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LBL help, debt sold on recliming charges etc? help


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Hi thre,

we have had dealings with LBL and it is still ongoing, my OH borrowed £500 (i know i know) and signed the agreement (incedentaly this was outside a shop with 1 man, isn't there supposd to be 2?)

anyway, we fell behind with payments and they have taken the car, about 4 mths ago now, have not bothered to contact them as we hadn't heard from them, we put it down to stupidity and got another banger.

anyway a month or so later we received a letter stating that the car had been sold at auction for £917 and we still owe £1900 we have been charged nearly all of this on charges, it has now been sold to a company called OPAS who we still have not paid, my hubby is refusing as he is saying let them take me to court, over 2k for a £500 loan is ridiculous, the did not adv the APR at the time - has anyone had any luck with reclaiming these charges?

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Hi thre,

we have had dealings with LBL and it is still ongoing, my OH borrowed £500 (i know i know) and signed the agreement (incedentaly this was outside a shop with 1 man, isn't there supposd to be 2?)

anyway, we fell behind with payments and they have taken the car, about 4 mths ago now, have not bothered to contact them as we hadn't heard from them, we put it down to stupidity and got another banger.

anyway a month or so later we received a letter stating that the car had been sold at auction for £917 and we still owe £1900 we have been charged nearly all of this on charges, it has now been sold to a company called OPAS who we still have not paid, my hubby is refusing as he is saying let them take me to court, over 2k for a £500 loan is ridiculous, the did not adv the APR at the time - has anyone had any luck with reclaiming these charges?

 

Hi Ya

 

If they have taken the car - it is always worth checking your Bill of Sale closely, if you haven't got a copy of it - get one from the High Court of Justice (details of which you will find within the forum) Follow the process to acquire a copy (again, this information is on the forum)

 

Check you Bill of Sale for any discrepancies (a list of likely discrepancies, again, is on the forum)

 

Let me add also - that on viewing the Law of England recently, I noticed that it made reference to the Bill of Sale Act 1882 with regard to the form of a Bill of Sale - this is found at Section 9 of the said act - the Laws of England quoted that....

 

"Section 9 avoids a Bill of Sale in toto, so that the grantee cannot even sue on the covenent for payment - He can only recover the money actually advanced with interest of 5% on an implied agreement (Davies v Rees, 1886, 17 QBD 408)"

 

I'm of the opinion that what this means is that where you can show that the Bill of Sale that you signed does not conform to Section 9 of the Bill of Sale Act 1882....... (there is a copy of what it should look like in the schedule to the Act)(bear in mind that the lender can add extra sections - so long as they do not impose on your consumer right of action) ..... then, should the lender take you to court - you can quote the Laws of England in a defence against them looking to take more money from you than they are entitled to - I have not tried to be specific in this post - just keeping it general so that it provides guidance to assist you get on the right track- Hope that makes sense?

 

Having said that - to put things in a better perspective - if you loaned £500 and they sold the car for £917; they have acheived £392 more than they are due if you can find the BoS to be unenforceable.

 

Hope this helps?

 

Apple : )

[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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