Ok then guys, just wondering if any of you could give me a bit of advice, my Idiot brother borrowed £1000 with a company called logbook loans, against the security of his car. Of course, being unemployed he has not kept up reypayments, and the have issued demand, final demand and on monday they are coming to re-posses his car ( a V reg Ford focus). Now is there anything he can do to stop them re-possesing it, ie make a small payment towards his arrears, then will it start the "repossession clock" again?

My main concern is due to the state of the car, ie its been poorly repaired post accident,and the clutch is completely gone, so the car will not move, is that they will recover the car, then sell it/ repair it, and the cars sale at auction will not cover his debt, so It will continue to rise at a shocking rate. The APR is 59.6% :o , so he needs to do somthing sharpish......

Any suggestions please? :idea:

How much arrears is your brother in exactly with log book loans, do you know, has he told you at all?

I'm not sure about this company myself, I don't know how they operate, so if you could give any more details that would be great...

£220.32 - I have just found out the APR is 370.4% !!!!! sh*t the bed!!

LBL will instruct a repossession company to recover the vehicle, regardless of it`s condition. The repo company will make an initial charge of around £270,although this will probably go up if a tow truck has to be used.

No, part payment won`t stop the repo going ahead once the agents turn up.

It`s all the arrears + costs + next month`s payment or lose the vehicle.

If the agent`s find the vehicle, they will take it, if they can`t, they won`t (figure the rest out).

There has been other posts on the CAG website concerning LBL and as to wether LBL are correctly registering a Bill of Sale (BOS) on the vehicle, if no BOS, no valid agreement,no repo.

Just for reference. If LBL have correctly registered a BOS on the vehicle and the customer defaults on any part of the original agreement, the vehicle can be repo`d at any time, anywhere (except scotland)

As to a practical suggestion, nip down sharpish to the local branch and make payment, I know this sounds harsh, but too many people who take these loans out without ever understanding the harsh reality of what non-payment can lead too. This is a sub-prime market (where normal lending criteria don`t apply) and 40% of borrowers typically default on these type of loans, hence the sky high interest rates.

After this, check the agreement is legal, if not kick off and get it resolved. If it is legal, get the loan paid as fast as possible and avoid this type of lending again.

Does your brother have other debts elesehwhere?

It may be best to let them take the car, especially if it is in the condition you have mentioned, it would go to auction and there it would be sold and any monies would apply to the debt.

The reason I say this is that currently your brothers LBL is secured against his car, if that security went, LBL would become a non priority creditor and he make find, if he has debts, that speaking to PayPlan or the Consumer Credit Counselling Service (CCCS), he may be able to enlist their help at managing his debts in a more affordable manner, even if it just paying each creditor £1 per month.

If your brother is desperate to keep his car, then I'd go along with what Sweep has suggested and getting him to pay off his arrears then LBL might be willing to agree to continue the agreement.

Hi will_cosworth

My best un-professional advice is to get your bro to come clean ASAP regarding this matter.

Once you have the true picture you can make an informed decision re. advice above.

If he's desparate for the vehicle then he has no choice but to come up with the money and extra charges as he's left it too late for any other course of action at this time.

If the outstanding payments had been made on Friday this could have been avoided.

Good luck and best wishes,

BB

To be honest, He needs a dose of reality as he is a plank, but i don't want to see LBL take him to the cleaners... My main concern is that they will add on the repairs/ removal to his final bill, which will be considerably more than his inital loan of £1000!! The APR is 370.4% ( is this legal???!!) and the final reypayment figure at the end of the 58 week term is £2132!! At that APR, I cannot ever seeing him paying it off.

The plan was if I can pay off the debt on my credit card, ( he recons that they want £1500 to finish the agreement) I will have the car and repair it ( can do my own work on the car) then sell it ASAP to get ny ££ £ back... I have not told him this yet, but it is just an idea, do they HAVE to accept full payment even on the day of repossession??

