How do these work exactly.

I have a loan with Mobile money but they don't have the log book as they gave me the loan when I first had the car and had sent off for the log book.

As I am now in financial difficulties with them, how can they seize the car without the book?

Also, could I still sell the car and then pay them back rather than them seizing it and selling it cheap?

mm are tw*ts.check your bos and your fixed loan credit agreement if they were signed by the same person then your bos is unenforcable.you will still owe the money but they cannot take your car.im seeing a solicitor at the moment to get the hpi marker removed.

Hi

Let us know how you get on because I am wanting to take the hpi marker off of my car too as are plenty of others who are tied down by this.

Cheers

A

if you want my solicitor details i will gladly give them to you.the letter she sent mobile money says and i quote

"upon perusing the bill of sale we have noted that the bill of sale was witnessed by **** ****** the manager of your cardiff branch.also **** ****** signed the fixed sum loan agreement.we trust that you are aware that unless our clients signature was witnessed by at least one person who is not a party to the bill then this bill is unenforceable.

hopefully this will help you out.i will update as soon as i know any more.

this is the only solicitor i have found that knows her stuff regarding the bill of sale act.

if you want my solicitor details i will gladly give them to you.the letter she sent mobile money says and i quote

"upon perusing the bill of sale we have noted that the bill of sale was witnessed by **** ****** the manager of your cardiff branch.also **** ****** signed the fixed sum loan agreement.we trust that you are aware that unless our clients signature was witnessed by at least one person who is not a party to the bill then this bill is unenforceable.

hopefully this will help you out.i will update as soon as i know any more.

this is the only solicitor i have found that knows her stuff regarding the bill of sale act.

m money have marked my car on the hpi register saying it is a lease car that i hired off them.lets be fair if i was going to hire a car it wouldnt be a 2000 zafira.

I too was stupid to take out a loan with one of these companies, Won't say which one for obvious reasons. I am keeping up with the payments and intend to pay them off as i feel it was my own stupidity which led me to take out a loan with them.

They do not have my log book either, and on checking my copy of the BoS, i have noticed that my signature is not on it, but i remember signing for the loan (about 18 months ago).Does any one know if this is valid or not and can they register HPI without the log book.

dawn10

these people are sick heartless people, i lost my car to them today after falling behind on payments, i was advised to ignore them when they called round as they would have no legal rights if i did, i kept my car else were so it couldnt be towed away, but today they called why i was home alone with my 4month old daughter, i still chose to ignore them, but upon my wifes return home i had no choice but to face them, then 1 of these thughish bullies asked what i was doing to my daughter to keep her quiet why they were banging the door, made me sick, please avoid these bullies

I stupidly, stupidly, stupidly had a loan with these for 2 grand, against my car.

Monthly payments were £200 interest and £83 off loan x 24 months

Now I can't pay but I need my car.

I am arrears of about £250 as I wasn't able to pay the £83 for 3 months.

Charges also at £12 per letter/late payment.

What would you guys do?

Can they just take away car if I can't pay or do they have to go through court process?

Hi Ya

They have to deal with you fairly under the guidelines issued by the OFT and the FSA - they are not supposed to harrass debtors at all... you should be able to go into an arrangement to repay the arrears.......

They cannot LEGALLY charge you for each and every letter they send you at all!!! The Law in the CCA 2006 advises how often they can apply a charge to your account - it is only once every six months I believe from memory....

Mobile Money I believe have a similar business model to Log book Loans, so that the loan is secured by a bill of sale against your car - if this is the case - they cannot LEGALLY take your car without the order of a court.

Hope this helps

Apple

i have a log book loan and fell behind on payments and really struggling to pay the guy at mobile money has startedd to get quite nasty about it when askin if i can pay less the only thing he would do is let me pay 50 quid a week on a tuesday. im only ment to pay 101 a month but he is demandind 50 a week thats 200 a month well over what im payin what can i do coz he is really harrassing me if im strugglin to pay. i struggled at one point with 101 a month coz lost my job but 50 quid a week im getting in more trouble HELP..

i am also experiancing the samw problem with mm. Can anyone advise me if the same person signed the credit agreement and the bill of sale is the bill of sale still legal?

i am also experiancing the samw problem with mm. Can anyone advise me if the same person signed the credit agreement and the bill of sale is the bill of sale still legal?

