Log Book Loans? (merged)

Rita2009

I would like to warn people about mobile money who charge 10% interest per month. I borrowed £1500 and over 6 months I paid back £2700!! Interest was £150 per month. Now i know i was silly to do it, however this company bullies you into paying more by threatening to take your vehicle, there is nothing you can do but pay when some one is at your front door threatening to take your car away! NEVER TAKE OUT A LOG BOOK LOAN FROM ANY LENDER.

roscovitch

Do not go near this outfit

lechef56

I took out a loan with log book loans in 08 for £3500 as collateral they took the v5. i managed to keep up the £385 a month repayment for 13 months then i was made redundant and missed 1 payment.
I tried to call them on the number on the letter and was redirected to an automated service saying this number is not in use. i checked all the correspondence that i had and they had the same number on them. Eventually after checking on the net i found a different number. When i spoke to the woman on the phone i tried to make a repayment plan she told me that unless i had £879 to pay to her there and then that "it was more financially beneficial for us to repossess your car"
A week later they turned up at my house with a low loader then waited till my wife was getting in it before blocking her inn and forcing her out the car. they told her if she attempted to drive away they would have her done for theft. Luckily i was at work or id be writing this on toilet paper at the moment.
so after 13 months i payed back £5005 they sold my car at auction for £2800 and today i got a letter from a solicitor saying im still owe them £6054. A total of £13859.
these guys are bullies and with the financial climate at the moment they're repossessing cars all over the place. Praying on people who have found them selves in financial hardship.
Do not use them. They dont just want your money they want your car!

kh1981

Hi, I am hoping someone can give me some advice.
I took out a loan with Logbook in Scotland last year. The loan amount was £1600 and I have no paid back £1800. I called last week looking for a settlement figure and was advised this was £2500!!!! I was gobsmacked and was honeslty expecting it to be less than £1000.

I really dont know what to do now, if I keep paying my £250 per month I will NEVER pay it off but I cant afford the £2500.
My car is only worth approx £1600 therefore would it be worthwhile letting them take the car??
The only problem is what happens with the balance? Will they take me to court? Is there a possibility of CCJ's (or Scotland's equivilant)?

Any advice would be appreciated.

willow70_2

has any one had a success against this company in getting any charges back.