!!Logbook Loans!!

[bab13jasmine]

Hi there

Logbook loans =

Wondered if anyone could give me any advice on the issues Im having with these at the minute.. I borrowed £1500 from them in Sept 2006 I have finished paying back the loan at the end of Sept 2007 however they dropped a bombshell on me that I still owed another £330 for letter and call charges.. So I set up a payment plan to re-pay back these charges at 55pw for 8 weeks.. equals approx £440!!! Dunno how they worked that out anyway I accepted and have paid back 4 and a half weeks so far of the payment plan. Ive actually managed to pay 2 weeks in one go so Im actually ahead of my plan.. £245 paid out of the £440 so theres me thinking OOoooo I only have £200 left to pay thats 3 and a half weeks left!!

Anyway I phone them today to make an additional £30 payment and I ask them how much I have left to pay and they tell me £300!!!!!! I question it and they say the orginal payment plan to clear the charges was set up incorrectly.. SO MY CHARGES HAVE GONE FROM £330 to £500 in a matter of 4 weeks!!!! I had a bit of a rant and rave with em on the phone and got myself into another payment plan of £52 over 5 weeks. So I said to the girl on the phone will that be it after the 5th week and she said NO!!! Ill still have another payment of about £20 to make for interest.. {but I cant take that seriously so I asked for it in writing) even though she said the reason my charges had gone up to about £500 was the daily interest..

GRRRRRRRR... are they talking a load of Bull or what with these charges.. I dont really know where to go from here [srug]

Pwwwwwwwwwease help with any advice Cheers muchly

[allykat]

**Bump**

Bloomin 'eck! typical 343.4% apr!!

What have you asked them for in writing? I would request all info on this account, starting with the original credit agreement. It sounds to me like they are ever so slightly taking the p***

[bab13jasmine]

Originally Posted by allykat

**Bump**

Bloomin 'eck! typical 343.4% apr!!

What have you asked them for in writing? I would request all info on this account, starting with the original credit agreement. It sounds to me like they are ever so slightly taking the p***

I have my agreement somewhere Im going to look for it and thought about going to see a solictor tomorrow.. what should I ask them for a breakdown of the loan from start to finish with a detailed list of the charges.. and what if they dont send, they have to by law right provide me the details??

edit: I asked them to put the payment plan in writing so they cant go back on there word again

[sequenci]

You really should challenge these charges in the same way that people have challenged bank / credit card charges, on the grounds of unlawfulness.

If you need a hand getting started just let us know and we shall assist!

[allykat]

Yeah, a S.A.R (Subject access request)

There is a template on this site, you'll have to include a postal order for £10, and they have 40 days to respond.

Were "letter and call charges" mentioned in any sort of signed agreement?

[bab13jasmine]

Guess what I cant find the agreement I signed

@ myself for losing it!!

While Im asking for all these things from them I still have to pay dont I?? Obv.. as it will be paid off by the time they respond no doubt but I still aint letting them get away with it..

So no agreement.. do I ask for the whole lot together with the letter stated above or is that 2 seperate letters?

[bab13jasmine]

Originally Posted by sequenci

You really should challenge these charges in the same way that people have challenged bank / credit card charges, on the grounds of unlawfulness.

If you need a hand getting started just let us know and we shall assist!

Yes please any help would be much appreciated.. I cant see a solictor I guess until I a. find my agreement or b. get a copy sent.. I dunno if they would be much help anyway

I did ring the ombudson today and they are sending a letter to them for me to ask them for a "final decision" Im not sure what that means??

[allykat]

Originally Posted by bab13jasmine

Guess what I cant find the agreement I signed

@ myself for losing it!!

While Im asking for all these things from them I still have to pay dont I?? Obv.. as it will be paid off by the time they respond no doubt but I still aint letting them get away with it..

So no agreement.. do I ask for the whole lot together with the letter stated above or is that 2 seperate letters?

Don't worry about losing the agreement! I would lose my head if it wasn't screwed on

The S.A.R is all you'll need to request at the mo, as what they should send includes a copy of the original agreement.

There is a template here - 1. Data Protection Act, Subject Access Request letter - List of charges - adapt as necessay

[allykat]

Forgot to say...yes continue paying for now, it doesn't matter that you will have paid up by the time you get the info...you can still claim back unfair charges, etc.

LOL at my spelling btw! Necessay :o

[bab13jasmine]

lol @ your spelling dont worry about it dude and thanks for the template I shall be sending that off as soon as I can get to the postoffice for a postal order.. as long as Im helped with each stage Ill be fine

My heads been a right shed this afternoon since I spoke with them.. Im sooooo all over the shop.

[allykat]

send it recorded delivery so you have proof

keep us updated

[Edz11]

Well it is obviously more than 100% interest. "Extortionate credit" springs to mind. When you've got the details (and that agreement you are looking for - nudge nudge) we'll work out what the interest was. Might be "too high". Did the Bank turn you down? Asking for a reason - not being curious.

[Edz11]

Well it is obviously more than 100% interest. "Extortionate credit" springs to mind. When you've got the details (and that agreement you are looking for - nudge nudge ) we'll work out what the interest was. Might be "too high". Did the Bank turn you down? Asking for a reason - not being curious.

[Edz11]

Assuming you've paid £3208 'ish so far.

That means that you paid simple interest of 113.6%. Giving an APR of
170%.

I think that's an extortionate credit agreement. And we haven't even finished yet as they're after extra charges!

The posts are mucked up as the dates are wrong. We have to wait until midnight to get right again...

[Edz11]

I think this one will get very interesting. Certain of it.

Errr - you say you've looked for the agreement. But, there's a 14 minute gap between you saying you were going to look for it and not being able to find it. I don't think you put a lot of effort in!!

Have a REALLY good look for that agreement as it could be very important!!

[bab13jasmine]

Originally Posted by Edz11

You borrowed £1500.
1) How much have you actually paid back to date?
2) How much do they say is outstanding?

Right then phone call made and OMFGG!!

Ive paid them £3429.75 to date
I still owe them £260.90

The loan Ive ever had in my life and the last one!!!

[Edz11]

This is your first ever loan? Why didn't you use a bank? (answers to both please!!!!) And.... did you find your agreement??? very important....

[bab13jasmine]

Originally Posted by Edz11

This is your first ever loan? Why didn't you use a bank? (answers to both please!!!!) And.... did you find your agreement??? very important....

Yes my first ever proper loan apart from my mortgage..

Ive had credit agreements.. such as catalouges and such with companys before and my credit rating is too crap to go to a bank, but to be honest I was between temp work and I needed some money fast!! To help with my bills/ car insurance etc; wish Id have known then what I know now but hey ho you live and you learn!!

No I havent found my agreement yet