Hi Ya,

All the answers you need will be contained in the threads in relation to Nine Regions/Logbook loans especially if you have been advised that a bill of sale is party to the agreement...

Caggers have suceeded

oooops - pressed submit by accident when typing reply to this thread....

What I wanted to post was that Caggers have successfully taken these type of lender to court and won their claims....

A bill of Sale is based on very old legislation - the lenders fail to recognise that the bos legislation has been updated and continue to use the draconian methods of the old Act instead of the unpdated 1882 - not only that - they also use parts of one and ignore parts in the other - and totally forget the CCA 1974 and its correlation with the BoS's Acts..

This is the lenders way of making sure you haveno idea where you stand legally.

But, rather than repeat what is already said in other posts to do with Bills of Sale and CCA's - see the threads - this will help : )

Apple

Well they have taken the car away now. They would not listen to any sort of agreement. Mobile money are Crap especially in Hull they are just after ur car and ready to screw you over. they say they are helping you well dont listen they are not.

get it paid s soon as possible and dont go back again to mobile money the people who work in hull are rude cocky and arrogant beware!!!!!!!!!!!!!!!

I'm in a very much identical boat to this, I took out £800 from MM back in 2010, the total pay back would be around £1300 if I paid the full amount and not just the intrest of £120pcm. This was on a 6 month contract and if I just paid the intrest, then the fial settlement would have been £800. Un fortunatly when it came to the end of the 6 month I lost my job, so was forced to have to sign another agreement for 6 month at the same rate. I got another job and was doing ok and then low and behold I got made redundant from that one, so yet again I had to sign a new contract with MM.

Now according to them, when I signed the new aggreement. It was for 12 month, as they were no longer able to offer the 6 month contract, to which would have been better and the intrest went up by £40. So I'm now having to pay the minimum, which is £160pcm and a final payout yet again of £800. So far I have paid MM a total of £1440 from the original two 6 month loans and £960 for the last 6 month of the 12 month contract, totaling £2400 which is £1000 over the original contract.

Now I beleive that with car finance, if you pay 70% or more. That you can demand a lower settlement without the intrest. But how does this work with a BOS, as one was signed at the time of the original agreement and surely something can be done in the terms of paying more back on the original loan.

All help is appreciated.

Does anyone one know if there are any solicitors who will help fight my case. I am on income support now so struggling with funds to try and fight them?

Any Civil Law Solicitor can help, however I would find out first if there is a BOS and if it is registered or not on the date or up to 14 days after the agreement was taken out. As once you find out that it's not, you can enforce civil action against mobile money for falsifying documents (These are the threats of taking your car), as without a BOS they don't own the car and legally can not take it. Which would also mean that the loan agreement is false as well, as it's written in accordance with the BOS and without a registered BOS the loan is void in terms of the conditions.

I'm currently in pursuit of mobile money and anything that I find out, I will post here for you. As this is a company that reel you in and don't let go, especially to either people on very low income or no income at all.

Also be aware, if they state on the letter that the late fee is administration charges for the loan and not a late fee, they can only charge this twice in any 6 month period.

Just to add a bit more information for you, as I've just found this out. Check your BOS & Your Loan Agreement, if either of the information with regards to payment terms are incorrect, both agreements are void and I would advise seeking legal action for this.

Hi, not sure if I am allowed to tag on to this thread or maybe I should have started a new one. Sorry this is a long one too!

A mutual friend of mine & my husband (who is now my estranged husband) kindly bought a car for my husband to set up a taxi business on 1st Nov 2011. There was no business partnership, just a verbal agreement between the 3 of us that my husband would start to repay £50 per week from 2nd week in Nov to compensate our friend for loss of interest for withdrawing money from his savings account. We also agreed that from January 2012 we would start to set aside larger sums of money so that by then end of the first 12 months of the taxi business my husband would be able to repay our friend all of the money he paid for the vehicle plus the set up costs he also loaned him.

My husband left our family home on 1st Dec but continued to run his taxi business. He never paid a penny back to our friend although it was agreed that he should have been paying £50 per week. On Christmas Eve my husband was arrested on an assault charge & our friend took his car back only to discover that my husband had taken a loan against the vehicle with Mobile Money.

