log book loans rip off charges please help

robbie200200

I took out a loan over a year ago with log book loans. I have been completly ripped off, but it was my decision to take the loan out. However Im nearing completion of the loan and was starting to feel a lot less pressure on me. I borrowed £500 and will have repaid about £2000 once the debt is paid off in a few weeks time.
I thought this was going to be the end of it, untill I found out how much I owe in charges for letters, calls and interest. I knew I had been sent a few letters, so I assumed I would recieve a few £12 charges. However I didnt realise they charged me £12 per phone call and interest if my payments were late.
I missed a few payments due to time off work for ill health. I tried my best to keep them informed and I thought I would not have accrued too many charges. However I have just found out I owe at least £800 in charges.

Im now feeling really depressed and under pressure. Im hoping some people out there who have dealt with Log Book Loans can answer a few of my questions.

Im worried that they may demand the £800 in full as soon as my final payment is made! Do they let you pay it off gradually? Will there be extra charges if I cant pay it off in full? Will they try to take my car? I dont think I have recieved that many letters or calls so can I despute it? How can they prove they called or mailed me?

Please someone out there give me some advice, because I thought I was rid of this company, and now I owe them more money and I cant take much more of this.

Rafter

robbie,

First thing is not to let them get you down.

Write requesting a full breakdown of charges and their costs.

Lodge a claim against them for all the charges (pending the outcome of the high court case currently going through to prove whether they are lawful or not).

Go and talk to citizens advice if you need help with this.

Don't pay them the £800 while it is disputed.

Make a formal complaint in writing to them which they are then legally obliged to investigate.

Repaying £2800 on a £500 would be classed as extortionate by any court in my view so there is no way you should have to pay everything.

R.

robbie200200

Thanks Rafter.
Can anyone else out there answer my questions about how much pressure Log Book Loans will put on me for the money for the charges? And how long they will give me to get the money together?

robbie200200

come on surely someone else out there can help

apf666

hi

log book loans usually secure on car with a bill of sale, this needs to registered with the high court shortly after agreement is taken out, if not registered then no security against car, only way they could try and recover car would ccj in default and warrant of execution with instruction of bailiffs,

ask logbook for a copy of bill of sale or request a copy from high court (fee payable) or raise a complaint with financial ombudsman for logbook not providing relevant information if they do not comply with request

regards

af

The_Mint

Hi I took out a loan with log book loans and when I realised I had paid them back £15000 on top of their extortionate interest rate of almost 300% I stopped any further payments and asked them to send me details of the payments made and the interest paid, they have not given me any of this information. However they told me I still owe them £17000 then a few days later it was £12000 then it changed again and was £8000 then it went back up to £17000. I have no idea what is going on. I have copies of the original bill of sales and all they are is a piece of A4 paper with a date stamp. I have not signed an affit david and one copy is so faint you cannot even see the date stamp.

Eventually they recovered my vehicle but I possess the log book registration form and the vehicle is still registered in my name. I am pursuing this through the courts but it is so confusing and in the mean time I have no vehicle.

Can any one offer any advice or some kind of clarification about where I stand legally please?

The_Mint

Oh and I also have it in writing that they were charging me 6% interest when I checked I had paid nearer to 300%

xavia66

Hi
I recently took out a loan of £650.00 with Logbook Loans on 13th December 2007 due to hardship and bad credit. I took the loan out at Cash Converters under a company called Log Book Loans. The initial payment was £28.75 each week and since I got paid monthly I paid £128.00 = £28.75 and was surprised to receive a letter that I had defaulted on payment and the amount was £158.00 every month. I continued to pay £158.00 as advised but fell short on 3 occasions of £100.00 -£40.00 and £60.00 but have maintained payments of £158.00 up till Dec 07.

I received a letter regarding default even though I was paying the monthly agreement and wrote to them telling them that I would not want my car to be repossessed and one of their agents came up with a suggestion from head office. Steve the broker advised me that if I could pay £250.00 every month and then re-start the arrangement and the £250.00 a month would cover the default letters they had sent me and then start paying £158.00 every month. I found this very strange indeed. It mean that I was paying 3 times the loan.

I have now received a letter on the 29th January 2008 that I had defaulted and that I would be repossessing my car due to non payment I felt that I have been making payments and called them and asked them for a breakdown of payments and also read them the letter they had sent me and was told that my account had been passed to repossession and there was nothing they could do. The letter I received stated that
“Vehicle repossessions are only undertaken as a last resort and if our bailiffs have not yet contacted you or attended your address you may still be able to avoid the repossession if you contact us immediately in which I have and was told they could do nothing. I feel that I have paid them double the amount they have lent me and expect me to find £1,100 to keep my car.

Please help ?

Robert_Sterling_3

The_Mint wrote: »

Oh and I also have it in writing that they were charging me 6% interest when I checked I had paid nearer to 300%

Could you go into details about this as the 300% interest seems quite a bit higher than the original 6% quoted.

xavia66

I will be posting reply as ive sought legal help with a debt adviser who is looking into the activites of Logbook Loans and provide some help and assistance to the people who have been ripped off by the Log book loan sharks

YABBADABBA

hi
i write this to you all for some advice - i have read the forum and LogBook Loans seem a really nasty lot.

my story is slightly different, however.

i bought a car through a dealership last year and just before Christmas, I had a letter posted through my door telling me that log book loans wanted my car as i had not paid the outstanding payments and that they would be back in the morning.

I had never heard of them, I paid the garage in good faith, and LBL were after my car.

I called the garage concerned who reckon they are the largest dealer in the south and the best and they wanted nothing to do with this.

I called my lawyer and he has spent weeks on this now. He managed to get someone nicer in LBL who agreed to hold on the reposession order until we had investigated this fully.

LBL have every aspect of the law covered - they can get out of anything. They turn up with apparent letters from the High Court but beware they are not real.

Yesterday the reposession order started again. The garage wont get involved - LBL are asking me to pay a settlement figure for a loan the previous owner took out (she never paid her loan back and then sold her car knowing this was against her agreement and probably against the law and has done a runner - they have spent a year trying to find her and have now come to me).

i feel very strongly that the garage should be dealing with this on my behalf - afterall I am the injured party and I bought the car from them rather than a private seller to avoid all these problems.

However, LBL have the bill of sale (they get this when they take your car with the loan). So, they claim they have bill of sale and in which case if this is true (my lawyer seems to think their docs are legit) then the garage did not have title to sell me the car. They have washed their hands and I feel like reporting them to trading standards and anyone else I can think of! Their lawyers tell them to let me pay the settlement for a loan that is nothing to do with me to get LBL off my back and then sue the garage for this. .. the garage are happy for this to happen!!!

Bad customer service OR WHAT!

So, yesterday the baliffs came - luckily my husband was in the drive as he was locked out of the house and a guy came onto my drive (I thought legally they were not allowed to remove something from your property) had a spare key from the previous owner and was about to drive my car away! THANK GOD my husband was there!
The baliff called the police as he said he had a high court document - the police said it was fake and he drove off. He will be back.

I have no idea what to do next.

Believe me I have tried all angles

Anyone able to help me?