Please Help with Logbook loan problem

[mart2k6]

Im really urgently looking for help on this one now as I am at the end of my tether with it

I took out a loan with logbook loans about 5mths ago which secures the loan against the value of your car

I got a paying in book where i went to the bank each week and paid £30 and everything was going ok

I then became unemployed as I was doing agency work and was struggling to pay the £30 so I rang them and they said no problems we can drop the payments to £15 for 6 weeks to help you out and you can pay a little bit extra to pay off your arrears after the 6 weeks have passed and hopefully are back in work , which at the time sounded ok.

Then the trouble started ....

The 1st week i paid £15 i received a letter 3 days later stating that my account was in arrears and they had charged me £20 for sending the letter. With this i rang them again and said that nobody mentioned £20 and i was keeping to my side of the agreement , to which i was told dont worry about it , thats just the computer printing off a default letter and i havent been charged anything.

I was a little wary but decided ok if theres no arrears i havent got anything to complain about so left it. I started to receive these letters more frequent over the next few weeks but still kept in touch with them checking I wasnt being charged for the letters and wasnt in arrears, which they explained nothing to worry about at all.

This week had numerous missed calls on my phone by them and this morning received a letter stating

As you have failed to comply with the default Notice, we are confirming that the Agreement has been terminated as of 10th October 2006 and that the payment of the outstanding sum of £xx.xx is immediatley required.

Obviously rang them straight away , after explaining all the above he replied well no problem at all if you can pay normal payment this week , then you are goin to have to double your payments from next week. This is to pay the arrears off which include around 8 lots of £20 for the letters. I said no way am i goin to pay for the letters which he replied when the accounts completely paid up i can claim the letter charges back.

My question now being if they have stated the contract is terminated but over the phone say oh we can just pick up where we left off is that legal , and secondly why should i have to pay arrears which i dont technically owe

Any help on this confusing matter would be greatly appreciated

At the moment i am bordering on the idea of moving the car , applying for the V5 document and selling the car , could anyone tell me if i am within the law to do so please


Thanks

[v_j_r]

When you signed the agreement/Preliminary loan application or very soon thereafter Lbl ltd registered there interest in your vehicle with HPI and though this maybe unlawful it is what they do,it is a seachable database through various sources for any person after paying a fee to alert themselves that a interest is lodged on that vehicle, in your case a secured loan.:o

Therefore your chances are very remote in securing a sale in any form, if you secure a sale lets say from "Fred in a shed" he will be the one they go looking for and repossess there property!.

Thats basically it in very simple terms, but one other thing to remember Lbl ltd will also be alerted as to any person showing an interest in your vehicle a search and therefore will be alerted to your potential sale and therefore likely to repossess beforehand!.

The V5 is not proof of ownership it is only the registered keeper, DVLA are also likely to notify that a duplicate V5 has been requested,and they routinely sell mass information to various sources.:o

Now very important-Do not state on this public forum your intentions in detail or your next action,they Lbl ltd or rather snouts do monitor this forum and you are at risk of loosing your vehicle sooner rather than later if at all.

[actionblusox]

hi vjr
if its unlawful to register an interest how can they get away with it and what can be done to take this off the hpi register?
thanks

[v_j_r]

@actionblusox:

Again it may be unlawful in many ways but it has a purpose as in my post, i suppose it's there way of an insurance as nobody will touch a vehicle with an interest upon it.:o

With the documents i have here it proves they register there interest very early in the loan application stage, and again the same applies as to wehter a HPI check reveals any lien upon your vehicle beforehand.

As with all if not most business in UK they do what they want and getting away with it is the norm.

[LondonPam]

If I were in your shoes I would do a HPI check myself to make absolutely sure they have secured the loan against your car. You can do it online and it costs £20. At least that way you can be sure of the actual situation.

[actionblusox]

hi
yesterday i did a check on the hpi of my vehicle through a company that does free hpi checks and nothing came back.
is there a chance that this is correct?

[LondonPam]

I don't know about the company you used as I've only ever used HPI themselves. The reason I said to do it is that I have read on several forums, and many posts on this site, that the loan from LLB is not secured on your vehicle and that is why they ask you for the V5. If the loan was secured they would NOT need this as it does not prove ownership. Search around this site a bit more and you may find the information I found.

[v_j_r]

@LondonPam:

Have you had any dealings with Lbl ltd? ie:A cash loan and if you search a bit further you will find information on as to wether loan(s) can be secured or even furnished as such on such a document as a DVLA V5 (A logbook) or even legal to do so!.:o

Hence the need to register there interest with HPI as the "Logbook" only proves the registered keeper not the owner, "Well we own the vehicle as we have possesion of the "V5 Logbook" does'nt quite work does it? bill of sale/lien comes next and carrys just about the same wieght in legal terms nout.

When things go wrong the person can expect a 3 pronged attack,1. An interest in the vehicle with HPI 2.We have possesion of the V5 Logbook. 3. We have a signed bill of sale/lien think about it?.

While you're at it take a look at the other company trading and still in existence "Autologbook loans" from there seek and you may find!.

[LondonPam]

That's exactly why I am suggesting that they do a HPI check themselves. If the loan isn't secured against the car they are free to sell it and LLB can say what they like but they won't have the car.