log book loans rip off charges please help

karajane

You need to contact Stephensons Solicitors in Leigh, Lancashire, they are taking on a lot of cases against Log Book Loans.

xavia66

if i was you contact the CAB pretty quick, its pointless reasoning with Logbook as they think they are pretty smart ive had dealing with them and they sent 2 baliffs a joke to tell the truth ive contact the Financial Obudsman who is dealing with the case at the moment

the_pottages

xavia66 wrote: »

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 ?

log book loans took my car today ive posted new thread in the section
what a mess

hollylouise22

hi,
could anyone help me with some advice regarding logbook loans,
i took out a loan of £600, they told me i would only have to pay back £800, i lost my job and got behinds on payments, they repossed my car, i then found out i owed them £1900 for the £600, what do i do? i dont work at the monent i payed back £800 so far, is there anyway out off this contract with them, its outragous. please any help

spark_deals

hollylouise22 wrote: »

hi,
could anyone help me with some advice regarding logbook loans,
i took out a loan of £600, they told me i would only have to pay back £800, i lost my job and got behinds on payments, they repossed my car, i then found out i owed them £1900 for the £600, what do i do? i dont work at the monent i payed back £800 so far, is there anyway out off this contract with them, its outragous. please any help

Typical 437.4% APR

copied from their website.
Horrible.

theartfullodger

Bunch of c****s.. avoid... b****ards!

wuckfit

I'm no expert, but what happens if you re-register the car with a 'vanity' plate? can LBL still trace the car?
I know you can easily get a cheap new reg, I think the total cost is around £250 for the entire process including the cheapest reg you can find from DVLA.
Or have I missed something?

Sounds as if even a full body respray in a different colour would be cheaper than paying back LBL

DarkAngel6923

i've been reading down your forum thread and im glad to know that im not the only one to have had dealings with log book loans.

a couple of years ago my ex partner spotted them in cash generators and tried to convince me to use them, i refused outright as i have never wanted anything on credit. regardless of this he decided to take one out on my car. now this is where it gets interesting:

my ex didnt own or was even a named driver on the car, he didnt even own a drivers license but they still took him on as a client.
they never asked him for my log book. would have been dificult as it was at my parents house in the safe.
they accepted his signature as the owner of the car, he got £750 and had to pay back £32 a week.

needless to say i was extremely shocked when i had a knock on my door telling me that the car was about to be repossesed. i asked for information as i had never taken out a loan, and when they explained and showed me the bill i told them it wasnt his to sign away. they didnt care.

this was until i noticed that neither of them had and SIA license. you need one to clamp a car (as they already had) so i asked them to come in while i sorted out payment, popped upstairs, put on MY SIA license and called the police. they werent too happy when they saw my license and that i asked to see theirs. they told me they had a warrant so they didnt need one. hmmmmm the law begs to differ.

the police basicly told them to remove the clamp and go away as the warant was fake (this seems quite common from what iv read here). i got onto my solicitor and my ex was arrested and cautioned for fraud, personally i think he should have had more but thats just me.

logbook was forced to drop any persuit of the loan. they sent more letters but my solicitor sent a better one.

score one for the little person me thinks

acg79

I've read this thread and others like it with interest but I'm still not sure what to do in my situation.

I bought a car for my wife last May, paid cash, private seller, forgot about an HPI check... can you guess what's coming next?

Yes, a letter from Log Book Loans arrived yesterday (that's almost nine months later) saying they want to repossess the car! Presumably the previous owner has not met his repayments.

So, what I want to know now is:
1. how can I find out if their claim is legitimate?
2. what else do I need to know?
3. what should I do next?
4. if we do end up surrendering the car, is that the end of it?

I really hope someone here can help. It's not our bloody debt! Why should we lose out?

Please help; any advice will be gratefully received.

ILW

acg79 wrote: »

I've read this thread and others like it with interest but I'm still not sure what to do in my situation.

I bought a car for my wife last May, paid cash, private seller, forgot about an HPI check... can you guess what's coming next?

Yes, a letter from Log Book Loans arrived yesterday (that's almost nine months later) saying they want to repossess the car! Presumably the previous owner has not met his repayments.

So, what I want to know now is:
1. how can I find out if their claim is legitimate?
2. what else do I need to know?
3. what should I do next?
4. if we do end up surrendering the car, is that the end of it?

I really hope someone here can help. It's not our bloody debt! Why should we lose out?

Please help; any advice will be gratefully received.

Basically you did the equivalent of buying a dodgy cd player from a bloke in the pub. The owner now wants it back.