Log book loans charges please help

bradley2007 · 13th February 2008, 15:17

Hi I took out a loan from these people and am almost finished paying it. I have missed a few payments as I have had time off work due to ill health over the course of the loan. Anyway I recently asked how much I owed in charges and was shocked to find its £800. I only took out a loan for £500, I had no idea that I was charged for phone calls and also additional interest. I was expecting a few charges for the letters I had recieved not this large amount.
Im now really stressed and depressed about the whole thing. They told me that the figure gets reviewed after the final weekly payment is made. But Im worried they may demand the whole £800 the day I finish payments. I cant afford this and I dont want to lose my car or accrue further charges.

Does anyone have any past experience with these charges? Are they likely to lower the amount and will they spread the payments over a few weeks?

I feel like I will never be rid of this debt. I borrowed £500 and by the time I have paid my final amount in a few weeks time I will have already paid back £2000. So I cant believe they are ripping me off for a further £800.

So I hope someone can give me some advice as its really stressing me out.

rory32 · 14th February 2008, 02:49

You can start the process of reclaiming these unlawful charges. Have a read of the FAQ here and take some time to have a look through the templates library here. The templates are designed for bank charges but it's exactly the same process for your loan.

Quote:

I borrowed £500 and by the time I have paid my final amount in a few weeks time I will have already paid back £2000.

This seems incredibly excessive.

genipuss · 15th February 2008, 20:35

unfortunatly it iz gonna be a long ztruggle

piggypiggy · 18th February 2008, 13:45

I'm new to the site and need advice urgently...my 22 year old niece has got one these LBL, she is a student and only working 20 hours due to Uni commitments she has got into difficulty paying it back, they are now threatening to take her car in a couple of days...my question is how on earth are LBL allowed to get away with such extortionate interest and isn't it immoral to allow this.

genipuss · 18th February 2008, 14:03

How much are they asking for right now. Where is the car parked?

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