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Will Logbook Loans agree??


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Please bear with me as this is my 1st post and I'm not 100% sure I'm in the right place!!

 

I will try to keep this simple, honest!!

 

At the start of October 09 we took out a Logbook Loan, and began payments when we should, the following week (paid in Natwest whilst standing order was being set up) ad each week since every Friday through SO.

 

We have never missed a payment (only late payments were xmas day and new years day as banks weren't open)

 

Anyway to the point, On Christmas day our car was hit whilst parked by another car, and has been taken to garage for whatever needed to be done.

 

I phoned said garage today and insurance to see how it was coming along and was told my car is deemed a "total loss" and their "Total Loss Team" will be in touch usually within 48 hours.

 

Now my problem... I have been led to beleive they wont pay out without the V5 document which LBL have, and my car is probably worth about £1000 in my eyes,( LBL said it was £2395 loan was about £850) so how do I get the V5 to send them, and will LBL take the settlement figure which is around £850ish after a quater of the term had elapsed which it hasnt, so will be more likey to be £950 to £1000!!!

 

Would LBL allow me to continue payments, I have no intention of not paying, to allow me to use the payout to get another car, and if needs really must I would be prepared to transfer details of loan over to the new car.

 

I cant afford to let the payout settle the loan and buy a new car as I would if I could.

 

Any advice on the V5 and the option to continue paying would be really appreciated.

 

P.S I have worked out that I have repaid between £420 and £430 back to them.

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Hi

 

Not my area of expertise but I know you can request a copy of your V5 from the DVLA . I suppose if you did this LBL would never know? and you could carry on paying them as normal.

 

I am sure some who know more about these products than me will be in touch.

 

Good Luck

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Ordering a new V5 is about £25 and will do the job. It just means the one LBL hold is out of date, but as they aren’t the owner then the DVLA wont inform them. LBL will want to know if you write the car off and get the settlement from the insurers as the asset the loan is secured on has now been destroyed. They make you sign a form to this effect allowing them to directly contact your insurance company and probably took a copy of your policy at the time to show your insurers along with the CCA and bill of sale to ensure they get paid (legal by the way)

That said if you’re happy to carry on paying it and don’t tell them I’m sure they aren’t going to complain. Like all lenders it is only problem accounts they focus on, the rest just tick along under their radar of concern. They will be none the wiser and will still get their money back.

So... in short is what you are wanting to do correct procedure?.. no

Are they going to be concerned if they notice?... They will probably contact your insurers for the balance if they notice, but you won’t get charged or prosecuted

Will they notice? ... Its 100% reliant on you telling them, so keep quiet , keep on paying and the loan will be paid off everyone happy (ish)

Edited by boocoo
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Thanks for the replies, so... will the insurance not directly pay LBL, or will they only pay if I tell LBL that the car is a gonner? I do remember the form that they had said would be used for insurance, but I was under the impression the insurance automatically pays LBL 1st and then me the remainder...

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Did the insurance company themselves tell you they need the V5? Did you let them know that you'd taken out a loan with LBL?

 

I'm not convinced that this will be a straightforward issue as this link shows.

 

http://www.consumeractiongroup.co.uk/forum/log-book-loans-bills/235896-logbook-loans-your-insurance.html

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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