Log Book Loans? (merged)

edited 20 January 2014 at 4:20PM in Loans
35 replies 50.2K views
24

Replies

  • Hey everyone,

    I am a customer of log book loans and I would like to share my experience of them with you all!

    I base myself as someone with a good credit rating so getting loans is not a problem for me, i needed to get £1500 and put it with the rest of my money so I could put a deposit down on a house, the problem was they needed the money that day so I went to logbook and presented my Audi A6 V6, which was paid for in cash so no outstanding loans, there eyes lit up and they said I could have the cash that afternoon, I was overjoyed, I made a arrangement with the rep which was get the loan and make a full payment of the whole balance in 1 month when I got paid and all I would have to pay back in full was £1800, ok that’s a lot of interest to pay back just for a £1500 loan over a month, but I needed the money ASAP, the rep also said that if I wanted to keep the loan going I would have to pay £49.99 a week for 12 months, now that’s a lot of interest! i managed to move into the new house but shortly after I fell ill, my son came home from school with chicken pox’s, its not something I have had so yep I got it too, insult to injury mine turned into shingles oh the pain was loverly!!!!!!!!!!!

    Anyway!

    I couldn’t work cos I was in so much pain! Not too mention my head look like a mix between a pomegranate and a joint of beef that was dragged along the road by a car!

    Am I building a good picture? I’m all better now and look as pretty as ever!

    Anyway!!!!!!!!

    During the time I couldn’t work I didn’t get paid, logbook don’t offer insurance if your ill or cant work so I had to come up with the money, not being able to afford the full £1800 I went to paying the weekly amount which the rep said can be taking monthly, here is the problem, logbook loans don’t use direct debit, you have to ring them with your card and pay over the phone every month! Not really a huge problem until they say it has to be paid every week! My payment date is on a Sunday, they don’t seam to work Sundays so I get charge £12 for late payment every week! Hmmm smells fishy!

    I learnt the hard way that log book want payments weekly.

    As you can gather I went 1 month with out paying them as I was going to pay at the end of the month like you would any normal loan. I went to the hospital so I could have my shingles looked at as my eye was starting to fall out, this was around the 1 month mark, so as soon as I came out I rang them and paid the loan for that month not to mention the £12.00 a week late payment charge which I just learnt about during the telephone conversation. I was happy! I carried on paying the loan and 2 weeks later, Anglia bailiffs came out at 6 am and told me………………

    I WANT £3000.00 OR THE CAR, YOU HAVENT GOT £3000.00 SO I’M TAKING THE CAR!

    He pushed past me and snatched the keys from the table inside the house!

    I told them the loan is up to date, this is unlawful, he said………..

    I WANT £3000.00 OR THE CAR, YOU HAVENT GOT £3000.00 SO I’M TAKING THE CAR!
    (i wondered why he was wearing headphones i guess his mother ship was scripting the words to him)

    He took the car and I phoned it in stolen, (car jacked if you will tee hee) I believe the bailiff got sacked for just for pushing me! HA ! :beer:

    Them I rang logbook and said is there any problem with my account, I was told no your account is running smooth and is up to date, so I asked then why has your bailiff just reposed my motor! The phone went silent and a little voice said I will call you back!

    The next person rang me with a whole life time of attitude and chips on her shoulder and said…………

    YOU SHOULD HAVE PAID YOUR LOAN!!!

    I said ‘ I did’ :A

    She said

    NO YOU HAVENT! :mad:

    Anyway she checked and can you believe it yes I have paid it. So they ordered the car to be given back to me at the auctions! How nice!

    So far I have missed 2 payments over a 3 month period and have the bailiffs knocking the door every time, of course I got the cash in the house to pay them, I do so love to see them at my door.

    In brief and I bet your really glad after reading all of that!
    LOGBOOK LOANS ARE NOTHING BUT LOAN SHARKS! WITH A NONPROFESSIONAL ATITUDE!

    My advise is to STAY AWAY FROM THEM!


    I borrowed £1500, my weekly payment is £49.99 a week for 12 months plus I had to pay £100 admin fee! Work that lot out, I’m too scared to look at the interest rate but I do believe that mine is cheaper cos I have or had good credit but some do run as high as 250%:eek:
  • Wow, Mikeandmitch what a horror story!

    I have used log book loans in the past when really pushed. Never for longer than a month, and have paid their standard charge of 10% for a month, i.e. borrow £2000 pay back £2200, plus a documentation charge (they register the debt with HPI).

    10% for a month is extortionate, but this was back in the days when I was being robbed blind by the Co-op Bank and their £35 bank charges, (thanks D_Church - got all that back), and it was a life saver for me.
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
    The Lord Giveth and the Government Taketh Away.
    I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
  • Holy s**t Mikeandmitch. That must of been seriously stressful.

