log book loans rip off charges please help

scoot100

I was wondering if you can advise me please. My son worked for me up until recently but has now left partly due to his mother (my wife) passing away. While in my employment I purchased a car so that he was mobile and could go from site to site. The V5 was registered in his name for ease and Insurance purposes.

I now find out he has borrowed money on the back of the V5, a sum of £4000 which has now become £7500. No wonder my son has approached me about this. My point is two fold; firstly the car was purchased by my company therefore title of ownership is the ‘companies’ and secondly when my son did a similar thing in the past I informed the company at the time of settling up that I owned the vehicle. Obviously they have not taken this on board by lending again. Is this illegal as I require the V5 to be returned and if necessary will enter litigation if I am in the right. I have all relevant documentation to prove my points and want to sell the vehicle. As for the loan, let Logbook Loans use the courts in the normal manner to collect their debt :rotfl: or is the sum now above the Small Claims limit of 5K.

ffacoffipawb

scoot100 wrote: »

I was wondering if you can advise me please. My son worked for me up until recently but has now left partly due to his mother (my wife) passing away. While in my employment I purchased a car so that he was mobile and could go from site to site. The V5 was registered in his name for ease and Insurance purposes.

I now find out he has borrowed money on the back of the V5, a sum of £4000 which has now become £7500. No wonder my son has approached me about this. My point is two fold; firstly the car was purchased by my company therefore title of ownership is the ‘companies’ and secondly when my son did a similar thing in the past I informed the company at the time of settling up that I owned the vehicle. Obviously they have not taken this on board by lending again. Is this illegal as I require the V5 to be returned and if necessary will enter litigation if I am in the right. I have all relevant documentation to prove my points and want to sell the vehicle. As for the loan, let Logbook Loans use the courts in the normal manner to collect their debt :rotfl: or is the sum now above the Small Claims limit of 5K.

Can you not ask the DVLA for a replacement if you tell them it's, ahem, lost?

paddyrg

I now find out he has borrowed money on the back of the V5... the car was purchased by my company therefore title of ownership is the ‘companies’

That makes this a police matter. You can either sort it out yourself paying the debt/interest and not involve the police, or if you want to go the litigation route, expect someone to shout 'fraud' and this to become a much bigger deal - as a director you may have to give evidence against your son if he 'stole' a company asset.

dichremy

Avoid the litigation toute..

CHR15

scoot100 wrote: »

I now find out he has borrowed money on the back of the V5,

let Logbook Loans use the courts in the normal manner to collect their debt :rotfl:

Sounds like your Son obtained funds by deception (he obviously produced the V5 as proof the car was his).

If the debt is larger than the cars value, they won't simply ignore the rest, they will still chase the unpaid loan as if it were a "normal" debt.

drcanavan

Hi I took out a logbook loan back in june2010. This was for £2300 over 18 months at £83.80pw. I had no job or income(i didnt sign on) but was desperate for money to pay my mortgage. Th e bloke i spoke to knew my situation of being unemployed but said not to worry as he would sort it out, he said to me if i could edit bank statements showing i had money and sign a self certificate saying i was self employed and make up some invoices he would be ok and accept copies. Everything i provided the agent was copies(edited) and all telefone calls was made using his mobile so there was no evidence on their call log system. He told me that the apr of my loan would be 45% apr. He realsed i was desperate. So i was given the money and was still struggling. I paid nothing to lbl for 6 weeks then i received letters which i ignored. I received a call from the repo people saying they was coming tomorro unless i paid £500 to lbl. I managed to do this to keep them off my back. I then still was struggling finincially so i still ignored them. I finally contacted them and said that the car was written off without insurance(it wasnt). and that i wanted a early settlement figure. They said it would be like £4300. I explained my situation and that the car was worthless and how i came about getting the loan. The agent didnt beleive me saying that they had strict lending procedures. so after telling lbl i was in too much debt that they could repossess my written off car wich was worthless because i was going bankrupt they could offer me a settlement figure of £3000 i paid them off but am annoyed that i paid a total of £4000 on a £2300. I repaid this after 6 months so that is a very high amount of interest. Does anyone know how you can try to reclaim some money back as i paid alot more than i should have? Many thanks

iolanthe07

I don't think you'll be able to claim anything back because, by your own admission ,you have lied and made fraudulent changes to your bank statement. I should keep a low profile, if I was you. It was madness to sign up for a log book loan when you had no income and no means to pay it back.

KingElvis

Yep, I would back off unless you want your collar felt