Log Book Loans - Can anyone help???

[nellie75]

Hi Everyone

 

Could anyone offer any advice on "logbook loans"

 

Last year i was facing debt problems and decided to remortgage my house because things were getting worse to the point i had balliffs from 3 different companies calling at the house. Remortgage was approved but was told it would take about 6 weeks to complete. The thought of dealing with the debts for that time was unbearable, none of them would lay off when i told them i would pay when money came through. I was 6 months pregnant and needed cash quick to stop the pressure. Because i had run into difficulty with my debts due to extreame pregnancy sickness and being unable to work (I am self employed) my credit rating went down the pan therefore i was unable to get cash quicker by way of an unsecured loan.

 

In a moment of madness i contacted a company called "Logbook Loans". I owned my car and it is worth about 16k, i also have a number plate on it which is worth 22k, sounds flash i know but it was my dream number plate and i paid for it over 5 years and that ended last year. They were offering me 10k secured on my car and i was to give them my V5 logbook as security. I talked it over with my husband and because the remortgage had all been agreed and i was told it would be about 6 weeks untill we received the cash it seemed like the best solution to take out the loan, pay off the debts and pay loan back when cash came through. They said they would also give me 5 weeks untill the first payment was due so it sounded perfect. Somebody came out same day with paperwork which i signed, they put a tracker on the car and took my V5 logbook. I felt so relieved when i was able to pay off the balliffs and try to enjoy my preganancy dispite being ill, i was very gratefull to logbook loans for helping me dispite my credit rating and their prompt service. Was just a case of waiting for remortgage to come through or so i thought.

 

About 6 weeks later as expected the remortgage was ready to complete then i got a call from the remortgage company with the devistating news that my mortgage company had refused consent of the secured loan due to recent mortgage arrears. I called them and explained reasons for the arrears but they would not budge and said i needed 3 months clear payments before they would consider the loan. I did think this was fair enough and they were acting as sensible lenders by protecting themselves but i went into a blind panick. By this time i was recieving income support, my business was ticking over and just making enough to pay the mortgage after i brought it up to date with the loan, but what about everything else????

 

I contacted logbook loans straightaway to explain situation, i calulated first payment would be due end of that week. I needed a bit more time to sort something out, i had to do something or my business would go down the pan and we would lose everything. Then they dropped a bombshell, they said i was nearly 6 weeks in arrears and they had already started procedures to take my car. I explained about the 5 week first payment agreement and they said they had no record of it and did not even offer that service!!! I was in shock, not only was there no "payment holiday" included, i had not received any notification whatsoever to say i was in arrears let alone they were going to take the car. By this time i was beside myself but the best was yet to come, i decided not to continue arguing so i said i would try and get the money together, the repayments where £220 per month so i asked if i sent that, could they stop action to take my car? Then they dropped another bombshell, they said i was over a thousand pounds in arrears, What???????!!!!! They said the repayments were £220 a WEEK not a month!!!!! I said there must be a mistake because the girl definately said a month and i was sure that was the agreement. The loan was over 3 years, who would take out a loan for 10k and pay £1000 a month for 3 years, they said that was what it was and because i had defaulted i had to pay back £44k !!!!! I could not believe what was happening. On top of all the shocks they were being very uncaring and abrupt with me on the phone and talking to me as if i was a piece of dirt saying i had to pay up or the car would be taken and it was my own fault etc etc.

 

The next week or so is a bit of a blur, constant telephone calls everywhere searching for a solution, i tried everything, even borrowed money from my parents but money got swallowed up by my oferdraft when the bank cancelled facility because i was 18 pence over my limit (but thats another story). The phonecalls from Logbook loans were constant and threatning and still had not received any correspondence at all untill i got letter from balliffs. It was then that my frustration and dispair turned to intense anger, these people were making my life a misery, i wasn't sleeping or eating and crying constantly, bearing in mind i was due to give birth at anytime. I was getting to the stage of begging rude, unhelpfull and arrogent people and felt like a criminal. I had enough and decided to take action to protect myself, my husband and my children from these people. I phoned DVLA asked for a replacement V5 logbook and as soon as i got it, i signed the car over to my parents. I didn't care what happened to me or wether it was legal to do it, i would rather give car away than let them take it but obviously my parents still consider it to be my car and i have full use of it.

