Logbook Loans - WANTED - stories of personal experiences

[nellie75]

Hi All

I am in the process of starting various campaigns against this company as explained in my own personal thread - Logbook loans can anyone help??? As part of these campaigns I will be having talks with various national media organisations as well as various government bodies to raise awareness of this company.

My aim is basically to warn people so nobody else suffers as I did and friends I have made through this site have. All stories will help paint a picture from the other side of the fence, where we have all been sitting.

All experiences can be submitted on this thread via this forum to protect identity if possible and no personal details whatsoever will be required.

I would say I hope to hear from you but sad fact is that if I do, you are only to aware why I am starting this campaign

Many Thanks

[attdt25]

hi i am currently pursuing lbl and quite happy to get involved in bringing them to justice i have had second sarcastic letter from them basically telling me to go away (as a response to me asking for a refund of the extremely high charges they have charged me with ) so from next week will be commencing my claim through the courts and cant wait have started my own thread but not had much feedback as yet so eager to join forces good luck keep us posted........attdt:rolle yes:

[Boobaby]

Originally Posted by nellie75

Hi All

I am in the process of starting various campaigns against this company as explained in my own personal thread - Logbook loans can anyone help??? As part of these campaigns I will be having talks with various national media organisations as well as various government bodies to raise awareness of this company.

My aim is basically to warn people so nobody else suffers as I did and friends I have made through this site have. All stories will help paint a picture from the other side of the fence, where we have all been sitting.

All experiences can be submitted on this thread via this forum to protect identity if possible and no personal details whatsoever will be required.

I would say I hope to hear from you but sad fact is that if I do, you are only to aware why I am starting this campaign

Many Thanks

Hi Nell it's Boo, by all means use my story, nowhere near as bad as all the others but I am submitting Court claim for just over £1200 next week (which also includes illegal repossession fees - as not court issued and not repossessed!!).
You go girl I am behind you 110% if you need anything from me or any assistance let me know...
Boo x

[actionblusox]

hi i am having the same problems with them. except they have issued me with awbout 17 x GBP 20.00 letters.
i have had to up my loans (3 loans) to be able to afford and now cant afford again.
i am on incapacity benefit, when they offererd me a GBP 600.00 loan. they said to me that they were part of cash generator, which cash generator said they werent, they rung me and asked me to meet them in a hotel to process the loan thinking this was dodgy but i was deperate i filmed the meeting.

i contacted them a week later to say i wanted to pay off in full and use my rights to terminate, they said it was tough and that i only had 7 days to cancel,and that if i did want to cancel it i would have to pay 950.00, and if i didnt they would take my car worth 12,000.00 because he said that they now owned my car for that 600.00. i then took a loan out for 1,000.00 to pay this off and asked for them to send me the details of payment through which they never did, panicking they said consolidate my loans which had gone upto 2,300.00, i did this with a loan of 3,500.00 with a view of trying to pay it off earlier, i was that far in debt with them i didnt know what to do, my payments are 66.00 per week and i get 74.00 per week incapacity. and if i pay for the 4years i would be paying them back 13500.00 in total. i dont know what to do has i feel exploited because of my debt situation. i have contacted trading standards and have sent them details. can anyone suggest anything apart from calling me a fool which is what i feel.
thankyou.

[mart2k6]

I took out a loan with logbook loans about 5mths ago which secures the loan against the value of your car

I got a paying in book where i went to the bank each week and paid £30 and everything was going ok

I then became unemployed as I was doing agency work and was struggling to pay the £30 so I rang them and they said no problems we can drop the payments to £15 for 6 weeks to help you out and you can pay a little bit extra to pay off your arrears after the 6 weeks have passed and hopefully are back in work , which at the time sounded ok.

Then the trouble started ....

The 1st week i paid £15 i received a letter 3 days later stating that my account was in arrears and they had charged me £20 for sending the letter. With this i rang them again and said that nobody mentioned £20 and i was keeping to my side of the agreement , to which i was told dont worry about it , thats just the computer printing off a default letter and i havent been charged anything.

I was a little wary but decided ok if theres no arrears i havent got anything to complain about so left it. I started to receive these letters more frequent over the next few weeks but still kept in touch with them checking I wasnt being charged for the letters and wasnt in arrears, which they explained nothing to worry about at all.

This week had numerous missed calls on my phone by them and this morning received a letter stating

As you have failed to comply with the default Notice, we are confirming that the Agreement has been terminated as of 10th October 2006 and that the payment of the outstanding sum of £xx.xx is immediatley required.

Obviously rang them straight away , after explaining all the above he replied well no problem at all if you can pay normal payment this week , then you are goin to have to double your payments from next week. This is to pay the arrears off which include around 8 lots of £20 for the letters. I said no way am i goin to pay for the letters which he replied when the accounts completely paid up i can claim the letter charges back.

