Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
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i took out a loan with mobile money back in july for £1500, no 10 months later, iv had to take out another £1000, just to stop them taking my car confusing i know but they tell you that you have to pay a final payment on your 6th month with them mine was amzing at £1750, more than the loan its self so i have to take out a further loan and then another, im coming to the end of my teather now and need to do some thing about it, i approached the cab and they couldnt do any thing and im in the process of dealing with fos,
i owe them £2767 (roughly) and cannot raise the cash, i took out all together £2500 and have paid £3000 over 10 months, £250 interest will be added to every payment i make to them (monthly) interest.
does any one have any advice on what i can to to try and get out of this agreement?
mobile money will take every penny they can from you if you are not careful. I have forced them to come to court and you can too.I am sure loads of people will offer you advice on here and i will be more than happy to share what i have learned by being forced to go down this road. Any way first things first...check what date you signed the agreement. Now write to mobile money and request a copy of the bill of sale that bears the court stamp clearly indicating the date that the bill of sale was registered.If it was not done in seven days then they have no right over your car and it will make this whole thing easier. If they did lodge these on time dont panic pm me and i will tell you how to get the court to step in and help you.
hi I read this theread with interest.......i had a similar problem and i was was wandering if you can advice .....we had a personal loan a about 2 years ago with logbook loans ,we were using a company car where i was a director ......i was meant to pay the loan off in 3 months ...but when i could not keep up.....after paying almost 3/4 of it .....they starting adding 35pounds per letter they sent, and also suddenly the outstnading kept increasing from £1250 to £4000....then oe moening they came and took the car.
there are some points that are not clear to me .....do they have a right to take the car which was not in my name but in the name my company seeing that i took the loan on my name.
the car was worth about twice their inflated sum but i never got any change back....what i did get was a letter from some collection agency asking for more money saying that the car did not fecth enough at auction ...incredible!!!
can i reclaim on the exobitant interests added to the money.Can i claim on the 35pounds letter charges
hello i read your message and i to have used mobile money the bill of sale has b een stamped but the manager signed the witness and there was only me and him there
I've used mobile money in the past too. Irritating and poorly organised for sure!! I've just finished my last loan with them and it was a complete farce!!
When I renewed the loan last Aug, I specifically asked for the payment day to be after the 24th as that was when I had cash. They didn't do it, as I found out later, due toa 'computer glitch'. So, I was getting charge 12 quid extra for a 'late payment'.
The normal monthly payments are usually the interest mainly and a tiny bit off the initial loan. So, it looks like you've got a load of charges for the balloon payment to be that high.
I took out a loan of £250 on my car, Mobile money did not have any proof of any income of my own , they did not explain that this was a bill of sale or mention a balloon payment. Towards the end of my initial loan I topped it up and borrowed a further £200 following a text invitation to do so. my payments went up considerable even though I had made regular payments. I did not understand how this worked until I started to look at various forums. Anyway as I said I had been paying regularly and when I was texted and invited to top up my loan I called the local Preston Office and went in , again my glasses were broken so I relied on the guy being honest ( they are supposed to be regulated and have rules to follow) I was not told about a further arrangement fee......... nor the first one come to think of it.
I have missed 2 months payments now but have paid well over the £450 I initially borrowed yet they still want nearly £600 by the 27th or they will send an agent to take the car.
The default notice stated that I can apply to the court which may make an order allowing me or any surety more time.......... What court ???
Also referred to an office of fair trading sheet stating if its not included, contact them and ask for one........ well guess what ??? it wasnt included.
What can I do ? should I just surrender the car ? Its not worth a lot, its an 11 year old astra but is all the transport we have and my wife is disabled.
I would appreciate any practical advice please I know Im an idiot for not reading things but I know Im not alone in that .
Yes they do have the logbook .I will need to search for the paperwork to find out when the loan was due to finish though I expect it was June but at that point a baloon payment was due which was equal or greater than the amount I had borrowed in the first place. Monthly payments 77.40 after the top up and I think just under 50 per month before I topped up the loan. First payment was taken from my initial loan before I was given the money so I actually only received 200 at first and not the £250 I signed for, they now want 575.60 in full settlement
Ok, you need to find out when the loan was / is due to finish. Your current monthly repayments are £77.40 so if the loan hasn't finished yet you are behind by £154.80.