 

Following advice from a debt councilling service, i wrote them an email saying i would not stand any more harrassment from them otherwise i would go to police, press, TV etc. I asked them if they were regulated by cunsumer credit act and i would report them to office of fair trading. I said any atempt to enter my house was illegal without a warrant and if they applied for one i would defend the claim on grounds of misleading and unaccurate advice prior to taking out the loan (can't remember the name of the law now). Also my first husband was killed and was an ex-serviceman so i am still protected by them regarding debt issues (only for advice - but didn't tell them that) I did not tell them i had signed car over to my parents either.

 

Its so scary how this company operates, they prey on people who are in trouble, knowing full well nobody can afford the repayments. Anyone who had £220 a week to spare certainly wouldn't need their services or accept the rate of interest. I struggle to see how anyone but them can win at the end of the day and i am astonished i have never heard any complaints about them before. I truely believe there sole business objective is to "steal" cars and sell them on and i want to let everybody know what kind of people they are dealing with if considering this type of loan. Some websites doing these loans actually advertise cars for sale - its totally sick.

 

The current situation and the reason for this posting is what i do now??, since i sent the email I have not heard from them once and was receiving calls 5 times a day at one point. Them being so quiet makes me nervous and that is mainly because i have no idea whatsoever how i stand legally with this type of loan because nobody seems to know. The car is in my mums name, was it legal what i did or can they still take it? If they take the car will they have rights to my number plate also which i mentioned previously?. To be completely honest i don't want to give them a penny for what they have put me through, i had a baby in the middle of all this and it ruined that experience for me. I know i will have to pay them back but if i could find out were i stand i can face them again. To raise the money we needed my parents are buying my house from me untill things improve and we hope to buy it back, i have about 40k equity and sale going through in next week or so.

 

Well if you are still awake reading this i would be gratefull for any advice!! Or if somebody can point me in the right direction that would be great.

 

Kind Regards

 

Nellie75

[TONY2215]

Hi Nellie,

 

I too have had the same sort of problems with these people LogBook Loans(Tossers) I was in debt etc etc and got a loan from them and made the first few payments untill i was involved in a major car crash. My car was a right off as they had to cut the roof off to get me out. Logbook loans wound me up so much i now refuse to pay them anything. The last i heard from them they told me balliffs would be sent out my reply to them was the loan was secured on the vehicle (which is now the size of a micro machine) YOU CAN HAVE THE CAR!!! Ive heard nothing now for weeks. Im fairly sure they can't send the balliffs in as the loan is secured on your vehicle (im sure someone will correct me if im wrong) I think however that even if you sign your vehicle over or sell it etc and you still have an outstanding balance with them they can still recover that vehicle. My advice on the number plate would be to re register your vechicle with DVLA get a new standard number plate. You could in theory sell your number plate to your newly born child! No law saying you can't. I hope this has been of some help and that you and your baby are well and happy.

 

These people are pure nasty i could of died in my car crash but all they cared about was there money. Stuff emmm.

[Guest dpg]

Were you aware that these log book loans agreements are unenforceable! Conatct your local citizens advice and ask to talk to the in house debt advisor. They will give you the full details.

Good luck!

[Boobaby]

Were you aware that these log book loans agreements are unenforceable! Conatct your local citizens advice and ask to talk to the in house debt advisor. They will give you the full details.

 

Good luck!

Unenforceable I know what you mean, but you try telling them Unenforceable - they harrass, bully and chase you. You can't think straight, where they get their figures from is unbelievable. It is a nightmare experience and has taken me over a year to come to terms with!!!! I had to sell my car for less than half of it's book value to pay back a short term loan i'd had to take out to get these people off my back. They left messages with my kids for me to contact them, sent me letters practically daily and all for the sake of £1000. Which by the way ended up costing me around £4,000 and I lost my beloved car....

Nellie75 - enjoy your baby honey, time is to short to let sharks like this take that experience away from you.

