to explain to my family what happened, causing further complications to my personal life. In addition restricting my ability to transition back to paid employment.
Today, yet another automated email arrives quoting the following and leaving me wondering if I have some sort of guardian angel looking out for me or if my family have secretly intervened and helped.
‘Your xxxxxxx loan has been fully paid and no further action is required by you. Your logbook (and spare key) will be immediately returned by recorded delivery, if it has not been received within 5 days of this email, please contact our offices.’
Upon asking for clarification I received the following response:
We have sold the vehicle at auction, and the proceeds have satisfied the settlement on your account.
Which is very contradictory to the first email and suggests to me in writing that I will get my car back as the account must have been settled by some other means. Having such in writing from the company, does this give me any right to be reimbursed for their errors, the distress I’ve faced and poor service from their part? I just don’t know where to start now.
Thanks.
0
Comments
-
We have sold the vehicle at auction, and the proceeds have satisfied the settlement on your account.
I think they mean that the loan has been fully paid by auctioning off the vehicle, and they will not be chasing you for any shortfall. There may even be some money left over, which, after their expenses, they should return to you. (I hope I'm wrong and that you do get your car back.)I used to think that good grammar is important, but now I know that good wine is importanter.0 -
Heartbreaking story. 2k loan against a 10k car, you were better of selling it on your own. They will get peanuts for the car and i dont expect you will get much back.
I feel for you, you could be ending up with a 8k loss. What car and make and model is it. Let me check what its worth
Dont think there is anything you can do about it0 -
Heartbreaking story. 2k loan against a 10k car, you were better of selling it on your own. They will get peanuts for the car and i dont expect you will get much back.
I feel for you, you could be ending up with a 8k loss. What car and make and model is it. Let me check what its worth
Dont think there is anything you can do about it
The "value" is immaterial, the only thing that matters is the price paid at auction.0 -
what i cant understand is, couldnt you have just borrowed the 2k or whatever the loan was for paid back the car and then sold it at a decent price. The was going to go no matter what but at least you could have made a good 5-8k profit out of this.
I hate stories like, its heartbreaking0 -
what i cant understand is, couldnt you have just borrowed the 2k or whatever the loan was for paid back the car and then sold it at a decent price. The was going to go no matter what but at least you could have made a good 5-8k profit out of this.
I hate stories like, its heartbreaking
Does it matter?
I suspect if they could, they would.0 -
oh, so you are answering on behalf of the OP now. I shall add mind reader to the list....0
-
no need for name calling someone stupid.You have no idea about peoples circumstances. Stop being such an muppet.
It makes a difference so he can learn from bad mistakes for next time or for anyone else reading the thread in similar circumstances0 -
no need for name calling someone stupid.You have no idea about peoples circumstances. Stop being such an muppet.
It makes a difference so he can learn from bad mistakes for next time or for anyone else reading the thread in similar circumstances
It wasn't name calling.
It was a statement of fact.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.4K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.3K Spending & Discounts
- 243.4K Work, Benefits & Business
- 597.9K Mortgages, Homes & Bills
- 176.6K Life & Family
- 256.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards