hi, can anyone help! lbl.....

[tatty0001]

hi there just looking for some general info and help.

in november last year i crashed the car that i had a loan on with logbook loans, as it was my fault and i didnt have fully comp ins i recieved no payout.
When i phoned lbl to tell them about the crash i had no idea that in the bill of sale it says that u must have fully comp ins as part of the agreement.
up until this point i had no knowledge of this and told them this they told me they would get someone to phone me back later in the week.
after this i decided to look at the bill of sale and the contract and sure enough it says that i must have fully comp ins but also it says in the contract that the bill of sale forms part of the contract, am i rite in thinking that the contract and bill of sale are both invalid? when i took the loan out they got a copy of my ins which clearly states tpft.
was just hoping u could point me in the rite direction.

any help would be apreciated thanks..

[grizzleguts]

Hi, the fully comp insurance is standard stuff with vehicle finance, if you crash the car, you are still liable for the outstanding finance, so you need to protect yourself, the only come back you may have, is that when you insured the vehicle, and gave the Insurance company the vehicle details, they should have informed you of this rule. as the searchs they do on a vehicle reg, is to make sure that it is not stolen, and if it has outstanding finance (HPI check).
The only chance you have is to get a specialist solicitor involved, and try to reclaim the monies owed to the finance company, the charge would have to be financial and personal distress, due to the companies negligance, in failing to train its staff adequately, or have the adequate checks in place.
You would have a slim chance of winning, but slim is better than none.
You would have to convince a judge, that you either received the terms & conditions after signing.
The Bill of sale, is a contents of the sale details, it does not form part of the contract, If for example you make an offer on a house, a bill of sale is drawn up, it does not become legaly binding until both parties (in a finance agreement only yourself needs to sign), sign the agreement.
You may have great difficulty convincing a judge if you received a copy of the terms & conditions, before you signed.
Best of luck.

[Ell-enn]

Hi there Tatty, am I right in thinking by "lbl" you mean you have a loan on the car by Log Book Loans and not that the car was bought on finance? Just need to clarify before we go along the wrong track with advice.

Kind Regards

Ell-enn

[tatty0001]

yeh the loan is with logbook loans and not financed.

[Ell-enn]

OK I'll ask for someone with lbl knowlege to respond.

[tatty0001]

thanks.

[tomterm8]

Is it possible to post the actual agreement, minus your name and any personal details?

I do not believe, given what you've said, that the basic contract (i.e. the consumer credit agreement) is invalid. In practice, the Bill of sale is PROBABLY invalid, since LBL don't register them (or even use the correct format).

So, you remain liable for the credit agreement, and should continue paying as normal.

Technically, not having insurance is a breach of contract, HOWEVER, in practice if they were aware (as they must have been ) of your type of insurance, then it is unlikely the court would look favourably on such a claim.

I disagree with what grizleguts appears to be saying. in order to be effective in these circumstances, a bill of sale needs to be incorporated into the consumer credit agreement. without such incorporation, it would be unenforceable under the consumeer credit act 1974.

[tatty0001]

i dont have a scanner im afraid just a latop, but i could make a copy n blank all the stuff owt n send if ppl cud help me with it.

c the thing that got me thinking was - b4 i phoned them to tell them of the accident i was unaware of the clause in the bill of sale, when i foned them they were the 1s who brought my attetion to. and after reading the bill of sale it says that i should have fully comp ins as part of it, which i didnt have when i took the loan i had tpft, and the guy tht came n met me in the train station car park didnt notify me nor did he refuse me the loan which he shud of done.
also in the contract it states that the bill of sal forms part of the contract which would mean if its there fault the bill of sale is invalid shudnt the contract be aswell.
thats all i thought and the fact they are asking for nearly a grand on a 500 loan of which ive paid 490.

[tatty0001]

any help wud b gr8

thanks