log book loans

[barbs26]

does anybody no where i stand car was taken about 4 weeks ago at approx 7am obviously cud not speak to anyone,but after just looking on their website i saw that 1 of the main criteria to qualify was fully comp insurance which when i took the loan and still are only 3rd party fire and theft,can i do anything about this,any help fully appreciated.

[lbl]

Watchdog are very interested in hearing your logbook loans stories - please call Rajan on 0208 7524565

[sue42]

help please.


i recieved a default notice on jan 26 th.. but i had paid it before that date ..hence i wass not in arrears.. then i recieve todaya full termination notice demanding full payment,i called 3 times today spoke to sonya who wasnt helpful passing me on to the recovery team,i told them i had paid and i had proof which i do..they refuse to listen,im worried sick now can somebody help..this isnt fair as had paid before the notice was sent ..what is their god dam problem

[lbl]

Call Paul Foster at collections and explain to him the situation. Failing that, ask to speak to Barry Pilgrim. If someone turns up to collect your car, show them the proof that you have paid prior to the default notice being issued.

[sue42]

we did ssk for paul foster several times...on thursday we were told he would call us - again no phone call from them..its disgusting as we had paid..we recieve a letter telling us to pay by a set date so we did..we paid cash into the NatWest bank..the paying in book in the proof of the pudding.
they wont listen..just demanding full payment ..they have already sent some guys round,but the car isnt here..not that daft..

[caprikid]

Originally Posted by sue42

we did ssk for paul foster several times...on thursday we were told he would call us - again no phone call from them..its disgusting as we had paid..we recieve a letter telling us to pay by a set date so we did..we paid cash into the NatWest bank..the paying in book in the proof of the pudding.
they wont listen..just demanding full payment ..they have already sent some guys round,but the car isnt here..not that daft..

Hi Sue , I know what you are going through it's not easy trying to phone Paul Foster I remember I had to phone over and over again but he just would not talk to me they always said he was at a meeting . The only way I got a hold of him was by phoning them every half hour they got so fed up with me phoning them they did let me talk to him .

Mind you it never done me any good when I talked to him he just said over and over again pay of the full balance and we won't sell the car it's there way or no way . I do rember one time I sent him an e mail saying that I was going to the press and to BBC Watchdog he sent me a letter accusing me of blackmail he said he had handed the e mail over to there legal dept and they might get in touch with the police .

I never got my car back even though I had payed them more than double the amount I borrowed they still sold it so they did win the battle I know for a fact they won't win the war just wait and see !!! . Alex

[curlysmum5]

I used to pay cash into the NatWest Bank and quite often they could not find my payment for weeks I

[caprikid]

Originally Posted by curlysmum5

I used to pay cash into the NatWest Bank and quite often they could not find my payment for weeks I

I made all my payments direct to Gemini by internet banking so I asked Gemini for a statement I noticed that 2 payments I had made last August were not on the statment so I phoned my bank and was told that Gemini had recived the payments.This is what they do though , They say they never recived those 2 payments that put me in arrears so they used that as an exscuse to take the car because they knew the loan was getting near the end and thats how they make there money . Alex

[lesley82]

hi everyone im new just joined over a week ago iv been making my way through the treads and are glad iv come across other people ripped off by log book loans. Me and my hubby took loan out with lbl in oct 2005 for £2200,we were really desperate at time we had just been gazumped with our house, tried to get a normal loan was turned down looked up our credit file to find out the people at our old address had been applying for credit in our names so we had loads of searches on our file which knackered our rating. I found lbl on the internet they didnot sound so bad at time and they were regulated plus we only needed loan short term as we were expecting some inheretence money in jan 2006 so could pay them off so took loan out on 11th oct 2005 for £2200 paid weekly instalments into NatWest bank every week for£76.52 then the BIG SHOCK came on 10th feb 2006 when i rang for settlement figure bearing in mind i had already paid £1057.60 i was told to settle the account it would be £2297.73 i paid it because i wanted rid of these horrible people so in total it cost me £3355.33 for a £2200 loan that had only run 11 weeks thats £1135.33 interest dived that by 11 weeks =£103.21 per week. Are they really regulated by law to charge this much.
I have kept everything from lbl paying in books letters and the contract. I got the contract out last and looked at it, it states that lbl are regulated by the consumer credit act 1974,the timeshare act 1992 or the financial services (distance marketing) regulations 2004 does anyone have any insight into these acts and what they say,id really appreciate any info our feed back on them thank you.

