I'm afraid its simply "yes they can" The new owners are buying some of the debt (the new loans), while LBL are keeping the older debt, its a simple takeover and debters cant walk away from what they owe based on the this fact. In the same way if a bank gets taken over your mortgage doesnt get written off, or even your paper bill if a newsagents sells up, the debt is still there here too. The terms and condititions you signed to at the time must stay in place and cant be changed, but who you pay can

So in short …. Logbook loans CAN repossess car witnessed by their own staff, the OFT are at best “thinking about” contesting this decision but say any individuals are welcome to try and appeal the decision themselves instead! Thanks OFT, we all have the money in our back pocket that would be required to take that through the courts! Also LBL haven’t appealed their license decision, but we now know they won’t and that’s because they’ve sold their lending book to another company with a license so they can carry on trading under a new name, while nine regions looks after the bad debt (hence the administrators being involved as otherwise this would have to be part of the purchase and hence they the old and new company operate from the same address) Great. Makes you wonder why we bothered. Ok they’ve lost their license but they can carry on repossessing and the owners have made a wod by selling their lending arm on to someone else. Not sure what the moral of the story has been in all of this

I must admit I find the whole witnessing of the bill of sale very confusing. Some facts seem clear. 1) Logbook loans used their own staff, i.e. the rep to witness the documents 2) It was raised through the courts this may be illegal making the document unenforceable, conclusion to be reached via a court hearing 3) Logbook loans immediately stopped using the rep as a witness and starts using a third party 4) Logbook loans STOPS repossessing cars subject to the court hearing for several months 5) The court hearing happens and a ruling is made 6) Logbook loans start repossessing the loans witnessed by their own staff again saying they won the ruling and referring anyone to the content if they doubt it 7) Many people on this site dispute the fact they won What confuses me is surely they either won or they didn’t and the ruling must be clear on that? This happened almost a year ago now and they have been repossessing again for months and no one has stopped them. While I read many posts about it being illegal, contact the police, the oft, your solicitor, iron man or anyone else who will listen, surely if it was illegal they would have been stopped by now, how come the only posts are advising that they are breaking the law but yet a year on no one is stopping them? Can the site team get clarity from anyone who can decipher clearly this document because what worries me is they say they won the court hearing, started reprocessing again and no one in any position of authority has an issue with this. Are they right, because without a definitive conclusion on this ruling, based on the evidence of their actions and the lack of action and interest from the same authorities who told them to stop at one point, this all indicates they did?

So here is my understanding of things (some I believe accurate, some educated guess work) LBL have 2 choices. Firstly appeal the ruling against them, having one final attempt to save their license, under the knowledge if they lose then that’s it, shut up shop (note that DOESN’T mean all previous loans are unenforceable and everyone who owes them money can stop paying, existing debt will still be valid unless proven it was mis-sold on an individual case basis. It just means they can’t lend anymore, so they effectively change into a collections agent only) The second choice is sell up to someone who already has a licence so they can change name and ownership and carry on. I too have heard rumours from relatively accurate sources the latter has happened. Loans2go are an American owned company and there is no doubt LBL they have changed their literature and head office greetings to “Hermes property services”. I suspect they have been bought out by the same parent company who will have no issues with the license and therefore mean the company can carry on operating under a different name with different directors. In other words they have bought the book, the staff, the market presence and bottom line a fast track to the UKS biggest logbook loan lender, in short a take over. For those who say they will look stupid having bought a dead duck, I’m pretty sure a mega company of this size having paid mega bucks will have had pretty good lawyers look at the small print and legality before they handed a cheque over. This wouldn’t have been done and dusted in an afternoon. For me I think it’s a victory but maybe a hollow one. Yes logbook loans have now gone, but I suspect the directors are sat in luxury yachts having sold the co may for millions and the staff and buildings etc. of logbook loans are all still there as they were. Working day to day but with a new name, years and years away from getting their license removed if it ever does as the logbook loans company is now put to bed. Maybe I’m wrong, but for anyone who doubts it, go to your local cash converters and ask for a logbook loan. If they tell you they no longer operate then maybe they are dead and buried, but I suspect will be asked for your derails so they can call you back. Probably from the same person who would have called you 6 months ago but now working for a different company name.

This post and in particular the advice given is similar to dozens of others on this site and the advice given makes me so angry that despite no interest in being a registered member I have to sign up and speak out. Yes okay companies like LBL and MM charge extortionate APRs. Let’s just put to one side how much they make or don’t make (I’m guessing it’s not as much as most think as their bad debt must be astronomical compared with high street lenders, that’s the only reason their customers come to them, no one else will give them credit due to previous non-payment of debt). My issue is that of course they register HPI and finance on a vehicle. If in doubt pay the £20 and do a search on your car if you have finance and you will see for yourself. It’s how they protect themselves and its part of the terms of their license, one unlike other aspects they DON’T ignore. If lenders didn’t register finance a borrower could go from lender to lender doubling up each time. It would be like maxing out a mortgage on a house then going to the next building society for another mortgage. They all talk to each other to stop you doing it and that way of talking and stopping you is HPI and Experian. With all that in mind, after all the venom and anger aimed at logbook loan and similar lenders (some valid, some not) why condone selling your car on to a totally innocent buyer who would legally have to take on a debt YOU took out, knowing it was unpaid but happy to do so just so you could “get one over” on LBL. Sorry but that’s low, and makes you far worse than the lender as at least you had an idea what you were getting into. The third party shmuck you prepared to mug just wants to buy your car. Still as long as you don’t owe LBL anything and can stick two fingers up at them, I’m sure there are some who think anything else is detail, even if you leave victims in your path