If the loan has finished, then they will be asking for the missed payments, the balloon payment and they will have added charges for missing payments.
If you can dig out your paperwork and let me know the date you took the loan out then we can go from there.
Unable to find paperwork, probably discarded. They are actually asking for 161.60 by 27th of this month, If payment is not made then they will take possession of the car, I can give this voluntarily or they will instruct an agent. Just checked with the wife and loan is up in June so thats when they will want the balloon payment. There is no way I can raise this money as it is very nearly the amount I borrowed in the first place.
I have paid them more than I borrowed already , I topped up the loan in November and have maintained payments, except the last two.
The only option open to me is to scrape the money together for the 161.60 and re-finance the balloon payment as I cannot manage without the car due to wifes mobility problems
Unfortunately, the way mm loans work is that you repay about double what you borrow. You repay it either by 6 payments which are really only the interest and you still owe the initial loan amount or you have 6 payments which are a combination of initial loan and interest.
If I were you, I'd pay the missed amount and look at what to do with the ballon payment once you have secured your car. Is there a friend or family member who could lend you the money to pay the balloon off?
No, I cannot borrow any money. I think I will check the legitimacy of the bill of sale first, then look at a few other options. I have no intention of paying the ridiculous amount they are asking,.
I requested a copy of the bill of sale, I was surprised to note the figures on the bill to be truthful. I initially borrowed 250.00 , I paid this for 6 months or there abouts and then topped up my "loan" by a further 200, making a total of £450.00. Does anyone know how this actually works as the figure for december shows an advance of £460 ???
I really am concerned about the witness being the same person who signed me up and gave me the loan... or what I though was a loan, it now appears it was more complicated than I first thought.
Even after reading the bill I am still not sure what it means
Well, I have always been a bit of an Ostritch... burying my head in the sand and hoping a problem would go away.
I contacted Mobile Money regarding my account which was in arrears and explained that I was in a big hole that I couldnt dig myself out of.
The representitive from my area (Northwest) contacted me and offered to help me sort it out. Of course I was ever so sceptical but today I emailed him asking if he could help by reducing the amount I would have to pay to clear the account.
I was very surprised and happy with his reply and the debt will now be cleared today
I have had a rant about this archaic piece of legislation used but I am ultimately responsible for signing papers and accepting terms and conditions.
Bill of sale loans are in themselves not a problem , the problem is the balloon payment at the end of the loan term.
Please dont give up, this company has proved to me that it does want to help customers in difficulty and they are open to negotiation and flexibility.
Repossession is a last resort please talk to Mobile Money , they genuinely do want to help.
Sorry if this sounds really sceptical but do you have it in writing that the loan is now completely finished and nobody is going to chase you for the rest? If so, fab news!!
I have the reciept for the final payment which was reduced by 50% which shows an outstanding balance of nil and I have my documnets back in my possession.
The guy at the Preston office was indeed very helpful and true to his word.
You are sceptical????........... So was I ........... I still cant believe it myself but its true... I am free
So again if you are having problems please try to speak to a local area manager, I am sure from my experience today that Mobile Money would rather help if they can.
You will see other posts about Mobile Money from me in the negative lol,,,,,, I still believe it should be made perfectly clear what happens with this Bill of sale deal and I would like to see the interest rate reduced as the loan is effectively secured and such high rates cannot be justified on a secured loan.
I would also like to see the balloon payment system scrapped and the entire repayment amount spread over the length of the loan rather than having to pay this huge amount at the end. Im sure Mobile Money are considering this and I do hope they adopt this policy
log book loans/ mobile money
confusing i know but they tell you that you have to pay a final payment on your 6th month with them mine was amzing at £1750, more than the loan its self so i have to take out a further loan and then another, im coming to the end of my teather now and need to do some thing about it, i approached the cab and they couldnt do any thing and im in the process of dealing with fos
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Re: log book loans/ mobile money
I know Im an idiot for not reading things but I know Im not alone in that .
