Log Book Loans - Mobile Money Ltd HELP!!!!!

tblzebra

I've read many very useful (& scary) posts, on various internet forums, about this company, but can't find any information relevant to this dilemma.

Any ideas what to do if the log book loan was taken out by someone who doesn't actually own the vehicle? :mad:

The V5 registration document must show him as the registered keeper (the owner has constantly asked for this but hasn't received it) but he is NOT the owner and never has been, although he is the main/only user. He also doesn't reside at the owner's address (presumably also on the V5 & insurance documents), and never has. All the loan paperwork now shows this address, including the phone number.

He's just defaulted on the first payment (6 month loan APR 653.6%). The owner is extremely concerned what action Log Book Loans will now take.

The owner has been asking for the vehicle back since November 07 and even paid the road tax in December, under the mistaken belief that the vehicle had been registered in their name, as they didn't want it to be on the road illegally. There are family ties between the two people concerned.

Any suggestions/help gratefully received.

simongregson

They can't do anything if the car is legally his. The registered keeper is not necessarily the owner.


Your friend should really take legal advice. You need to let the loan company know that the owner is not the person named as keeper on the V5, so therefore they cannot attempt to take possession of the vehicle. A solicitor will also be able to tell you how you can regain possession of the vehicle if you wish.

bigstevex

I'm really confused lol sorry, has someone bought a car but the seller wants it back or was it lent to them??

tblzebra

Thank you for that Simon.

It's just a very VERY big worry what Log Book Loans will do, when they are advised that the car isn't the property of the registered keeper/fraud has (allegedly) been committed. From some of the info other people have posted about this company, I don't hold out much hope that they'll 'play ball'.

A visit to the police tomorrow morning is on the cards. Does anyone know if they'll be able to keep Log Book Loans at bay?

tblzebra

Hi Bigstevex

The car was bought by one person for the use of other, on the understanding that it still belonged to the person who bought it, until/unless the user paid them for it. They never did and now they've used it to secure a loan.

Actually, it's not a loan, as Log Book Loans 'think' they own it, until the amounts owing are paid in full, according to all the paperwork.

Dylanwing

You might want to check out this thread - Not a nice Company!

http://forums.moneysavingexpert.com/showthread.html?t=573744&highlight=log+book+loans

tblzebra

Thanks Dylanwing - I've probably read all there is to find about these people online, which is why I'm really worried for my friend... _pale_

bigstevex

I assume the actual owner has their name on the logbook, if so then the person who used the car to secure the loan has A) commited fraud in obtaining credit, saying they owned the car and hence you would have to go to the police. logbook loans didn't check who actually owned the car and hence they cannot take the car I assume,

thats what i think, but either way the person who lent the money is in trouble!

simongregson

The V5 does not list the owner, it lists the registered keeper who in this case is not the owner. This is why it makes poor security for a loan. The OP needs to write to logbook loans (preferably via a solicitor) to inform them that he is the owner of the vehicle and therefore they have no claim on the car. How they propose to get their money back from his friend is then their problem.

Lancs_Debt_Adviser

Unlikely the police will be interested, and they will have little, if any, knowledge of Bill of Sale regulations. Providing LBL have been made aware the borrower is not the legal owner of the vehicle (copy of the purchase receipt would help) they are unlikely to attempt to take possession of the vehicle. Your friend should visit his/her local CAB for free independent advice.

CannyJock

So the debt is with the owner. The owner isn't the registered keeper. There was some "family agreement" where the registered keeper had a lousy credit record but the owner would take out the loan and then allow them to hold onto the car? And there's nothing in writing between the family members?

Have come across something similiar and basically the advice was that the owner had to sue for the return of the vehicle. The owner was liable for the debt in their name regardless. The owner has to sue the other family member for breach of contract in not making the payments.

On the bright side, one less christmas card to send.