Questions on Default and Bill of Sale (Logbook Loans)

[an-88]

Hi

I've been doing a lot of reading on Logbook Loans - I wondered if any of you knowledgeable people could answer a couple of things for me.

 

To give a brief background - I am about £500 away from paying of a total of £1600-odd (so the initial loan amount is covered, but I understand they take payment towards fees and interest before the initial loan amount). I fell behind a little while ago and received a default notice, but paid the arrears within the time specified - effectively voiding the notice?

 

However, circumstances mean I'm still struggling and I'm likely to start to fall behind again very soon.

 

So, first question - would that first default still actually apply should they decide to claim my car and so they could just turn up without warning, or would they first need to issue another default notice?

 

Second - regards the 'breaking and entering' terms in the Bill of Sale, would that apply to just a garage or similar, or can they break into the house to get keys (I didn't have a spare to give them). Since it says they can break into property 'owned' by me, will I even get a chance to say I don't own the place I live in before they wreck it?

 

And, finally - from what I understand of a Bill of Sale, it must be witnessed by someone "not being a party or parties thereto".

Like most people, my Bill of Sale is witnessed only by the LBL sales person with an address reading simply "Log Book Loans"- is this a legitimate reason to void the Bill of Sale or have they a reason as to why this would be allowed?

 

I had considered sending off to find out the date of registration of the Bill of Sale (if it was indeed registered) thinking it cost £5 from one thread, but then I see it's now £40 - does it really cost £40? I would do it if it was for £5, but can't afford £40. I wonder if they're trying to prevent everyone who's gone for one of these loans sending them requests!

 

I don't really want to upset things by asking LBL for a copy, since it might get them twitchy about what I might be planning (which I am not).

 

Thanks for reading - that turned into quite a post

[an-88]

Oh, the other thing was that my Bill of Sale is not well printed.

 

In the branch where I signed up, the printer was almost out of ink so the whole thing is quite pale but down the left hand side (to about 3 or four words in on each line) is partly unreadable. A reasonably intelligent person should be able to figure out what's supposed to being said, but surely it should be completely readable to be able to claim full understanding of the document?

 

Clutching at straws, I know, but could that render it invalid in any way?

[sweetnsexyenglish]

If you are eligible you can fill out an exemption form for your fees and that will be based on either earnings or if your on benefit however the guys are usually quite helpful and will let you know, I dont have the number any more but you can search that online. I did find them very helpful and you will get the details back with roughly 5 days.

 

I can safely say if they want to steal/take the car they wont bother with the car keys so your home is safe:rolleyes: lol

 

And no... they will send you a NEW default notice

 

And finally the argument is that the BOS are void however LBL are not bothered about this most important fact so a solicitor is the best way to go.

 

Good Luck;-)

[an-88]

Thanks for the reply.

I had guessed what was likely to be said on the default notice and BoS, but had to get someone to say so for peace of mind!

[sweetnsexyenglish]

Thanks for the reply.

I had guessed what was likely to be said on the default notice and BoS, but had to get someone to say so for peace of mind!

 

 

Glad to be of some help;-)