Same situation! This is sound advice thanks, I will get in touch with companies house!

Hip_Hop Thanks for the reply. I genuinely appreciate your frank, honest advice, and to be perfectly honest with you, I expected the kind of response that you describe. Nevertheless, I entered into the agreement as I had very little choice to start with, and by putting my position in writing eases my conscience somewhat, in the event it is simply an error. If as I am expecting, it turns out that they are trying to effectively 'extort'every penny they can out of me, then I will not rest until I personally have taken them through every legal and financial channel available. I am not in the same position I was in when I took out the agreement, hence the reason I have been trying to get a settlement figure. You rightly point out there was example settlements given, and I based my figures on these. LBL on the other hand decided to put fifty percent on again. I dont agree with what they do, but I did not enter into it blinkered. Nevertheless, if they are putting me in such a position that I am being illegally charged in such a way that it is not possible to work within the terms of the agreement, then I wont simply ignore it. Whether they take my vehicle or not is now almost immaterial, I suspect as we all do that this runs a lot deeper, and I will be taking sufficient action to ensure other people do not suffer in the same way. I can afford to take the required action, and I am not ashamed of needing their funds in the first place, and this is the two things they rely on when taking advantage of the vulnerable. As mentioned I am pursuing it privately, over and above any action that others may be taking and I would be happy to give you details over PM. Whilst I appreciate the value of the public forum, unfortunately I cannot publicly divulge certain info. Cheers

Good advice, That is a good letter template, I have sent that this morning. Thanks for your help. I will keep you posted.

Oops, I sent it already. Special D for a before 9 delivery tommorow, sent to directors private address and registered office. Il keep you posted

Thanks Surfer01, I think that covers the SAR also.

Thanks Ell Enn, I have had a good read around. I just cant find out on what grounds I would request a judgement in the meantime. I have just written a letter. Please find content below. Any feedback welcome before it is posted. Dear Sirs, Re: Logbook Loan Agreement I have spoke to yourselves several times, by telephone, text and also recorded delivery letter. I had asked for settlement figures on the agreement. I was quoted ridiculous figures which were never put into writing. I have previously asked for a breakdown of these figures, as I simply cannot calculate the same figures. I explained to you that I did not understand the reasons that you claim I owe so much. I requested a breakdown of all payments which had been made, a statement of charges, and the settlement figure broke down in writing.( as I was told the large outstanding amount was due to accumulation of charges) Despite these requests I have still received nothing. I have contacted you in various different ways, and still have no idea what I owe or how, and have withheld subsequent recent payments on this basis. I have therefore today requested the Financial Ombudsman to investigate this, as per your leaflet. I have also since received my first letter from yourselves which states that the agreement is now cancelled, and you will be repossessing the vehicle given as surety. I have no doubt you will know the full extent of your powers and any obligations within these agreements. I respectfully request that you withhold such action until an outcome has been decided or agreement reached. I have no intention of reneging on any lawful agreement, and believe I am correct in saying that we all require this resolving as smoothly as possible, and as previously stated, I have no objection to paying off any agreement, but as a ‘responsible’ lender I am sure you would agree that I should be given access to such information that you allege is causing any increased financial liability to yourselves. I would like to request a copy of all documentation you hold in relation to this agreement, including the relevant submitted bill of sale agreement. I am happy to submit any fee you may require (up to £10) for you to supply this information in accordance with the freedom of information act. If you would be so kind as to confirm your intentions, and the most appropriate way to resolve this matter by return then I would be most grateful. Cheers Guys

Hi, I have just got off the phone to the FOS and they are writing to the head office to inform them that a complaint has been raised, LBL then have 8 weeks to 'investigate'. In the meantime there is no requirement for them to halt any 'standard procedures'. The FOS suggested I request that any action is halted, but stressed it is probable they would not listen. I have also been informed that with a Bill of Sale, if they believe the account is in default then the security (in the case the car) can be repossesed without any further reference to anyone, although it is 'best practice' to have an SIA badged clamper, clamp it for an hour before removal. The FOS suggested I take legal advice to get an order to prevent removal whilst this complaint is investigated, though he stressed he did not know how to go about this. Back to square one me thinks . . . .

Thanks. They offered me a settlement figure by phone which they have failed to back up in writing or justify why it is so high. I dare say that I will now have incurred numerous charges etc, but what else was I supposed to do, I needed their attention as I wanted to know where I stood. Is it law that they need to provide 2 statements a year? The point is now they have said they are going to reposses my vehicle, can I even argue the ins and outs of 'no statement' and 'unfair settlement figure' and if so, who to? I understand the fos are reluctant to get involved in these matters and they certainly are in no hurry. Cheers

Hi Guys, I hope you can help me, I took out a logbook loan in Sept 2009 in the event I needed cashflow, which it later turned out I did not, as I later got the pay I had been waiting for. I tried to cancel the agreement the next day before their cheque had even cleared in my account, accepting that I would probably incur £100 or so in fees. (They had been advised that it may be very short term and they said it was straight forward and not a problem) Upon trying to settle I was advised that if I settled early I would be liable for the entire outstanding amount including the interest that would have been incurred, and that a 'cooling off period' did not apply. I made substantial payments, and upon being a few days late on one payment in Feb 2010, I received a letter stating I had incurred hundreds of pounds in charges. I contacted the LBL office, who informed me that as my very first payment was a couple of days late, every subsequent payment had been late, and therefore incurred charges (this was the first time they had written to me), and upon being late with a payment in Feb they had written to me. LBL stated it had been a system oversight, and that now my account was ahead in terms of payments, I should not give it a second thought, at this time I asked them for a statement, and a breakdown of payments, as I regularly paid off bigger instalments, over and above that required. This never came, I also requested this again by recorded mail, again this never came. I neverthe less continued to make payments until Sept 2009, and obtained the managers mobile number and asked for a settlement figure, he gave me some sky high figure amounting to several thousand pounds, I asked him to break down that figure, as according to even LBL's appauling interest rates it could not be that much. I got a text reply stating I had incurred charges througout the preceding year. I then argued this and requested a breakdown of all payments and charges etc. I received no reply. I have called their office and also left a mobile message requesting a payment breakdown, as I would have had the final payment paid off by now. Again I have received no reply. I made one last monthly payment in October then following LBL's inability to communicate I cancelled my standing order as it was now feeling very much like a loan shark. Sure enough, within a couple of weeks LBL got in touch. First a call on a mobile wanting to know where I and the vehicle was, and then a letter. Saying as I had failed to make payment in accordance with their agreement, and had previously been notified of a default in Feb (which LBL had told me was admin error) that my vehicle would be repossesed without further reference to myself. I am more than happy to meet with any of their bailiffs etc etc, I took the credit due to the position I was in, and even though I tried to be a good customer, they design it so you simply cannot. If you pay the full loan, hundreds in charges and they get your car, then surely that is the best outcome for LBL, and the tactics they use would surely support this. I would appreciate any advice as to how to proceed next. I am happy to appoint a solicitor or take them to court myself. I would like some advice as to any illegalities regarding this ancient law they use. Or how to find out if my bill of sale was correctly registered. I will see this through to conclusion as these people are targeting the most vulnerable in society. If anybody can point me in the right direction in terms of law, contacts or similar case studies then I would be most grateful. I simply want to settle this for the benefit of all concerned, but we all know what the best outcome for LBL is. I am happy to launch court proceeding straight away if somebody could advise via PM or forum. Happy Xmas to all Caggers!!