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Log Book Loan - I need advice Please.


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Hi All,

 

Right, this may sound a little silly but I need some advice on a logbook loan. I've posted on here for a while now and always found the advice to be excellent.

 

I need to raise a lump sum of money urgently (the reason for this and situation are very urgent or I wouldnt even consider something like this). The only thing that I can come up with is a LBL, as the only thing of value I have is my car and due to past problems (which have been well sorted out by help on here - thanks all) my credit rating is awful :oops:.

 

I've read all the horror stories about these things, but the one thing I will be able to do is always meet the payments on time. Infact, I will only need the loan for around 3 months anyway after which I will be able to clear it in full.

 

Just wanted peoples advice on whether this was a good idea or not. I know they can be really nasty, but if I ensure I meet my payments will I be OK?

 

Also, if anyone does know are there some companies that are better than others offering this service.

 

I know that most people on here are going to have had bad experiences of these things, or hey, we wouldnt be here :), but I didnt know where else to get reliable advice.

 

I would really appreciate any info.

 

Many Thanks in advance

 

Boss-Man

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Hi Boss-man

 

The terms of the log book loan, ie interest rates are clearly shown before you take out the loan -- so you know in advance that the interest rates are extortionate.

 

I was sure that I could make my repayments to them, but didn't and ended up in a right mess (although I did get it sorted and claimed back all the charges they'd levied:p)

 

They are not nice to deal with but and the horror stories on here are true --- so think very carefully. If you do miss payments, they will end up taking your car - by any means (legal or not) and then still chasing you for any remaining sums due.

 

However, having said that, if you are for whatever reason in urgent need of the cash, and are SURE that you will be able to make repayments - then you should not have any problems.

 

((I would say, that no matter how desparate I was, I wouldn't even consider taking another loan with them.))

 

PROCEED WITH CAUTION !!!

jaxads

 

Halifax - £2281, successfully refunded all charges after LBA letter & telephone call.

Have been offered the difference between the £20 and £12 charges from Capital One -- am sending LBA for remainder.

GE Money - Received settlement of £441, being total charges requested. No interest though.

CCA'd Bank of Scotland / Blair Oliver Scott to produce CCA Agreements on two Credit Cards - well in default, although still chasing payment!!!

EOS Solutions "ceased action on account" on behalf of a friend.

 

All in all, quite busy at the moment and enjoying every minute of it
:eek:

 

 

 

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