My question now being if they have stated the contract is terminated but over the phone say oh we can just pick up where we left off is that legal , and secondly why should i have to pay arrears which i dont technically owe

Any help on this confusing matter would be greatly appreciated

Thanks

[Rob S]

Hopefully you have made a note of the times and days you have phoned and who you have spoken to, as that will be a great help to you.

[mart2k6]

Received a letter from them this morning say i had agreed tp dpuble the payments

No chance didnt even mention upping the payments

Where does the letter they wrote claiming they had terminated the agreement leave me if now they are saying im right and i havent missed a payment

[Sean W]

Hello,
I have had two loans from logbook loans, the second of which i am just about to clear. Any body who has the misfortune to deal with this company has my sympathy and would like to commend you Nellie in helping to make people aware of the dangers of getting involved with this company. I would seriously like to see this company on watchdog or Rogue Traders.
This company preys on Vulnerable people. I work as a Police Officer now and have managed to put a serious cahpter of my life which involved these rogues behind me. First off in my line of work i can now idenify Vulnerable, desparate people and as we all know there is absoloutely no way that any of us would have got involved with this company had we not been desperate.
When people are desperate and vulnerable all rational thought process go out the window and people convince themselves they can get away with things or do things that in reality they would not normally do, in some cases it would be break the law, in our case because of whatever the situation we kidd ourselves into believing we may be able to afford something that we cannot. The sales people from this company can almost smell this and pounce on it. I can recall sitting in the back office of Cash converter and saying to the Salesman " SO WITH ALL THE REPAYMENTS, HOW MUCH DOES IT WORK OUT TO BE PAYED BACK IN TOTAL?" The reply i got was "ITS BETTER NOT TO LOOK AT IT LIKE THAT, JUST LOOK AT THE FACT THAT YOU CAN AFFORD THE PAYMENT EACH MONTH" I am not saying that had he told me that i was paying back £1300 for a £400 loan i would not have had it, but he was not even prepared to take that chance.
After a while i came into difficulties with this company and i was being charged at the famous Twenty per letter and being hassled left right and center, work actually came to my rescue and gave me a loan to pay off my debts and took the money directly out of wages. A short time later again i became desperate as i needed the money ASAP and landed in trhe same situation. When i phoned they told me i was A GOOD CUSTOMER of theirs, i took another desperate loan with them.
About four months ago i admitted that i had a problem with gambling and this was one of the reasons why i had turned to this company,cause i gambled all my money away and needed to make other urgent payments.
I have not had a bet for four months and it is only since i have stopped that i can see how this company took advantage of my need for urgent cash. I am extremely lucky to have a supportive family who have helped me.
There is absoloutely no sort of half way with this comoany and if you are struggling they will not help you in anyway they will just add the pressure on and that in many cases can finish people who are backed into a corner, they seem to operate by their own rules and they need to be investigated.
I will be the first to admit that i am Mug for getting involved with these people and that it is my own fault, all the relevant info was probably there in balck and white for me to read, but the fact remains how is company allowed to get away with charging extotionate rates? Who controls this? The treatment they dish out when you miss a payment? Whats all that about? They phoned my house phone that often that my parents asked them to remove the number from their records and just contact me via my mobile, you would think that would be fair enough as it is there number not mine,but they refused for weeks and had to be threatened with harrassnet before they backed off slightly.
I hope my experience can be of some help.
Good luck Nellie.

Many Thanks

Sean W

[sihum]

Thankyou for posting this Sean.

[baconbuttyman]

i have been reading up about this basically what is a loan shark company, have you tried informing Martin lewis about this company, he is a very powerful guy in the consumer world,...just an idea

[mart2k6]

Basically i asked them to cut my payments while i was struggling a little

They said no , and dont forget loans secured on your car so if you default we will take it whenever we like

Sounds a real nice company

[baconbuttyman]

Originally Posted by mart2k6

Basically i asked them to cut my payments while i was struggling a little

They said no , and dont forget loans secured on your car so if you default we will take it whenever we like

Sounds a real nice company

its about time they had their own thread on the main page, have they charged any one penalty charges, my m8 is out so i cannot ask him!!

[v_j_r]

I started the original thread in the main group in June, and before that in 1998/9-2004 elsewhere and as stated i am the only person here who has actually brought these people to book in fact I'm likely to be the only one who has ever succeeded to date, i'm also since 2004 technically still under a confidentiality agreement.

I haven't posted any evidence i have as yet as this section needs more people before I'm prepared to to that or fore-go any agreement i have!.

[mart2k6]

Mate if you can help pm me as i really need help with them pls

Thanks

[v_j_r]

Originally Posted by mart2k6

Mate if you can help pm me as i really need help with them pls

Thanks

@mart2k6:

If any advice is given it has to be in an open forum/thread and not via pm, sorry but have been advised by moderators etc this is also for your own protection and mine also.


Regards.

[mart2k6]

Hi

Well if theres anythin you can add to help me out please post away