Log Book Loans... Yep Again

[neo_]

Hi Guys,

Am new to this site and visited because i have read the vast majority of the your comments regarding these cowboys. i was wondering if anybody can offer advice?

Back in April i was stupid enough to take out one of these loans for 1500, well it was actually 2 for 750. i have been paying it back ever since, without a problem. Now there has been a problem with my work and i havent been paid this month. I made my last payment (£400) on 31 August. I should have been paid on the 28th september but i wasnt so i was unable to give them my usual monthly payment. On the 1st october i received a default notice on one account and then a default notice on the 3rd for another account. Each giving me 14 days. My new company will be paying me on the 26th october and i cna pay of the amount owed then. Does anybody think i will still have my car or will it be taken away by then? eveytime i ring all i get told is that it has to be paid by the end of the default notice.

Am sorry, i know there are a lot of threads about this company but at the moment i am i stuck with what to do.

Any advice anybody could offer would be appriciated

Thanks again

Neo_

[powelll]

OK. I would firstly be checking that this agreement is in fact secured on your car. LBL use something called a Bill of Sale in addition to the credit agreement. It's the BOS that secures the debt to your car so if there is anything wrong with it ( there frequently is ) then you owe them the money but they cannot take your car 9 so in theory you can offer to pay what you can afford ).

Bills of sale must contain certain information to be legally binding and they must also be registered at the High Court in London within 7 days of the agreement being taken out. It would be really useful if you could scan copies on here ( remove personal info ) for someone to have a look.

Or take them to a local CAB or tarding standards who should also be able to check for you. You can check if it's been reg'd at the High Court yourself but you have to do so in writing:

Make a written application (no internet service) with a £5 fee (obviously best if recorded/special/registered delivery)

Provide the name and address of themselves and the other party

• The address is Judgement and Orders Section, Room E15, Royal Courts of Justice, Strand, London, WC2A 2LL

Meantime I would park the car a few streets away or out of sight.

[neo_]

Hi Thanks for your fast reply.

I dont have the bill of sale anymore. In all honesty i have signed the contract and am prepared to pay what i owe on the contract. My main concern is if the car will be repossed in the 10 days from when the default notice ends to when i get pain and can pay them?

I have offered a token payment of £100 but have bene told that as it is on default all the arrears have to be cleared so £100 makes no difference.

How soon do they come to take your car after the default notice ends?

Also i have read on here that if you have paid more than 1/3rd of the agreement (which i have) they cannot take you car, is this true?

Many thanks

neo_

[sequenci]

The 1/3 rule isn't applicable to Bills of sale.

Your best bet is to check registration as Powelll has suggested. Also keep an eye on any charges they apply to your debt, these may be challenged.

[neo_]

Hi Guys,

Thanks for your help.

I will write tonight. Do you know if i wil receive a response in time? Default ends on 14th? If not will they come nad pick the car up on monday the 15th?

Thanks

Neo_

[sequenci]

You could make their lives a bit difficult and hide the vehicle for a while.

[neo_]

I wish i could, it is a Taxi and now my farther is driving it.

I wish this company could understand what stress and hasle they put people under. After reading the horror stories on here its amazing there still in buisness. I need to find a way to hold them for 10 days from when the default notice ends until i get paid. I recon if bailifs turn up i will be kicked out of parents house without a doubt.

[sequenci]

You need to get that £5 request off pronto.

[neo_]

yep i will post it tonight, then just pray that i get a response in time

If it come back and says it is secured on my vechile do i have a hope in hells chance of waiting until the 26th?

[neo_]

Hi, just thought i would give a update. Now i know alot of people hate them but in all honesty i have just spoken to a really nice lady in there credit control team who has agreed to hold my account until i need. Light at the end of the tunnel and for me i have to give them a thumbs up. She understood my situation and has helped.

[caro]

For your own protection I think you should still pursue the registration issue. Even if it's sorted this time, and I use the word "if" deliberately, you will know better where you stand should you have another problem.

I hope it is sorted for your sake, but I'd advise you not to take any chances with LBL.