[lbl]

Hi Lesley,

1st of all, welcome to the forum! Sorry to hear about you experience.


In the early stages of the loan period, you will have paid more towards interest than in reducing the actual loan amount. As Logbook Loans charged 6% per month at the time that you signed the loan, you can imagine that your weekly payment was not reducing your balance very much.

11th October 2005 to 10th February 2006 is 17 weeks and 3 days

Each loan attracts a commitment fee of £195 which is included in the weekly repayments.

So, your interest charged over the period was £1135.33 - £195 commitment fee = £940.33 which will also include an early settlement fee of one month's interest at 6% of the balance outstanding at the date of settlement.

The weekly interest charged was therefore £55.31 including the early settlement charge.

My calculations (which may be flawed, I'm not a mathematician or a finance expert) put your settlement figure for Feb 06 at £1667.44

There are other factors which could account for the difference.

Did you at any point incur additional charges? Late Payment or the like?

Did you start paying back the loan immediately, or were you offered an initial deferment period?

[lbl]

Originally Posted by sue42

we did ssk for paul foster several times...on thursday we were told he would call us - again no phone call from them..its disgusting as we had paid..we recieve a letter telling us to pay by a set date so we did..we paid cash into the NatWest bank..the paying in book in the proof of the pudding.
they wont listen..just demanding full payment ..they have already sent some guys round,but the car isnt here..not that daft..

Hi Sue,

The first thing you need to do is to photocopy the paying in book stub showing that you paid the amount within the time. Send it SPECIAL DELIVERY to Logbook Loans with a letter to Paul Foster stating that you have paid the amount within the timescale demanded and insisting that they call off their recovery agents immediately or you will consider it harassment. If they are still sending guys round after that, call the police and insist that they attend as you believe you are a victim of harassment.

Keep copies of everything.

[lesley82]

Hi LBL
Thankyou for replying to my post here are some answers to your questions.
1) the first payment on the loan was week after i took the loan out there was no defered period
2)there was no extra charges except for 2 letters i recieved at £20 but i paid that fee the following week with my weekly payment.
3)the loan was taken out over a 52 week payment at £76.52 a week
4)on my contract the section about amount payable on early settlement just says £nan
hope this helps im abit thick when it comes to working out apr im really glad of your help thankyou.

[lbl]

Originally Posted by lesley82

Hi LBL
Thankyou for replying to my post here are some answers to your questions.

4)on my contract the section about amount payable on early settlement just says £nan
hope this helps im abit thick when it comes to working out apr im really glad of your help thankyou.

This is very important - Does the "APR" and total amount repayable also say £nan?

Please look at this asap!!

lbl

[lesley82]

hi lbl
key financial statements reads as follows
the term of the loan 2(52)weeks
principal amount of loan £2,200
total amount payable £3,979.04
equivalent to an annual percentage rate of nan%''apr'' but something has been scribbled in pen i think it says 266.48

amount payable on early settlement
amount payable after a quater of term £nan
amount payable after half of term £nan
amount payable after three quaters of term £nan

hope this helps thankyou.

[lbl]

You need to see a solicitor as soon as possible Lesley. If the APR is not printed on the agreement and has clearly been added in pen, the chances are that the whole agreement is null and void and you should be refunded every penny you have paid them.

This also means that the copy that they have will have been altered.

Improperly executed agreement = no agreement.

See a solicitor NOW!!!!

[lesley82]

hi lbl
thankyou for your quick response and advice il go see solicter before end of week il let you no the outcome thankyou for your help.

[lbl]

You're very welcome lesley,

Good luck with solicitor.

lbl

[anon2]

any news on this?

[joe1471]

i trying to plaster this message to as many people as possible. its a wee bit technical. if the thugs sorry baliffs come to the door they should have a visible blue badge with the SIA logo on it + photo. SIA stands for Security industry Authority this a legal requirement that they must have. if they dont ask them if have a licence dispensation number (this is what they get when they are waiting on their badge to arrive) if the dont have ldn then contact the local police *******THEY ARE WORKING ILLEGAL************ sometimes the police are slow to get involved as they think it is a private matter. Quote - the security industry act 2001. also contact the SIA they have the legal powers to prosecute and fine the individual and company.
the SIA has been in England and Wales for approx. 2 years and only in scotland a couple of months. i had the baliffs out at 0500 to clamp the car back out at 0800 to lift and when i mentioned the SIA they gave me till 1700 to get a reduced figure from £900 to £500

[Bigbear733]

Hi Everyone

I have a way to get back at Log Book Loans (“LBL