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Log Book Loans and Mobile Money


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This is taken from the an internal publication of a well known nationwide advice organisation:


We originally had two problems with Mobile

Money Bills:

1) Only the APR was quoted, not the interest

rate as required, and

2) Repayments in the Bills included the

documentation fee, which is not permitted.


Clients need to ask specialist to check

Mobile Money Bills of Sale for validity.

Advisers need to request and check the Bill

of Sale where cars have been seized or

voluntarily returned in the, possibly mistaken belief that the Bill was valid.

We have heard that Mobile

Money are now using a different agreement

and saying it is a ‘buy back’ agreement and

not a Bill of Sale. If you come across this

please contact adviser for

further advice.


Log Book Loans have gone from bad to

worse. We are hearing of cases

where LBL are ignoring all claims that their

Bills of Sale are void and that some of their credit

agreements are unenforceable. Allegedly,

they have resorted to stopping drivers in

default and taking their keys, leaving them

stranded. Look out for some possibly

underhand repossession tactics and advise

clients to take extreme care with their cars in

these circumstances.

Stephensons solicitors are now offering to

take non-legally aidable cases pro bono,

where the amount being claimed is above

£5,000. Most cases are for much smaller

amounts but keep this in mind and email

[email protected] if you have a

suitable case.

It is important that as many complaints and

evidence as possible is submitted to the OFT

in order to enable them

to take further action.


If you have a problem with Mobile Money or Log Book Lon, please see a Citizen Advice adviser and tell them to contact their internal Money Advice Consultancy.


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