The only other thing I have noticed is that on the bill of sale, the guy who sold my brother the loan has signed the witness section himself, will this give us any legal standing at all?..

cheers, wil

This credit agreement would be seen as an extortionate credit bargain under The Consumer Credit Act. However if the agreement is to be renegotiated in terms of the APR then your brother would have to take the creditor to court.

Arrears and recovery costs are payable at the time of the agent`s attendance, you may also be asked to make a payment on account ie

If the account payment date is the 1st of the month, you`ll be asked for the arrears + costs + this months payment.

If the vehicle is removed, it will be sold at auction "as is",

No. the repo agents are only interested in the up to date arrears + costs, they won`t be able to help you regarding full payment of the loan

Given the very short notice you`ll not have chance to contact LBL before the agents turn up (most repo agents start work at 3am and clamp the vehicle before you wake up, you`ll get a knock on the door from 7am onwards). Best advice is to pay the agents to get rid of them (if its by credit/debit card, chances are you`ll have to wait until 9am when their office opens, and be aware that depending on the agency recovering the debt, their are charges for credit card payment, the decent agency`s only charge actual cost, other`s dont, always make sure you get a receipt though.

Once you`ve got rid of the agents, get onto LBL and discharge this loan asap.

As for the interest rate, yes it`s legal. It`s a sub prime lending market, those with adverse credit history can`t always be too choosy as to who they borrow money from, Lenders know this and charge a premium for it.

As before, check this website for further info about LBL, mistakes happen and you need to make a realistic choice as to what happens next.

Sorry I can`t offer any more positive advice given the short time frame

In posts #1 & #3 you've quoted 2 completely different %APR's, 59.6% and 370.4%.

Both are obviously relevant for whatever reason, where have you got them from? Can you scan & post the credit agreement? If you can scan it, take out the private details and upload it to photobucket and then copy/paste the IMG code on a blank line in a new post/reply.

Clearly, unless the car can be moved it's going in the morning if U don't bail your brother out. Is there any way, even at this late stage that it can be pushed onto someone else's driveway?? And "that someone" can then order the repo' team off their property, if a clamp is applied without the permission of the land owner the repo' team will have committed a tort of trespass and the police can be called and if needbe the clamp can be forced off, and be held with storage charge, as being the lesser tort.

I'm a bit out of my depth on this post and offer advise based on an "as is" basis, i'm not a solicitor and have no legal training! Please accept my advice solely in the free spirit that it is offered!

I also found a loan (% APR) calculator that may help you (or not)... Here:

Loan Calculator

I agree, your brother needs to learn a lesson. But he sounds like a kindred spirit in need of a little help along the way. So, please, be there for him, you sound like the sensible brother! I have a young good friend who isn't that much different, but there isn't anything that I wouldn't do for him!

Good luck & best regards, Dave.

Hi Cosworth , Log Book Loans will send Gemini or Anlglia to collect your brothers car, they sent Gemini up to Scotland to collect my capri without warning even though I was not in arrears I had made payments they said they never got I have proof I payed the payments through internet banking .

One thing you have to relise is that this company will not wait for payments they will take the car so you have to act Quick !!! . Once the car is gone there is not a lot you can do about it because it cost more to take them to court than the car is worth and they know that so they just do what they want . I was not in when they got my car or I would have stopped them I now no that they had no right to take my capri but I have tried to get them to bring it back but as I cant afford to take them to court they will get away with it .

I would advise you to type Log Book Loans into the search on this site you will find more advice and info if you read all the post about this company . You will soon see how bad they are I made a huge mistake getting involved with Log Book Loans it has cost me over 3 grand plus my very nice capri .

Don't let them do the same to your brother try anything you can to make sure they don't get there hands on his car . Good Luck !! and please keep us informed , Cheers Alex

They did this to me - took my car but I was able to get a friend to cover the complete balance outstanding. Also had to pay £100 release fee at the car compound.

I borrowed £1200 and paid back £2500.

Now I'm on to them for the return of the charges they applied to the account - at their interest rates !!!

1970.

