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Everything posted by PublicDefender

  1. Have they issued a Default Notice yet? if not then hand the car back to them and it will clear the debit, they have to accept thats it in the CCA code of conduct. Okay you lose your car but you have no debt and its not going to get any worse especially if the job front is not getting any better
  2. Have you seen the Adverts? Have you read the small print? There just a front for Loans 2 Go, they only recommend loans for 2 companies Loans 2 Go and Log Book Loans both companies are owned by the same company. Seems anyone can set themselves up as a broker, there website(S) yes there are several all point to these 2 companies I am sure they could be done for false advertising saying they will find the best loan for you when they only recommend these 2 companies. Dont be fooled, stay clear
  3. Stay away, no matter how high the intrest seems on your current lending its going to be less than a Log book loan, only loans that are higher is payday lenders
  4. They can apply charges if they are have outline them at the start of the agreement, I would ask them to prove they have sent the letters, msg, calls they are charging for - no proof - no charge is what i say, also the late payment charge should only be applicable once per month, not onc every 7 days, unless your agreement is a weekly payment plan not monthly - If they wont budge contact the financial obudsman
  5. You could try and surrender the car and full and final settlement, to do that you need to hand the key to the loan company, its upto them then to try and get the car back, problem is the garage may then take you to court for the outstanding bill, also the loan company may not let you surrender the car as its broken but you have a good chance, speak to the CCTA if the loan company is a member, also see my other post against yours - good luck
  6. It is very unscruperlous (I know I cant spell) for them to try and repo the car from a Garage. As I understand it and I am nowhere near 100% on this. If its secured on a BOS the repo guys can repo it from anywhere they can, this includes entering your property to do so, that being said the Garage is not your property and in doing so they would be trespassing against the Garage if they gained access. Now the S87 should be issued before any action can be taken to recover the car, it gives you 14 days to settle the outstanding amount, then they should terminate and give you 7 days to pay the account in full. Problem is if they are prepared to break the rules to get the car then your going to be landed with the legal costs of fighting it. The garage has a duty of care to look after the car while its in there possession, that includes not handing it over to a 3rd party but be warned, in siging a BOS you have signed over ownership to the loan company while the loan is outstanding so your not the legal owner
  7. Correction, they cannot be inluded in an IVA but I am unsure about a DRO, that may be possible but DRO have very critical conditions, one being if memory serves the value of a car being less that £1000, you need a better man than me to figure that one out
  8. No they cant, they are secured debts and as such cannot be included
  9. Thats right, court order not needed, as soon as they terminate the agreement due to a breech in the T&Cs then they could send a chimp to take the car. On another point to the guy who did not sign a Bill of Sale, your quids in, the loan cannot be enforced by possession of the car. For the BOS to enforceable they need to have had it signed by you, witnessed by the person who saw you sign it and then witnessed again by a solicitor, it then needs to be registered at the high court withing 7 days. There also needs to be a HPI finance registration, dont count on the cheapo alternatives always check with HPI
  10. If the logbook loan company has done their job they should have registered a financial interest within 24 hours of you signing the loan, if not then you have grounds to get the contract voided, difficult and costly. If you apply for a new V5 they would not be aware of it however if you then sold it a keeper change would be flagged and the loan company would know its been sold. They at that time can do two things, if the loans being paid they may elect to do nothing or they could repo the car. If the loan is not being paid then they will repo the car.
  11. Did the car sell for more than you owe? if yes then they owe you the different, if not then you still own them the difference.
  12. The debt is with the original person who took the loan out on the car so the debt remains with them but a BOS effectivly transfers ownership to the loan company.
  13. Sorry but they are correct, they charges should have been explained to you at the start, dispute them and take the matter up with the CCTA and Financial Obudsman
  14. The loan company can ask for the car back but if they are a member of the CCTA they should treat the new owner sympathticly but thats open to interpretation. Legally the car is owned by the loan compay so you dont have much of a leg to stand on. The plus side is that the debt is not yours so if the car should disapear into a lock up and accidently fall appart and parts appear on a well known auction site then whos going to find out.
  15. The loan remains secured even if the car disapears, it cannot be added to a debt managment plan. Be aware the company can apply to the courts to get a charging order against you if you own your own house or an attachment of earnings.
  16. They cannot take the car without terminating the agreement, this usually takes place after the S87 Default notice, the S87 will give you a date to pay the arrears off by, that is your deadline for handing the car back and wiping the debt out. Phone calls, Txts are just there to scare you into playing up letters are more important, such as arrears, default and termination letters so read them carefully. Take extra care with deadlines that are mentioned in letters. Even if they send a termination letter it usually gives you time to settle the account and even if the car is taken they usually give you 7 days to settle the account and buy the car back. Dont let it get that far, if handing the car back is more cost effective then do it and dont go down this road again.
  17. Best advice I can give is this, decide if the oustanding amount is more than the value of the car. If it is and you have not been issued with an S87 default notice then know this. If the company is a member of the CCTA and the S87 has not been actioned, by this I mean on the S87 it will give a date to repay any arrears then you can surrender the car to the company as full and final settlement of the debt. They dont want you to know this so keep it quiet, they will say you can surrender at any time but will then say it has to be auctioned and you still owe the remainder. Do not accept this and do not sign anything to agree to this. Your sole obligation is to surrender the car to the lender at their premises. You can do this even if you have not paid them for months, owe arrears and they have piled on the charges, until they issue and action the S87 then you have the right to surrender. Also be aware that by value of the car I mean the trade value, the price you would get at auction not selling privately. Below I have copied the relivant section of the CCTA code of Practice. 4.8.12 Members shall allow customers who are in arrears under the agreement, the option to voluntary surrender the assigned vehicle as full and final settlement of all claims against the customer except where: a) a default notice has been served under s87 of the Act, the default notice remains unsatisfied and instructions have already been issued to an authorised person to recover the vehicle; or b) it is established that the vehicle has sustained malicious damage of whatever nature. Members shall provide the customer with information on the voluntary surrender option at the Pre-contract information stage and at the time a default notice is served. Members shall not place undue pressure on the customer to adopt this option. I am not a legal person and this is my own personal understanding of the CCTA, please seek proper legal advice.
  18. If you dont have the car then MM cannot enforce the BOS against you, they can still if they wish go and reposess the car and those charges would be passed to you the original debtor but if your upto date with payments and not in arrears then what do they gain, if they are being paid they should have no complaint. I would seek professional legal advise on this one as your not supposed to sell the car while the loan is outstanding, the big loser in this is the dealer who took it off you, he should have checked.
  19. From my calculations the total amount payable over 24 months would have been £3400ish less what you paid so far leaves about £2200ish, this is the amount to pay if you paid every month not a reduction of the intrest. I would challenge them to provide you with a settlement figure showing the reduced intrest. Take if from there.
  20. Did you keep up re-payments? are you in arears? over how many months was the loan? what was / is your contracted monthly amount?
  21. You always have aget out if the loan is more than the value of the car, hand it back as full and final settlement. Just do it before an S87 is enforced and dont sign any surrender documents
  22. 1 - Yes the BOS needs to have been registered within 7 days of signing 2 - Top Up as this will have replaced the original 3 - Yes a Solicitors has to witness it but does not have to be present when you sign it 4 - Unknown Question, is the loan company a member of the CCTA and if so is the total amount owed more than the value of the car and have you been issued with and S87 default notice?
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