    I'm glad you've took the time to post it though just to give others food for thought in case they are considering that same route.

    Hope you get it sorted real soon....and get better if you're not already?
    PMA - Positive Mental Attitude

    It works for me - you try it!
  • I had a classic for capri I payed £1300 for it she was in very good nick I was needing cash in a hurry so I went to log book loans and got a loan of £600 wath an APR of 375% . I payed back over £1400 to log book loans but the said I missed 2 payments that I had proof I had payed to them through internet banking . Log Book sent the bailiffs (Gemini) up to take my car one day when I was out they never had a court order and bailiffs have no powers in Scotland anyway !!!.

    I had a look at my loan aggreement and it states that they cannot take the car after I have payed 1 third of the balance without a court order . I have been to trading Standards , CAB, OFT, and the Scottish Executive they all said this action by Log Book Loans was not legal but I would have to take them to court on my own . I cant get legal aid so me taking them to court is not an option and it is now looking like they are going to get away with this .

    I would advise anyone not to use Log Book Loans I found out the hard way what they are all about and I miss my capri so much :angry: . Alex
  • HI GUYS
    i took out a loan with log book 3 yrs ago and was coping quite nicely with the payments untill i split with my partner and realy struggled, i contacted them and they promised to giv me sum breathing time wich i thaut was realy nice of them. but then i moved house and was receiving telephone calls from firstly anglia (bailiffs) then gemini (bailiff). i was so scared cos not only were this managing director of gemini (graham whittiker...as he goes by sometimes) contacting me but they were going on friend reunited and contacting my friends...sending me texts saying he knows the names of my children! i was petrified so it got to the stage wen i moved again and realy did not want this man knowing where i lived! i contacted trading standards and the bailiff watchdog as i still have the texts that say these thigs and my friend has kept the email which reads......"hello, i am wanting to get in touch with (me) as i have some very interesting photos she would like to see" bear in mind this man is like 30 yrs older than me!
    anyway they came and took the car but im still thinkin hes watching me and im still takin this further
    PLEASE DONT GET INVOLVED WITH THIS CRETTIN OF A COMPANY!
  • joeblack066joeblack066 Forumite
    1.8K Posts
    What did Trading Standards do, out of interest? This company are advertising on my local radio station as oh-so-friendly, and I dread to think how many people will be put thru this kind of thing.
  • Paul_VarjakPaul_Varjak Forumite
    4.6K Posts
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    i contacted trading standards and the bailiff watchdog
    Don't use the Bailiff Watchdog - they are closing down amid accusations that they are running a 'protection racket'!
  • HI GUYS
    i took out a loan with log book 3 yrs ago and was coping quite nicely with the payments untill i split with my partner and realy struggled, i contacted them and they promised to giv me sum breathing time wich i thaut was realy nice of them. but then i moved house and was receiving telephone calls from firstly anglia (bailiffs) then gemini (bailiff). i was so scared cos not only were this managing director of gemini (graham whittiker...as he goes by sometimes) contacting me but they were going on friend reunited and contacting my friends...sending me texts saying he knows the names of my children! i was petrified so it got to the stage wen i moved again and realy did not want this man knowing where i lived! i contacted trading standards and the bailiff watchdog as i still have the texts that say these thigs and my friend has kept the email which reads......"hello, i am wanting to get in touch with (me) as i have some very interesting photos she would like to see" bear in mind this man is like 30 yrs older than me!
    anyway they came and took the car but im still thinkin hes watching me and im still takin this further
    PLEASE DONT GET INVOLVED WITH THIS CRETTIN OF A COMPANY!

    Have you told this story to the Police and to Friends Reunited? I'm sure both would be very interested.
  • I recently recieved a letter from log book loans saying that 'the vehicle on which the loan is secured is due to be recovered for sale at public auction'
    I do not have a drivers licence let alone a car. When i called about the letter i had to pass security questions which to my surpise I did pass (name, address, D.O.B). Why have they got my personal details when I haven't taken out a loan I asked? Apparently the person who has the loan had not replyed for some time so they entered her details (name & D.O.B.) into a data base and it came up with my address!! Having called them 2wks ago I was assured that I would be sent a detailed letter say how the misunderstanding came about and the letter would reassure me that my personal credit rating would not be affected. So why have I still not recieved this letter if all was ligitimit.
    Scary stuff:eek:
  • DylanwingDylanwing Forumite
    2K Posts
    I have read plenty about this Company of this and any other Forums, and would suggest that you steer well clear of them. I looked at the website and it looks lovely, but the stories suggest that they are bas***ds to deal with, even if payments are up to date. DON'T DO IT!
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