The issues are - my husband was not the legal owner of the car although he was the registered keeper but the V5 clearly states that it is not proof of ownership, Mobile Money state on their website that you must be the legal owner of the vehicle but they accept the V5 as proof. Mobile Money state that you need to show proof of income, my husband signed for this loan on 29th Nov - he would not have had any proof of income at that stage. The CA and BoS are signed by the same person - an employee of Mobile Money, also they show different figures for monthly repayments.

Can my friend argue that the BoS is invalid to protect his vehicle - it's locked away at the moment as he is afraid to use it in case MM turn up to take it away.

Thanks

Hi, not sure if I am allowed to tag on to this thread or maybe I should have started a new one. Sorry this is a long one too!

 

A mutual friend of mine & my husband (who is now my estranged husband) kindly bought a car for my husband to set up a taxi business on 1st Nov 2011. There was no business partnership, just a verbal agreement between the 3 of us that my husband would start to repay £50 per week from 2nd week in Nov to compensate our friend for loss of interest for withdrawing money from his savings account. We also agreed that from January 2012 we would start to set aside larger sums of money so that by then end of the first 12 months of the taxi business my husband would be able to repay our friend all of the money he paid for the vehicle plus the set up costs he also loaned him.

 

My husband left our family home on 1st Dec but continued to run his taxi business. He never paid a penny back to our friend although it was agreed that he should have been paying £50 per week. On Christmas Eve my husband was arrested on an assault charge & our friend took his car back only to discover that my husband had taken a loan against the vehicle with Mobile Money.

 

The issues are - my husband was not the legal owner of the car although he was the registered keeper but the V5 clearly states that it is not proof of ownership, Mobile Money state on their website that you must be the legal owner of the vehicle but they accept the V5 as proof. Mobile Money state that you need to show proof of income, my husband signed for this loan on 29th Nov - he would not have had any proof of income at that stage. The CA and BoS are signed by the same person - an employee of Mobile Money, also they show different figures for monthly repayments.

 

Can my friend argue that the BoS is invalid to protect his vehicle - it's locked away at the moment as he is afraid to use it in case MM turn up to take it away.

 

Thanks

Now depending on when your husband took out the loan with Mobile Money, the DVLA have recently issued and still in the process of issuing new V5 documents, which if the original V5 document is green and being held by mobile money, then the V5 is invalid and can no longer be used.

Now if your friend has proof that he is the legal owner, then the BOS and Credit Agreement do become invalid, as the money would be classed as fraudulently obtained by your husband. Valid proof would be a BOS from the place the car was bought, with your friends signature as ownership on the BOS and valid receipts of money to the amount of the car going from your friends account IE: Credit Card Transaction. With these and a good solicitor, it can then be argued that the money was obtained fraudulently and that though your husband is on the V5, the ownership belongs to some else.

Without anything as valid proof and I hate to be blunt, but your friend would be up a creek without a paddle and it would be down to your husband to either pay off the loan or contest the BOS.

ldal558, can you PM me your solicitor's details. I can't PM as i'm a new member, or post your email so I can contact you directly.

ldal558, can you PM me your solicitor's details. I can't PM as i'm a new member, or post your email so I can contact you directly.

this thread is from 2009

and you cant receive or send pm's yet

pers I'd start a new thread

of your own.

thread closed

dx

Hi Guys,

Some years ago I wrote about my "Mobile Money nightmare"

http://www.consumeractiongroup.co.uk/forum/showthread.php?327759-Mobile-Money-debt-ruining-life&p=3623509#post3623509

I managed to finally pay off £3000 in 2013 by re-mortgaging.

It has cost me a fortune.

7 years I was in this trap.

I would pay some of, then go back to them, they never did any credit checks as they had the car if it went wrong.

I estimate I paid them back £28,000 for £6,000 in actual money borrowed.

Of course, if you went back and borrowed £500, £300 would be to pay off previous amount, so although you had £200 in pocket, you owed another £300 on top of your old debt.

Anyway, with all the refunds being given by the pay day loan companies I was wondering if I should try and get back some of the money from these. I mean I think it would be difficult, because they are quite aggressive to deal with, but what do you guys think?

Theres no harm in trying. When did you pay off the account?

Do you have a CCA? Also do you have a full summary etc or payments?

No nothing yet.

It's only just occurred to me to try something.

What is CCA again?

Lots of unaffordable payday loans claims being won but not one Log book loan, yet surely this is exactly the same thing?