Hi 1970 , You were lucky I was told I had to pay £750 plus the balance £1500 I had aready payed them over £1500 and I only borrowed £600. They took my capri down To Scoch Corner and sold it I was told if I wanted it back I would have to pay £750 to cover the charge for them bringing my car back I said I would come down and pick it up they said that was not allowed . Cheers Alex

Moving the car onto a neighbour`s property probably is`nt a wise move, as the neighbour could be viewed as a party to the action.

The repo team are recovering the vehicle on behalf of the legal owner (LBL) and could apply a clamp to the vehicle regardless of where it is (Bear in mind the owner of property is entitled to do with the property(the car) as he/she see`s fit)

Best bet would be to pay the agent`s and get rid of them. Scour this website for further advice about LBL and see just how well their agreement could stand up to scrutiny.

I know this sounds harsh advice, but if you can keep hold of the vehicle, your in a much better position than if it get`s taken.

BTW, let the group know how much you get charged for costs

Put it somewhere it won't be found. If it's a bag of **** and they take it nothing will happen anyway, it's just a [problem] to get cars and they don't bother with any legalities they just want the cars to sell on, hence they quickly start demanding ridiculous amounts in full or the cars. THEY DON'T WANT THE LOANS PAYING THEY WANT THE CARS IT'S A [problem].

Don't for one minute think that these people obey the laws they do not and the repo companies they use are a law unto themselves

i maybe disliked on here for this but i used to work for anglia uk ltd which is one of the above mentioned reposession companys. Also the above comments are mainly true. anglia wont mess around they will find your car and take it unless you pay the arears and costs or full balance depending on the finance companys requirements.

Hi 1970 , You were lucky I was told I had to pay £750 plus the balance £1500 I had aready payed them over £1500 and I only borrowed £600. They took my capri down To Scoch Corner and sold it I was told if I wanted it back I would have to pay £750 to cover the charge for them bringing my car back I said I would come down and pick it up they said that was not allowed . Cheers Alex

Hi

What they have done is theft plain and simple. Take this to police, insist that it is not a civil matter, if the police don't act complain. The Police have a DUTY to investigate, as the theft act is criminal, i think you have a good case. a BOS is not proof they own the car if they sign it and witness and not registerd in 7 days, not working days. Good luck

Alas, Caprikid never saw his car again despite attempting much negotiation. His car was seen soon after being swiped at "International House" on the Gallowfields Trading Estate in Richmond, North Yorkshire, which turned out to be the registered office of Gemini International (UK) Ltd, much of which has been written previously here and elsewhere.

Despite his sad failure to get his beloved Capri back (a red 2.0 Laser, D858 ADG), he persisted in drawing media attention to his case and was contacted personally by Barry Pilgrim, one of LBL's directors, who paid him reasonably substantial compensation to desist in embarrassing them any more...

Hi

 

What they have done is theft plain and simple. Take this to police, insist that it is not a civil matter, if the police don't act complain. The Police have a DUTY to investigate, as the theft act is criminal, i think you have a good case. a BOS is not proof they own the car if they sign it and witness and not registerd in 7 days, not working days. Good luck

Alas, Caprikid never saw his car again despite attempting much negotiation. His car was seen soon after being swiped at "International House" on the Gallowfields Trading Estate in Richmond, North Yorkshire, which turned out to be the registered office of Gemini International (UK) Ltd, much of which has been written previously here and elsewhere.

Despite his sad failure to get his beloved Capri back (a red 2.0 Laser, D858 ADG), he persisted in drawing media attention to his case and was contacted personally by Barry Pilgrim, one of LBL's directors, who paid him reasonably substantial compensation to desist in embarrassing them any more...

Thanks Fleeced, It's not on is it. I think if we can get these [problematic] out of the way the better. I wish him all the best.

If only we can do a national ad on these scumbags, put them out of the picture, so to speak.

Unfortunately, people unable to get credit any other way will fall for these scams simply because they're so desparate for the money.

I got my fingers burnt with them but was lucky enough to have someone bail me out.