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Log Book Loan - Car now written off


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Hi,

 

I was wondering if anyone could advise me, I stupidly took out a log book loan on my car and have been having trouble keeping up the payments as I lost my job. I have also now had a car accident and I suspect the car will be written off.

 

Someone has told me that if I get a replacement log book from the DVLA then if the car is written off I will be able to get the payout.

 

I am a bit unsure about the legality of it all, I have also recently (unofficially) moved in with someone so strictly speaking I don't have an address.

 

Is there any way of getting out of this loan legitimately?

 

Any advice would be greatly appreciated.

 

Thanks

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well with log book loans, the loan is secured on the car by bill of sale.

 

if you no longer have the car due to theft, fire,accident etc, the debt then reverts to the credit agreement.

as long as lbl have not registered an interest in the car with the hpi register, the insurance company will pay you market value.

 

i take it you did sign a credit agreement and do you still have it

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