Interesting Logbook Loans info

[lbl]

A number of interesting credit reports have made their way into my possession regarding Logbook Loans and associated companies, which I thought I'd share

Nine Regions Ltd (the company that actually issues the loans)

Creditline Recommendations

Graydon Rating 0D
Less than GBP 1 -

Monthly Credit Guide GBP 0

Risk Category HIGH RISK

No Turnover The company's balance sheet total is less than GBP 5,600,000 and is a medium sized company as defined by the Companies Act. It is not required to disclose turnover but it is likely to be in the range of GBP 2,800,000 - GBP 11,200,000.

No Pre-Tax Profit The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Shareholders Funds shown on the Balance Sheet is GBP 1,248,000 decrease. This suggests that the Company may have made a post-tax loss of GBP 1,248,000.

Working CapitalThe company's working capital deficiency increased in the period and now totals GBP 1,842,000.


Logbook Loans Ltd (The company who do all the advertising/ own the website - the "public face")

Creditline Recommendations


Graydon Rating 0D
Less than GBP 1 -

Monthly Credit Guide GBP 0

Risk Category HIGH RISK

No TurnoverThe company's balance sheet total is less than GBP 2,800,001 and therefore this is a small company as defined by the Companies Act.It is not required to disclose turnover but it is likely to be less than GBP 5,600,000.

No Pre-Tax Profit The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Shareholders Funds shown on the Balance Sheet is GBP 83,000 increase. This suggests that the Company may have made a post-tax profit of GBP 83,000. Working Capital The company's working capital deficiency reduced in the period and now stands at GBP 189,000.


Logbook Loans (UK Regions) Ltd - The company that employs all of the reps

Creditline Recommendations

Graydon Rating SN (Special Rating )

Monthly Credit Guide GBP 1,000

Risk Category ABOVE NORMAL RISK

Graydon Ratings are explained here - (pdf - requires adobe reader)

http://www.graydon.co.uk/UKPublic/UK...ydonRating.pdf

Bearing in mind that one of Europe's leading corporate credit reference agencies rates all of these companies as either HIGH or ABOVE NORMAL risk - the question has to be asked as to whether they are fit to be holding valuable vehicles as security. Especially when the company holding the securities (Nine Regions Ltd) has a monthly recommended credit limit of below £1. If the boot was on the other foot, would YOU lend them YOUR money? Or trust them with your valuables as security??

***The information presented here are extracts from more in-depth documents which are available if anyone wants to see them. I also have home addresses of all of the directors of these companies, which is public domain information, but I will not post them on the forum. Opinions are mine alone and should not be acted upon without professional advice if you are in any doubt***

[v_j_r]

Sorry to the bearer of bad news lbl, but none of that is news-it's history!!.

Why dont you enquire upon them nine regions etc etc about the period when they were operating without valid consumer credit license's such as to cover chelsea park investments ltd, obiously they could'nt afford the fee's poor sods!!.

I know one thing though it sure did cost them big time, and i have the docs to prove it "Non -Disclosure" that is, ohhh btw i'm still waiting for the elusive "I won" bit against Lbl ltd!!.

Regards.

[lbl]

Oh for god's sake - I didn't say it was new information, just that it may be of interest to those with Logbook Loans issues to know a little more about what they're dealing with. I do that you see. If I have info, I post it for the benefit of those who may be able to use it.

If you are under a non-disclosure agreement then keep your trap shut

Otherwise post what info you do have that might actually help someone else and drop the "i know something you don't know" act - It's not big and it's not clever and it helps no-one.

[Rob S]

V J R has been asked on many occasions to share what info he can with other members of the site, but he has refused/ignored all the polite requests up to now. I have to wonder why bothers to post as his contributions are of very limited use and go against the general ethos of this excellent site.

[calvi36]

Just wonder if you got these companies permission to credit search them, those look like print outs from either experian or credit safe.

[lbl]

calvi - they are neither. The reports come from Graydons, who assess credit worthiness by the financial strength of the company. The report is compiled from publically available information and is available to anyone via free trial and subscription.

[lbl]

Without revealing too much at this stage, it appears that at least one member of this forum has possibly had their car taken unlawfully by Logbook Loans by virtue of an improperly executed agreement. Awaiting verification.

[sequenci]

i found this post VERY interesting, thanks for sharing.

seq

[lbl]

Another tid-bit - apparently Logbook Loans have allegedly very recently instructed all of their representatives to take photographs of their customers with the car (and have issued all reps with Polaroid cameras for this exact purpose) because of an upturn in the number of customers claiming that someone else must have taken out the loan.

Does this suggest that the ID requirements up until now have been inadequate?

[barbs26]

Interesting, you do come up with alot of interesting information.

[wycombemariner]

as i work for Dun & Bradstreet i suggest you take what Graydons say with the smallest pinch of salt!

[v_j_r]

My sentiments exactly and further i would suggest that all so called "interesting info" posted by lbl is also taken also with a pinch of salt!.

One more thing the photograph taking is not new, it is and has been practised at some locations for some time now?.

[lbl]

@WycombeMariner - Thanks, I'll take your comments on board, however Graydon's reports only confirm what I already knew about the companies concerned and could not verify from other sources.

Originally Posted by v_j_r

My sentiments exactly and further i would suggest that all so called "interesting info" posted by lbl is also taken also with a pinch of salt!.

One more thing the photograph taking is not new, it is and has been practised at some locations for some time now?.

To anyone who is currently taking on Logbook Loans, take what you will from my posts, use what can be used in your particular case and leave the rest.

@V_J_R Until this week, photographing customers has been done when other forms of photographic ID (passport, driving license etc) could not be provided. As of now, reps have been instructed to photograph ALL customers regardless of ID provided. This, is new.

I will not get into a pi**ing contest here. Stop trying to draw me in to one.

[Fleeced73]

'Lenders took double money AND the car' - Sunday Mirror

[caprikid]

Originally Posted by Fleeced73

'Lenders took double money AND the car' - Sunday Mirror

Look Out for more stories like my story in the Mirror , I am just waiting on the papers getting back to me they have been talking to my local MP (Menzies Cambell ) about Gemini stealing my car . PM me for more info

[Tessa75]

Originally Posted by lbl

Another tid-bit - apparently Logbook Loans have allegedly very recently instructed all of their representatives to take photographs of their customers with the car (and have issued all reps with Polaroid cameras for this exact purpose) because of an upturn in the number of customers claiming that someone else must have taken out the loan.

Does this suggest that the ID requirements up until now have been inadequate?

Hi lbl

Very interesting info, certainly they have started this for a reason, not the norm to take photos of clients for any other type of loan, bit wierd actually, I would have told them where to go if they asked me to do that, they will be asking for blood samples next

I am not sure how long this type of loan has been available, I always thought it was a newish scam, i had never heard of it before I got involved with them. Which ever way I can see the cracks forming throughout the whole process and even if they do alter or add to proceedures It is a bit late now

kind regards