log book loans rip off charges please help

Luc1

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.

Firstly HIDE the car...... LBL are so corrupt, wouldnt suprise me if there is HPI on the vehicle - as LBL rely heavily on the Bill of Sale which the previous owner would of signed.

Now there is a good chance that the prev owner had paid most or all of the loan back.... but Log Book Loans do not easily release the interest in the car.

As I said hide the car for the moment.

Once you have done this then ring LBL and ask for proof that the vehicle belongs to them - ask for a copy of the bill of sale... there is a good chance that the bill may be invalid.

Luc1

Also have you done a HPI check on the vehicle... ?

acg79

Thanks for your replies, folks.

Yes, I did an HPI check thru the RAC website and it confirms there is outstanding finance with Log Book Loans.

I think my next step is to write to them and ask for a copy of the Bill of Sale - but how do I verify its validity?

franky_chipps

Log Book loans, a continuing saga,some nice member said to find a solicitor that gives Free advice half hour anyway,But of all the bars and gin joints,I went to the nearest,"hello I said" I have been on Martin Lewis savings expert,Oh he said thats a cousin ,(not as good looking) anyway I told him about the offer off Free advice ,not here he said we guarantee our work,so off to find another one,are'nt bus fairs dear.

sharon75_2

Hello

I took LOGBOOK LOAN last year June 2009 and had major problems but if anyone has had same problems and all of these on this website please email Julita.Losowski@oft.gsi.gov.uk as they are being investigated and the more complaints they get the better chances they can be shut down for good.
Please email with all your stories and they will be gratefully received.

sharon

xavia66

I had a loan from Logbook Loans and due to having bad credit it was easy to get a loan which you intend to pay back quick, that was not the case. Ive spoken to people on forums and also training to be a solicitor myself i found it easy to keep proof of communication with them and send it to the Financial Obudsman who helped me in my case and i paid them a small fee to end the case there and then.

If you are seriouslly looking for a way out try a Payday Loan at least they wont send baliffs round and charge you £12.00 a call when they have not called you and pointless letters every 3 days.

AVOID AVOID AVOID !

Please free to email me on [EMAIL="xavia66@gmail.com"]xavia66@gmail.com[/EMAIL]

iolanthe07

!!!!!! why would anyone take out a log book loan, given all the bad publicity? Madness.

caz380z

I sincerely apoogise for posting on the wrong forum if i have, I just not sure what to do and could figure where else to post. I have a LBL which I have been paying sine Nov 2009. I have been struggling just recently and am currently 177 in arrears and due to make another payment of 250 on monday. However, today I was involved in car accident and have been told my car is a write off (narrowly escaping with life and thankfully just scratches). I'm not sure what happens now as LBL have my log book and i dont want then having any insurance payout as that will have to go to the loan madeby my company for the car (not secured on it). Also given my financial situation I dont know whether to suggested to LBL i will give them 50 per month as thats all I can afford. Obviously they cant take my car away..... Is it worth contacting the DVLA and getting a replacement V5. any help would be appreciated as i really dont know where to trun and cant afford to keep paying full amounts and now dont have a car anyway.... thanks in advance

car_with_loogbook_loan

Hi, I have Just bought a 2005 car privately, I was given all the documentation V5, MOT etc and have now had a letter from LOGBOOK Loans to say that a loan was taken out on this car in December and that it may be repossessed I have spoken to Consumer Advice and they say I should tell them that I am an "Innocent Purchaser" and that they are not entitled to take the car, has any body any experience with this?

ssb1_2

hi...i would be very grateful for some advice on the never-ending charges applied by logbook loans and whether we can challenge (or ideally refuse to pay) legally.

my parents took out a logbook loan just over a year ago, and it has recently been paid off - after a struggle to pay nearly £400 a month...repaid nearly £8k on a loan of £2! they are now saying that there are about £750 charges on the account which must be paid. we have asked them to reassess, as they payments were made weekly without fail except on 1 or 2 occasions, which we thought would amount to £12 charge each.

I would like to write to LBL, but don't have any clue as to the OFT guidance or any other 'rules' regarding charges to include within my letter of challenge to them...can anyone help please?

My dad is not earning, and my mum is struggling to pay this. Also on the grounds of principle...its just out of order...