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    • Dear xxxxx   complaint about Logbook Money Limited   The complaint Xxxxxx took out a logbook loan with Logbook Money. Xxxx told us Logbook Money didn’t carry out any affordability checks prior to the loan. Xxx said they have missed information on requesting evidence i.e. payslips and they have conflicting information about a utility bill xxxx provided them.   Xxxxxx told us xxxxx had several large payday loans which all had defaulted including a large guarantor loan to amigo, and Logbook Money should have seen this when carrying out a soft credit checks as told. Xxxxxxxx also told us Logbook Money have applied £884 in charges to an initial loan of £1000.     Details of the agreements (Logbook Loans)   Loan number Start date Capital amount Total repayable Weekly repayment Duration 31 August 2019 £1,000 £2,800.20 £35.90 18months   My understanding is the loan isn’t settled yet. Findings Our approach to considering complaints about unaffordable and irresponsible lending is set out on our website. I’ve had this approach in mind when considering what’s fair and reasonable in the circumstances of this complaint.   Did Logbook Money complete reasonable and proportionate checks to satisfy itself that xxxxxxx would be able to repay the agreement in a sustainable way?   Logbook Money have provided us with the documents they have relied on which includes customer information, income, and outgoings, driving licence, copy of the agreement and bill of sale. They told us they used xxxxxx bank statement to complete the income and expenditure at the time, however due to the lapse of time they don’t hold the statement any longer.   The income and expenditure from the time of sale shows net income was around £2,300, this includes private rent, child tax credit and DWP and her monthly expenditure was £764. This left xxxxx with a disposable income of £1,536 of which she would be expected to make a weekly payment of £35.90.     Considering everything, I think Logbook Money completed reasonable and proportionate checks based on the size of the loan, the interest charged, the monthly repayments and length of the agreement.   Did Logbook Money make a fair lending decision?   As I think Logbook Money carried out a reasonable and proportionate checks, I have gone onto consider whether it made a fair lending decision based on the information it obtained about xxxxxxx circumstances at the time.   Since Logbook Money said they don’t hold the bank statements any longer, I asked xxxxxxx to provide me with the statements. From what I’ve seen, xxxx monthly income across the xxxxx and xxxxxxx account appear to broadly support her income of £2,333 which reflects in the income and expenditure from the time. However, the bank statement I received from xxxxxxx shows outgoings were higher at around £1,344, which indicated a monthly disposal income of around £937 from which xxxxxxx would be expected to make the £35.90 weekly loan repayment. This indicates xxxx still had enough disposable income to be able to sustainably afford the monthly payments towards the agreement.   The screen shot of the credit report xxxxxxxxx sent to me shows Vodaphone, Three and Vanquis account has worsened in August 2019, however this information isn’t enough for me to understand what the credit report reflected at the time -  for e.g. if there were any large balances outstanding, defaults, CCJ’s, accounts in arrears, or missed payments   I asked for further information on 17 November 2021 – a full credit report from the time, including the statement of the account number xxxxxx and statements for all other active account +/-3months the loan start date. Since I haven’t receive the information, I can’t say what this would’ve looked like.   I don’t think there was anything in the information Logbook Money gathered that ought to have highlighted any concerns about xxxxxxx being able to sustainably afford the agreement. I therefore don’t think Logbook Money acted unfairly in approving the finance.   Did business act unfairly in any other way   Xxxxxx told Logbook Money xxxx is unhappy the way the vehicle was repossessed and how the debt was pursued. Logbook Money told us there were two attempts made to repossess the car prior to the actual repossession on 1 August 2021. The first attempt was made on 10 June and the second one was on 5 July 2021, however both attempts were unsuccessful. This would mean xxxxxxx was aware that the vehicle was at risk of repossession. Logbook Money provided us a copy of the default notice that was sent to xxxxxx in December 2020, which outlines the importance of clearing any arrears outstanding and the risk of repossession.   From the information Logbook Money provided us, it shows the vehicle was released to xxxxxxx after xxxxx made a payment.   Regarding the personal belongings xxxxxx said she had in the car at the time the vehicle was repossessed - Logbook Money told us the recovery agent left a message for xxxxxx to contact them to arrange to collect belongings.   In reviewing this case I’ve thought very carefully about the way the business pursued the outstanding debt and considered whether I felt that business fell short of its obligations in responding to xxxxxxx situation.   While I’m sure that this situation may have caused distress and/or inconvenience, I don’t think that this stemmed from Logbook Money making a mistake or acting unfairly or unreasonably. So, I haven’t made any recommendation in relation to this.  Next steps I think this is a fair outcome in the circumstances, for the reasons I’ve explained. But if xxxxxx decides that xxx doesn't accept what I’ve said, then please let me know by 10 December 2021. If I can’t resolve things then an ombudsman here can look at everything again and make a final decision. If I don’t hear from you by that date we might not be able to look at xxxxxxxxx 
    • god this is frustrating for you.   i'll ping @Andyorch p'haps he has an idea, not one of our past history strengths that i can find.   dx  
    • In 2015 I invested £45,200 in a SIPP operated by Guinness Mahon, which is linked to Dolphin, later German Property Group. GPG went into administration to Feb 2020. My SIPP was due to mature in April 2020.   I first took my claim to FSCS. They rejected my claim, I appealed and still got rejected. Their reason was that Wellington CFS signatures were involved in my pension transfer into the SIPP. This was a surprise to me.    I then emailed and called Wellington, several times, eventually receiving an email stating I did not exist in their records.   I then opened a case with FOS. My case has not yet been assigned a case handler.  From what I learned from others caught up in GPG. Wellington are stating their signatures were used fraudulently. Yet there is evidence of them taking fees.    If you want to read more there is a GPG creditors association Facebook site. You will find others on there in the same position. I did write to Wellington CFS and never got a reply.   If you call their Ireland number you get an answer machine. Their office in Devon, does pick up but this is just a receptionist, takes a message and alas no one gets back to you.   I also heard Wellington CFS is linked to Spain. I think the best outcome is that Wellington go into administration, at this point FSCS will be the last resort. 
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Compromise Agreement if I agree to leave work


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I wonder of anybody has ever been in this position.

