Thread: desperate for help....

Ihave my friend coming over in abit to research lbl, she took a loan out for 1500 against her car and pays 300 a month she was ok keeping up payments until her circumstances changed and missed last months and this months payments.
she emailed lbl to explain the situatuion and to see if tthe arrears can be added to the remining payments. they have told her she has until next tuesday to pay the fukk 600 or they are going to repossess it.
There is no way she can pay it, no way she can be without a car (she has to get to work and there is no public transport to her place of work where she works shifts in the evenings)
She phoned me really upset and asked me to go with her to yes car credit to see about getting anotherr car and let them repossess her one. There is nothing wrong with her car its just she cannot afford the 600 pound they want and struggles to keep up the payments of 300 pund. ideally she can now only afford 200 a month.
What would happen if she was to sell the car and buy something cheaper is that allowed?
any advice that i can give her wil be great.

If she sells the car the loan will still be on the car so the person buying it will end up having it repossesed I also believe but not 100 % sure on this, i think they can ( or would attempt to ) also reposses her new car aswell should she buy one.

I had the same problem, circumstances changed & couldn't pay the full monthly amount, lbl finally agreed £160 per month untill my circumstances changed for the better & i can start to repay the full monthly amount again.

Hope this helps

Originally Posted by loopyloopy

Ihave my friend coming over in abit to research lbl, she took a loan out for 1500 against her car and pays 300 a month she was ok keeping up payments until her circumstances changed and missed last months and this months payments.
she emailed lbl to explain the situatuion and to see if tthe arrears can be added to the remining payments. they have told her she has until next tuesday to pay the fukk 600 or they are going to repossess it.
There is no way she can pay it, no way she can be without a car (she has to get to work and there is no public transport to her place of work where she works shifts in the evenings)
She phoned me really upset and asked me to go with her to yes car credit to see about getting anotherr car and let them repossess her one. There is nothing wrong with her car its just she cannot afford the 600 pound they want and struggles to keep up the payments of 300 pund. ideally she can now only afford 200 a month.
What would happen if she was to sell the car and buy something cheaper is that allowed?
any advice that i can give her wil be great.

to loopy
make sure you read all the threads on here there is lots of good advice on here do not let these ppl pull the wool over your eyes by telling you what your rights r cos most of the time they r just trying to scare you in to doing something that you dont have to do
hope you get it sorted x

LOOPYLOOPY

DO NOT SELL THE CAR. We bought a car in April last year only to have it took of us in December 08. We did not have a loan with LBL but the previous owner of our car did. Previous owner had took a loan on the car then sold it to us stopped paying the loan. We left with nothing. We had our story in the daily mirror last week. Please do not sell the car others can suffer too.

Its my friends car not mine, She has been in contact with lbl's today and they have now agreed to phone her tomorrow to discuss her options with the view of putting the arrears over the remaining term.

Hope they have luck with lbl no one else does. Jus ask them not to sell the car. If need be hide car so no one can find it.

I may offer to swap cars with her until she has it sorted out..

Swapping cars will not solve the problem, they will still take the car.

I know long term it wont but if we just drive each others cars without changing the log book then they wont think to come to my address. Will they??

They will search the area for the car, becareful. These people do not follow rules they have their own. They have been known to stop cars in the street and take them.

Best to hide the car so it can't be found.

Originally Posted by wearecarless

Hope they have luck with lbl no one else does. Jus ask them not to sell the car. If need be hide car so no one can find it.

I managed to strike a deal with them, i now pay just over half of the original amount untill things improve for me, even the bailiff phoned me to tell me they would be backing off & wont be back unless instructed by lbl, the thing that really p****d me off was that lbl are charging me £300 for the bailiff to come to my house, i bet the bailiff fee is no where near that .

Maybe i should phone the bailiff & ask them what they would charge to travel a 40 mile round trip to go to someones house & leave empty handed.

Swappings cars ( not V5 ) isn't a bad idea if you live a long way from each other & the chances of them seeing it are slim to none then good but if you live just around the corner then they'll probably nab it in the nite while you sleep

Good luck loopy

Many are suffering a similar fate as yourself - but there is no comfort in numbers - what you need is practical advise that may help you.

Be firstly aware that LBL are licenced by the OFT and the OFT have published guidelines on how LBL's and all licenced Companies should handle debt issues with their customers.

I urge your friend to send an email to 'christopher.debie@logboo kloans.co.uk and copy it also to enquiries@oft.gsi.gov.uk

Your email message should outline the fact that you have advised them that you are experiencing financial difficulties and that your offer to spread the arrears over a given period until repaid has been refused and that under the guidelines you feel harassed and threatened by their suggestion that they intend to recover your vehicle.

Then follow your email up with a phone call to the 'recovery team' at Log book loans and advise that you have emailed Mr Debie and the OFT and ask if they intend to proceed with their repossession considering your financial situation.

Make a note of their comments - if it not favourable to you, then whilst I would never condone anyone hiding their car - after all you are not a criminal - why are they hunting you down? - I would suggest that you do if you can and do a 'car-share' whilst you await the outcome.

You may also be interested to know at this time that LOGBOOK LOANS HAVE BEEN MINDED THAT THEIR LICENCE IS BEING CONSIDERED FOR REVOCATION - this is entered against their Company registration details on the OFT Public Register - might be an idea to attach a copy of it to Mr Debie in your email to him...... perhaps he may reconsider his actions towards you? This means they have 21 days to make representation to an independant Adjudificator to give reasons as to why the licence should be retained. They clearly will be aware of this, and yet I cannot believe that they continue 'harassing' customers as though this is not a serious issue for them - either that or they are trying to 'bank' as much money and cars as they can before their licence is revoked????

Please see the attachments below...