What I suggest you do is send the Data Protection Act letter in the libraries template which is asking for a list of charges, manual intervention etc... Then take it from there once the info has come.

Can I also suggest you read as much on this site as you can - particularly the FAQ's. There are also an awful lot of experienced, knowledgeable people on here who are more than willing to advise, just reading their situations sometimes helps to get things into perspective. If I was you though I would deal with it -'adopting the Ostritch syndrome' isn't going to make it go away - believe me!!

Go get em....

 

I am dealing with them at the moment in the following thread:

Consumer Action Group > The Bank Action Group - against unlawful bank charges > Other Institutions Log Book Loans!!

[attdt25]

please could you explain what you mean by unenforcable? , i have the original loan agreement and quite happy to post it on the forum if it isallowed ? i too took out a £1000 loan which then cost me around £4000 to get rid of them they sent me letters phone calls and even clamped the car please advise....

[Boobaby]

please could you explain what you mean by unenforcable? , i have the original loan agreement and quite happy to post it on the forum if it isallowed ? i too took out a £1000 loan which then cost me around £4000 to get rid of them they sent me letters phone calls and even clamped the car please advise....

I'd be interested as well let's hope he comes back to us....

[v_j_r]

Unenforceable I know what you mean, but you try telling them Unenforceable - they harass, bully and chase you. You can't think straight, where they get their figures from is unbelievable. It is a nightmare experience and has taken me over a year to come to terms with!!!! I had to sell my car for less than half of it's book value to pay back a short term loan i'd had to take out to get these people off my back. They left messages with my kids for me to contact them, sent me letters practically daily and all for the sake of £1000. Which by the way ended up costing me around £4,000 and I lost my beloved car....

Nellie75 - enjoy your baby honey, time is to short to let sharks like this take that experience away from you.

What I suggest you do is send the Data Protection Act letter in the libraries template which is asking for a list of charges, manual intervention etc... Then take it from there once the info has come.

Can I also suggest you read as much on this site as you can - particularly the FAQ's. There are also an awful lot of experienced, knowledgeable people on here who are more than willing to advise, just reading their situations sometimes helps to get things into perspective. If I was you though I would deal with it -'adopting the Ostritch syndrome' isn't going to make it go away - believe me!!

Go get em....

 

I am dealing with them at the moment in the following thread:

Consumer Action Group > The Bank Action Group - against unlawful bank charges > Other Institutions Log Book Loans!!

 

 

Here we go again well boobaby & others unless you know why they or rather particular one's are unenforceable they will continue to harass you just like everyone else, unless of course they are informed by some other entity they cant argue with ?.

 

I also doubt it very much as to whether the CAB would have known or even have record as to why either, as i have stated i was or still am under "NDA" or "CDA" so all info is not on record so to speak, if it were widely known which i doubt it would be announced officially via various organisations.

 

So unless you are armed with the evidence they are not going to give an inch nor admit anything, don't get me wrong here i was only trying to help it's when other people steam in thinking they know it all and have all the answers and then arouse suspicion thats when the problems start.

 

Just for the record my experiance with "Unenforceable" CCA's go's back to 1996/7 and then a well known american sub prime finance lender called Credit Acceptance Corporation of michigan working from worthing in sussex, i won then just like i did with LBL Ltd out of court obviously!!.

 

@nellie75 where are you in the UK please?,i think there's some type of pattern emerging here regarding there office's area's and a certain person.

 

Regards.

[nellie75]

I live near Warrington, close to manchester and liverpool too

 

Thanks for replies guys - i was sorry to hear about other problems they have caused but with the way they have treated me and now i know others i am sadly no suprised

 

hugs

 

Nellie x

[nellie75]

Also to Tony, sorry to hear of your accident and you are right they don't care less about anything but money, i came home the first day with my baby and answered the phone because he was asleep, he started crying and they wouldn't let me off the phone!! I put it down and they called twice while i was feeding him and when i next spoke to them they said i was making excuses not to talk and they heard him cry!!!!!