 

I was suspended last year because of allegations made against me. These were proven to be untrue. I was harassed by my manager and the person who accused me.

 

I am currently off sick with depression and anxiety caused by this action.

 

I now also have arthritis in my knees which gives me mobility problems.

 

My employer can be sued for personal injury under the protection from harassment act and health and safety act.

 

My employer is also not able to make reasonable adjustments and I can bring a case for this.

 

I have been speaking to my union and an option I could have is to agree to a compromise agreement where I would accept 4 years salary, pension rights etc and agree not to take any action.

 

Has anybody ever done this?

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Hi

 

Firstly let me say how sorry I am to hear of your illness and the suspension you have been through.

 

I'll answer your question first if I may. "No, I have never experienced anything like this before"! However, that said, and despite it looking a good offer overall, I would have some reservations if it was me in this situation.

 

In no particular order the concerns that spring to mind at the moment are:

 

(a) dependent on my age at the time, would four years salary be enough to see me through financially until either I got another job which suited me in my current state of health, or reached retirment age?

 

(b) how is the salary-in-lieu be paid, in a lump sum now or spread over the four years?

 

© would the gross amount I would receive by accepting the offer be more, less or about the same as the amount I might reasonably expect if I sued?

 

and

 

(d) are there any other "benefits" I would be relinquishing rights to (e.g. enhanced salary by means of overtime, commissions etc., life insurance, free or reduced price medical benefits, company car/travel etc., etc.) by taking the offer and what monetary value do do I estimate these to these have?

 

I must admit that, on the face of it four years salary plus pension etc., is a good offer but, at what overall cost to you is it made? Employers aren't often that generous!!!

Edited by Jimbo44
added sentence

Jimbo 44 - always happy to help, but always willing to learn from being corrected too!!! Whilst any advice given may be based upon personal experience, please always be sure you seek guidance from a professional in the particular field.

 

Never be afraid to try something new. Remember that a lone amateur built the Ark, but a large group of professionals built the Titanic.

 

A 'click' on the scales is always appreciated if I have helped. Many Thanks!

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By signing a CA you will I presume be compromising your 2 potential claims:

 

a) The PI claim for injuries suffered by you as a result of your employer being negligent and;

 

b) The DDA claim and any ancillary employment claims e.g. unfair dismissal

 

The value of (a) would depend on what any medical reports say re extent of injury (I presume mental e.g. depression) and the future prognosis. In addition, other potential heads of claim would be present e.g. past and future loss of earnings, expenses.... etc

 

The value of (b) would all depend on the facts, remembering that disability discrimination awards are potentially unlimited and usually comprise injury to feelings (see Vento Guidelines), loss of earnings, injury to health. ancillary losses... etc

 

As you are talking about 4 years salary I presume this is an over £30k settlement which also has tax implications.

 

You basically need to get advice from a solicitor or adviser value (a) + (b) [i doubt you could double recover e.g loss of earnings], subtract a % to reflect litigation risk and reflect lump sum payment, and then put this figure (or a higher one!) to your employer, and see what offer comes back.

 

As you seem to suggest a large sum it would be well worth paying for some professional advice, remembering that the CA should allow for some solicitors fees for you anyway.

 

Good luck

 

NB And of course there could be other potential heads of claim (and indeed other figures e.g. notice pay under current employment contract, pension etc) that I have not noticed or commented on, and that you may not have told us about!

Edited by elche
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...................................................................... [FONT=Comic Sans MS]Please post on a thread before sending a PM. My opinion's are not expressed as agent or representative of The Consumer Action Group. Always seek professional advice from a qualified legal adviser before acting. If I have helped you please feel free to click on the black star.[/FONT] [FONT=Comic Sans MS] I am sorry that work means I don't get into the Employment Forum as often as I would like these days, but nonetheless I'll try to pop in when I can.[/FONT] [FONT=Arial Black][FONT=Comic Sans MS][COLOR=Red]'Venceremos' :wink:[/COLOR][/FONT][/FONT]

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Hi

 

Firstly let me say how sorry I am to hear of your illness and the suspension you have been through.
Thank you

 

(a) dependent on my age at the time, would four years salary be enough to see me through financially until either I got another job which suited me in my current state of health, or reached retirment age?
I am 38 and currently studying a part-time law degree

 

(b) how is the salary-in-lieu be paid, in a lump sum now or spread over the four years?
it is will be paid in a lump sum

 

© would the gross amount I would receive by accepting the offer be more, less or about the same as the amount I might reasonably expect if I sued?
it could be a similar amount

 

and

 

(d) are there any other "benefits" I would be relinquishing rights to (e.g. enhanced salary by means of overtime, commissions etc., life insurance, free or reduced price medical benefits, company car/travel etc., etc.) by taking the offer and what monetary value do do I estimate these to these have?
I can keep lifetime rail travel and get my pension for the 4 years
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In view of the likely complexity of any claim(s) and of the sum(s) involved I really do think that elche's advice above is the best - seek professional guidance.

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Jimbo 44 - always happy to help, but always willing to learn from being corrected too!!! Whilst any advice given may be based upon personal experience, please always be sure you seek guidance from a professional in the particular field.

 

Never be afraid to try something new. Remember that a lone amateur built the Ark, but a large group of professionals built the Titanic.

 

A 'click' on the scales is always appreciated if I have helped. Many Thanks!

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