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wiganerdan

Log book loan problem. Pointers needed.

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Okay, this situation is a little odd. We are a garage specialising in prestige cars, so nothing out the ordinary when where asked to look at a 5 year old Jaguar s type R. The owner had run it low on oil. Having done a major strip down it was obvious it required a replacement engine. The Owner was informd of this, and was meant to be finding a second hand unit for it. At this point he vanished.

 

After following the requisite steps and getting the current keepers name and address from DVLA

 

So we deided to HPI it in preperation for selling it to recoup costs. Though the ultimate aim would have been for me to take ownership of the car. On HPI it was shown as having outstanding finance with log book loans. A chattel mortgage.

 

As it stands, with the engine in bits in the boot, coupled with depreciation, what is left is not worth a huge amount of money, maybe a couple of grand at most.

 

Question is, is there going to be an easy way of getting rid of lbl interest in the car?

Do they have an upper limit on what they lend? I.E. is there going to be a massive amount of money secured against this car? Are they likely to offer a cheap settlement figure based on current condition/state, couple with our lien on the car?

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Hi. wiganerdan. you would be best reading posts about lbl and if you feel you can trust them then read the posts again.

 

if you contact lbl they will want you to pay the dept and this will be over the car value. and if you let them know were the car is they will send guys to get it. also if you fix it and sell it they will also go after that owner.

 

you could help get one over on lbl and just break the car up for parts and cover your costs. jaguar s type r very sort after parts (i have the x type)

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Okay, this situation is a little odd. We are a garage specialising in prestige cars, so nothing out the ordinary when where asked to look at a 5 year old Jaguar s type R. The owner had run it low on oil. Having done a major strip down it was obvious it required a replacement engine. The Owner was informd of this, and was meant to be finding a second hand unit for it. At this point he vanished.

 

After following the requisite steps and getting the current keepers name and address from DVLA

 

So we deided to HPI it in preperation for selling it to recoup costs. Though the ultimate aim would have been for me to take ownership of the car. On HPI it was shown as having outstanding finance with log book loans. A chattel mortgage.

 

As it stands, with the engine in bits in the boot, coupled with depreciation, what is left is not worth a huge amount of money, maybe a couple of grand at most.

 

Question is, is there going to be an easy way of getting rid of lbl interest in the car?

Do they have an upper limit on what they lend? I.E. is there going to be a massive amount of money secured against this car? Are they likely to offer a cheap settlement figure based on current condition/state, couple with our lien on the car?

 

 

Hi and Welcome

 

If this guy is wanted by the police have you informed them that the car is at your garage?

 

First off has LBL been in contact yet? Now, is the car on your property and as it stands do you have any break down of work/parts so far?

 

You will need a Sol-as you have unpaid bills on it. Aprise him of the situ.

Take your engine and parts and store it, if its in the car and taken you will lose them, seen this many times.

 

Your will need to prove that you tried to contact the keeper-so keep all paperwork (for piece of mind and for eveidence if it appears in front of the Judge)

 

Don't do any more work to it for now.

 

Do a search on the Bill Of Sales on the forum and do some reading..

 

Your situ is unique as really as there are many threads to it, you may be holding eveidence as the guy is wanted by the Police-he could be wanted for say drug charges as he used his car as transport, so there may be outstanding court issues to deal with like a court order from criminal proceeds...

 

Trooper68


Trooper68:)

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There is no police interest, I have checked as we have come unstuck with this one before, as well as interest from customs and excise. Only the lbl.

 

LBL do not know we have the car, I haven't opened the tin of worms till I have some ammunition to deal with it. There is a large sequence of the appropriate letters to action storage and lien that have been sent to the last registered keeper address, all with proof of postage.

 

The car is on our property and currentl has 18 months of storage charges on it. There is a bill for our labour removing and stripping the engine, and for recovery of the vehicle to our premises.

 

Indoor secure storage is 25 pounds a week plus vat, so a not inconsiderable sum of money. The registered keeper was notified of all this correctly, and through our solicitors, we have had to deal with this more than once.

 

To date, with everything, there is an amount of £2400 plus vat owed to us. There is absolutely no way the vehicle will leave our premises till that is payed in full with cleared funds.

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There is no police interest, I have checked as we have come unstuck with this one before, as well as interest from customs and excise. Only the lbl.

 

LBL do not know we have the car, I haven't opened the tin of worms till I have some ammunition to deal with it. There is a large sequence of the appropriate letters to action storage and lien that have been sent to the last registered keeper address, all with proof of postage.

 

The car is on our property and currentl has 18 months of storage charges on it. There is a bill for our labour removing and stripping the engine, and for recovery of the vehicle to our premises.

 

Indoor secure storage is 25 pounds a week plus vat, so a not inconsiderable sum of money. The registered keeper was notified of all this correctly, and through our solicitors, we have had to deal with this more than once.

 

To date, with everything, there is an amount of £2400 plus vat owed to us. There is absolutely no way the vehicle will leave our premises till that is payed in full with cleared funds.

 

 

Well its seems your got you bases covered, as for LBL, they are looking for the car, as it shows a marker, thats how they work.

 

It might be better to take the issue to county court, what you could do is send a letter before action to the owners address by reged mail, give it two weeks then go to court to recover your costs, you may be able to take ownership that way-i'm not sure on this, but if you have the car and owned money, the Judge may see it. That way if LBL do come knocking you can prove you via court paperwork...It may be worth having a chat with a Sol before hand...

 

trooper68


Trooper68:)

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Hi wiganderdan

 

Have a read of this - this is a similar position to what you find yourself in:

 

Welcome Financial Services v Nine Regions (t/a Log Book Loans) - Consumer Law Law Articles and News - Lawdit Reading Room

 

I don't believe that as a 'garage' you can claim 'private purchaser' under the HP 1964 Act.

 

It would seem to me that the normal course of action is to derive your costs from the sale of the car - can you not send a letter to the guy who left the car with you, just stating that if you don't hear from him within 14 days then the car will be sold to pay the debt? - not sure of the legal implications tho....

 

Getting rid of LBL's interest will not be easy - don't let it be your problem.

 

I would look to secure what the car owes me first if legally possble.

 

You could cut your losses of course - park the car outside LBL offices and be done with it.


[COLOR="red"][B][CENTER]"Errors do not cease to be errors simply because they’re ratified into law.” [/CENTER][/B][/COLOR][B][CENTER] E.A. Bucchianeri[/CENTER][/B]

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There is no police interest, I have checked as we have come unstuck with this one before, as well as interest from customs and excise. Only the lbl.

 

LBL do not know we have the car, I haven't opened the tin of worms till I have some ammunition to deal with it. There is a large sequence of the appropriate letters to action storage and lien that have been sent to the last registered keeper address, all with proof of postage.

 

The car is on our property and currentl has 18 months of storage charges on it. There is a bill for our labour removing and stripping the engine, and for recovery of the vehicle to our premises.

 

Indoor secure storage is 25 pounds a week plus vat, so a not inconsiderable sum of money. The registered keeper was notified of all this correctly, and through our solicitors, we have had to deal with this more than once.

 

To date, with everything, there is an amount of £2400 plus vat owed to us. There is absolutely no way the vehicle will leave our premises till that is payed in full with cleared funds.

 

 

Hi wiganderdan. just pm you soom info.

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