[hedgehog0045]

Hello all,

 

I have a current loan with Log Book Loans which am paying back at £38 per week over 2 years (£1000 borrowed). I fell into 3 weeks arrears at one point and the nasty calls i received from them were unreal.

 

Stay away from these people. Funny thing is, when I went to sign the documents it was in a guys car in the car park of a pub in Liverpool .....should have rung alarm bells then.

[Rob S]

Their website makes no mention whatsoever of their interest rates. Not surprising really when you think that Hedgehog will be paying back almost £4000 over 2 years for a £1000 loan. I searched on Moneysupermarket.com and the highest rate they came up with for a loan of £1000 over 2 years was an APR of 177%:o but even at this rate, the total paid back would be £2445. I would think it worthwhile contacting the OFT and trading standards regarding Logbook Loans.

[attdt25]

the rate of interest on my original loan agreement was 306.2% "apr"

[v_j_r]

They also have another certain presence on the internet where all of the franchise's meet up ie: "Nine Regions" to discuss the business of the day?.:o

 

They also have a very interesting area where trade dealers in vehicles can log in to view there latest stock acquisitions or in simple terms there recent repossessions etc and whats due shortly!.

 

But honestly if some people would stop and take the time to study LBL's documentation instead of nit picking they would see that most is total rubbish and in no way legally binding!.

[Boobaby]

the rate of interest on my original loan agreement was 306.2% "apr"

Can't stop looking at your new Avater it's so cool!!

Anyway did it actually quote that on your original agreement? I will have a look at mine tonight when I get home...

The thing is - I've paid this loan off and will never be able to recoup what I should as I signed the agreement at the inflated rates of interest. What I can and have done though is claim the charges back, but more importantly I have moved on and will never get involved with the likes of these people again. Perfect credit rating and peaceful life here I come:D

[Boobaby]

They also have another certain presence on the internet where all of the franchise's meet up ie: "Nine Regions" to discuss the business of the day?.:o

 

They also have a very interesting area where trade dealers in vehicles can log in to view there latest stock acquisitions or in simple terms there recent repossessions etc and whats due shortly!.

 

But honestly if some people would stop and take the time to study LBL's documentation instead of nit picking they would see that most is total rubbish and in no way legally binding!.

Thanks for that V_J_R not much you can do when all settled though is there? Wish this site had been around last year when living a nightmare but anyway it's here now to help others....

[attdt25]

hi boobaby yes the rate is off the original loan agreement and just posted letter off registered to nine regions for the sum of £912 giving them 14 days to respond this includes the cost off a replacement key but no interest as yet i told them that after 28days that i would be seeking 8% interest my loan was paid up in july but then got stung by them for charges and interest or they were going to repossess car so paid up didn,t really think i had any choice?

[Boobaby]

[quote=v_j_r Just for the record my experiance with "Unenforceable" CCA's go's back to 1996/7 and then a well known american sub prime finance lender called Credit Acceptance Corporation of michigan working from worthing in sussex, i won then just like i did with LBL Ltd out of court obviously!!.

 

@nellie75 where are you in the UK please?,i think there's some type of pattern emerging here regarding there office's area's and a certain person.

Regards.

 

Where is this pattern etc... How or what can you win? I cleared this loan last year and I thought the only thing I could claim were charges after all I accepted the Terms and conditions didn't I?

Boo

[JonCris]

Nellie not only is the agreement unenforcable it is not secured on the car. Thats' why they ask for the V5 logbook. If it were secured they wouldn't need it. Clamping such as vehicle is an offence (harrassment, demanding money with menaces) unless they have a "warrant of execution" issued by the local court & before they can apply for that they have to 1st obtain a CCJ.

[JonCris]

please could you explain what you mean by unenforcable? , i have the original loan agreement and quite happy to post it on the forum if it isallowed ? i too took out a £1000 loan which then cost me around £4000 to get rid of them they sent me letters phone calls and even clamped the car please advise....

