Log Book Loans? (merged)

fatbelly

FYI the typical rate quoted on the site is 437.4% APR.

Stories abound about the way this organisation conducts its business and the CAB Specialist Support Unit is collecting evidence.

dazzaofdagenham

As someone who currently has a LOG BOOK LOAN the only advise i can give anybody is

DO NOT DEAL WITH THIS SCUM EVER !!!!

darren

dazzaofdagenham

On a seperate not are the £12 fees that they have recoverable like the credit card fees elsewhere on this forum ?

Darren

asiot

why would anyone even take out a loan with them at that apr?? ya must be barking mad!!

ronbacardi

I took out a Logbook loan three months ago for £1500.00 as my credit rating was battered from my Divorce. I was fully aware of the 437% APR,but intended paying it back inside 8 weeks.

I was made redundant and unable to maintain the 50 quid a week.

Being a Single Parent, I explained I was now on State Benefit and had to prioritise my spend on essentials,i.e food!!

They didn't co-operate at all when I asked if I could just give them 20 quid a week a week in the interim.

Two weeks past and I got a letter stating I was £512 in arrears with their charges and that same NIGHT I got a knock at my door at 10.45pm with a couple of lads saying they had come for the Vehicle.

I am VERY confrontational if needs be, but had my Daughter asleep in the house so wasn't.

I asked him in and enquired if he had a Court Order to seize the car.

I have had this confirmed subsequently, they don't need one as the loan agreement is UNREGULATED.

I just gave him the keys having done a few quick sums in my head. Ex their costs they are £1400.00 out of pocket plus £350.00 they had to pay the collection firm, i.e £1750.00 plus their charges which brings it to £2880.00.

The car is worth £1500.00 in this current market, which means it will fetch £1000.00 odd at Auction. So they will lose at least £250.00 out of me. So enjoy Logbook!!

In short, when you take a loan out with them they are, in effect, actually BUYING your car and legal title passes to them and they give it back when you pay your loan.

In short, unless you are on the brink of starvation, DON'T TOUCH THEM.

dazzaofdagenham

dazzaofdagenham wrote: »

On a seperate not are the £12 fees that they have recoverable like the credit card fees elsewhere on this forum ?

Darren

Anybody ?

Had about £60 quids worth of fines and want to know if i can receover them

Darren

CJTM103

I've had three loans with them. Yes the interest is extortionate. But they do allow you some breathing space if you get stuck on payments. They've allowed me to run the loan a little longer so that I can get the money to pay them. I find them all quite nice. I know I am robbing myself by using them, but I always get my log book back when I have finished paying (apart from the 1st time when they lost it!). I have found them to be quite fare. One of their members of staff told me that it does take months for the process of selling the car to claim back loan money kicks in. Saying all this, you do throw money down the drain when taking out these sort of loans.

dazzaofdagenham

dazzaofdagenham wrote: »

Anybody ?

Had about £60 quids worth of fines and want to know if i can receover them

Darren

anybody ?

darren ?

willsonline

If people are in so much difficulty why not got to a Credit Union? Is that not a better option?

Figo

Many credit unions require you to save with them for between 4 and 16 weeks before they will grant you a loan - and even then they will probably only grant you a loan of up to £500. For those people who are in the situation where they have to essentially pawn their car, this might not be an option.