Log Book Loans - Mobile Money HELP

tblzebra · 30th January 2008, 16:29

I've read most of the (very useful & scary) posts on here about this company, but this dilemma is different.

Any ideas what to do if the log book loan was taken out by someone who doesn't actually own the vehicle?

The V5 registration document must show him as the registered keeper (the owner has constantly asked for this but hasn't received it) but he is NOT the owner and never has been, although he is the main/only user. He also doesn't reside at the owner's address (presumably also on the V5 & insurance documents), and never has. All the loan paperwork now shows this address, including the phone number.

He's just defaulted on the first payment (6 month loan APR 653.6%). The owner is extremely concerned what action Log Book Loans will now take.

The owner has been asking for the vehicle back since November 07 and even paid the road tax in December, under the mistaken belief that the vehicle had been registered in their name, as they didn't want it to be on the road illegally. There are family ties between the two people concerned.

Any suggestions/help gratefully received.

louis wu · 31st January 2008, 12:45

Are you suggesting that whoever took out the loan, done so without the owners consent? If so, at 653% APR interest , I think I may be looking to get the police involved.

I think you need to clarify a few points, for example, where is the vehicle, and why doesn't the owner know where it is?

tblzebra · 31st January 2008, 12:52

Yes, they took out the loan without the owners consent.

The car was bought by one person for the use of other, on the understanding that it still belonged to the person who bought it, until/unless the user paid them for it. They never did and now they've used it to secure this 'loan'.

The owner doesn't know where it is, because the user is refusing to answer their phone and lives at 'no fixed abode'.

I think you're right, the police need to be involved, but I don't know what they could do about Log Book Loans, who now 'own' the car, according to the paperwork.

ScarletPimpernel · 31st January 2008, 13:24

In cases where a car that still has outsanding finance, or has been stolen is sold to an innocent person, it remains the property of the original owner. The police should be able to ensure that LBL understand that the car isn't theirs.

It may also be worth contact Trading Standards first; they are usually well-versed in this sort of thing.

tblzebra · 31st January 2008, 13:36

Thank you ScarletPimpernel.

I hadn't thought of that - Log Book Loans often seem to repo cars from people who innocently bought them privately, not knowing there was a log book loan outstanding.

A case of turning the tables ... maybe?

Fleeced73 · 3rd February 2008, 16:26

Important: Hide the vehicle! Get it stashed whilst this is sorted out. If LBL have made an agreement and not checked they are in the wrong - and they are so desperate for agents/'underwriters' that they will employ anyone who will sign their non-disclosure agreement, thus some of them are clueless imbeciles. The agents (Gemini, Anglia UK) who work for LBL break all the bailiff codes of conduct when seizing vehicles so be warned!

tblzebra · 4th February 2008, 16:12

Thanks Fleeced73 & also for your vey helpful PMs

I thought Mobile Money/Log Book Loans were mainly franchise operations?

The police will only take a statement when evidence is produced to show that the vehicle isn't owned by the person who took the loan out.

(Is someone at the desk at a police station, with pale blue epaulettes, a 'real' copper, or something else?) They said if the loan company send people to get the vehicle, it's a civil matter.

The owner still hasn't got the vehicle back & doesn't know where it is.

Fleeced73 · 4th February 2008, 18:22

Police are thoroughly useless - they provide no protection whatsoever and if someone has a badge, regardless of whether the badge is real, it gives them carte blanche to do as the like as far as they (criminal law) is concerned. The Dibble don't check or qualify anything so it's best to be ready and on guard, and contact Stephensons are they are EXPERTS with LBL and offer free initial advice on what to do

razy · 5th February 2008, 21:56

Quote:

Originally Posted by Fleeced73

Police are thoroughly useless - they provide no protection whatsoever and if someone has a badge, regardless of whether the badge is real, it gives them carte blanche to do as the like as far as they (criminal law) is concerned. The Dibble don't check or qualify anything so it's best to be ready and on guard, and contact Stephensons are they are EXPERTS with LBL and offer free initial advice on what to do

do u know were i can get the number for stephensons solicitors thanxz

Fleeced73 · 5th February 2008, 22:17

I'd post it here but it would be removed as they wrongly consider it advertsising. Google it, they're based in Lancashire. PM me for more

razy · 5th February 2008, 22:57

Quote:

Originally Posted by Fleeced73

I'd post it here but it would be removed as they wrongly consider it advertsising. Google it, they're based in Lancashire. PM me for more

can u please send me da information to my email adress sharaz786@hotmail.co.uk

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