 

You need to start your own thread & start going after them to get your money back. Then any advice will be targeted at your situation

[v_j_r]

Nellie not only is the agreement unenforceable it is not secured on the car. Thats' why they ask for the V5 logbook. If it were secured they wouldn't need it. Clamping such as vehicle is an offence (harassment, demanding money with menaces) unless they have a "warrant of execution" issued by the local court & before they can apply for that they have to 1st obtain a CCJ.

 

 

@Joncris:

 

When LBL Ltd supposedly secure a loan on the car/vehicle they also register there interest via the various credit reference agency's ,there also not very obliging in removing that interest either.

 

Another point to bear in mind is they also get the customer to sigh a lien upon the vehicle, that document in itself is total B**lls**t:D as a lien is only legal when actioned in a high court.

 

The V5 bit is also B*lls**t as it essentially proof of registered keeper not the owner, there's document widely available on the www regarding Lbl's attempt to make there "Log book loans" a registered trademark and the position with V5's etc they lost that one too.

 

I am seriously thinking of taking action again against LBL Ltd in a class action where we all join forces, i asked for people via the www to contact me back in 1999 - 2004 no body replied, in fact they laughed or took the P*ss, makes me wonder as to whether they are laughing now!.

 

They harassed me or attempted to but i fought back hard, old saying here no ones squeaky clean especially Lbl Ltd and/or it's directors!.

[JonCris]

If your referring to them regsitering with HPI they shouldn't be allowing them to & to do so is unlawful as it affects your rights.

 

HPI like all sources of public record have a duty to maintain honest & accurate records & to apply them fairly. If they fail to they are guilty of not only breaching the DPA but also the HRA.

 

but then like the banks they are only interested in the money it generates not accuracy.

 

At some point in the not to distant future I hope they will be brought abrubtly awake when sites like CAG turn their attentions to them & they are flooded with claims for defamation & damages.

 

My own view is that consumers should whenever the occasion arises inform these agencies of the incorrect & sometime false information they have placed on their register. That way they cannot later use the "Good Faith" argument when you go after them.

 

Tell them it's wrong & why (you only have to prove it is in court) & they don't have leg to stand later if they don't remove it.

 

You can libel a person as long as you do it in good faith (you have genuine belief) but if that person or whoever tells you it's wrong then you should stop or risk being sued

[nellie75]

I don't really understand why they take your V5 as security considering I was able to request a duplicate from DVLA then sign car over to my Mum, its like a scare tactic, almost like threatning you in advance!

 

The advertisements of 'cars for sale and coming soon' and meetings makes the whole outfit seedy and sick, i am very embarressed to ever have asked them for help, no wonder they were keen to come over and sign me up the same day! I think that is why there has not been more stories heard about them because people feel ashamed that they went to them in the first place, i know i did, took me braking down to tell my parents what a mess i had got myself into, they had never heard of such a loan and are livid about it.

 

I am not very clued up on the legal side of things that have been discussed (also a bit blonde!) but i would certainly be willing to back or get involved with any action taken against these people, not the action my husband wanted to take agaist them - although tempting !!!

 

At the moment i am still in arrears with them but have not heard from them once since I sent them my 'threatning' email. It would seem they rely on people not knowing their rights, which was me untill i was lucky enough to get advice before i paid what they were asking. I know thats not the case for some of you and it makes me so angry. But them being so quiet is still making me nervous so I have a feeling I am in for some more trouble from them. I think about sending Data protection letter etc but don't want to initiate contact again.

[JonCris]

Hello all,

 

I have a current loan with Log Book Loans which am paying back at £38 per week over 2 years (£1000 borrowed). I fell into 3 weeks arrears at one point and the nasty calls i received from them were unreal.

 

Stay away from these people. Funny thing is, when I went to sign the documents it was in a guys car in the car park of a pub in Liverpool .....should have rung alarm bells then.

 

If you didn't sign on trade premises (that doesn't include a pub car park) then thats another reason why their agreement is not enforcable

[JonCris]

v j r perhaps you would care to share your experiences in a bit more detail with us?

[nellie75]

If you didn't sign on trade premises (that doesn't include a pub car park) then thats another reason why their agreement is not enforcable

 

They came out to my home with the paperwork, but they use this as their 'sales pitch' so does this apply?