Jump to content


Salford Born

I need some Help regarding Log Book loans from Automoney

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2204 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi i was wondering if anyone can help me with my problems or has had a similar experiance with Automoney or any Log Book Loan company.

 

Over 2 months ago i needed to raise some money urgently for family issues a family friend agreed to lend me the money he then said he had been let down and said i could have it in a few weeks. when he was assured he would be paid.

 

I foolishly believed he would come good as he had never let me down but my problems were pressing and i needed cash quickly.

 

I saw TV advert for Automoney and there 60 Day Timeline appealed as i knew i could pay back loan within 60 days or so i thought.

 

My friends money never came and to make matters worse i had an accident 2 weeks after taking out the loan making me unfit for work. I am signed off sick for the forseeible time being and have had to apply for benefits which have not been sorted as we speak.

 

I borrowed £2000 on vehicle valued at £7000.

 

Can anyone please advise what are my rights?

 

Will Automoney give me time to recover and get back to work?

 

Any similar experiances?

 

What proceedures and documents do they have to do and produce to legally reposses my vehicle?

 

Can i stop them just taking from my drive?

 

How long have i got before they try to recover the vehicle?

 

I realise this situation has been brought on by my stupidity is there any help you can suggest with regards to this matter?

 

Thanks in advance for any help you can give me.

 

The first payment on the Loan was due Saturday

Share this post


Link to post
Share on other sites

Thread moved to the Log Book Loan forum where the guys will be happy to help as soon as they are available.


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Share this post


Link to post
Share on other sites

Hi,

 

I think your first port of call would be to speak to them. I've had loans of this sort with both mobile money & automoney. I'm not sure if its just my experience but I found automoney better to deal with than mobile money!

 

From what I remember, automoney loans are for 18mths. I've had the odd time where I had to pay late for whatever reason & I'd phone them with a 'promise to pay' on a certain date & they'd be ok with that. I think its crucial to keep in contact with them. Let them know what's goin on and who knows, they may be able to help.


"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

Share this post


Link to post
Share on other sites

Hi Thanks for that have spoken to them but you are wary after what you read on here in regards to them just taking off your property regardless its illegal.

 

Would just like to know if there documentation is correct or illegal and if its true the Loan reverts to unsecured if paperwork not correct?

 

Can anyone please help?

Share this post


Link to post
Share on other sites

My Documentation can anyone explain how i stand legally.

I have just checked my documents from LBL company Automoney and my Documents :-

 

Pre-contract credit information

 

Fixed Sum Loan Agreement regulated By Consumer Credit Act 1974

 

Bill of Sale

 

Have all been only signed by Myself and the Automoney employee and not Independently witnessed.

 

Can anyone please tell me how i stand ?

 

Also are these documents invalid or incorrect?

 

Can my vehicle be repossessed because of these documents?

 

Does my LBL now become an Unsecured Loan?

 

Thanks again in anticipation

 

Share this post


Link to post
Share on other sites

Hide your car if you think they'll take it. I can't comment on enforceability of paperwork.


"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

Share this post


Link to post
Share on other sites

hi there,

 

i don't know if you still need advice but here goes. today at work i received a phone call and they wouldnt disclose who from. I said could they please call my mobile at lunchtime. they laughed and said if i look outside I would see that my car has been clamped so talking to them would be a good idea. still not knowing what it was regarding I ran outside and spoke to the guy in the clamping vehicle. he showed me paperwork from Automoney and 4Point Financial services.

i immediately knew waht this was about as I knew that I was a month in arrears. i spoke to someone called Charles at 4Point Financial services who took great pleasure im my discomfort. he wanted full settlement of £1200 to release the clamp.

i took the log book loan out in November for £800. the payments were not due until 18th January , and were for £98 a month. i made two payments , but was aware that I was late with March's payment.

I received no letters or correspondence from them, until the clamp happened today.

 

I said that i was only one month in arrears so how could they do this ? he stated that i had missed payments from November. I explained that there were no payment due in November and December. cutting a long story short they wanted2 payments off me , including one due today , and £270 to release the clamp. i had to pay £468 there and then.

 

whatever you do , do not even contemplate using this company whatsoever. it seems to me that the whole logbook loan is set up to repossess at the first missed payment , and this is how they make their money. they seemed shocked that I paid , as if they didn't want this to happen.

 

moral of the story-

do not use AutoMoney at all and if you have never ever miss a payment even by one day !

Share this post


Link to post
Share on other sites

You always have aget out if the loan is more than the value of the car, hand it back as full and final settlement. Just do it before an S87 is enforced and dont sign any surrender documents

Share this post


Link to post
Share on other sites

I have recently had to check an Automoney bill of sale dated 29 June 2102 and found it to be void for failing to comply with the requirements of the bills of sale Acts of 1878 and 1882.

 

This was for two reasons:

 

1. The payments stated in the bill of sale included a 'bill of sale' fee of £25. This is incorrect because bills of sale can only provide for the payment of the principal sum borrowed and interest thereon, and

 

2. The bill did not state what it was givens as security for - it said '...in consideration for the sum of £500 ... the borrower ASSIGNS by WAY OF SECURITY to the lender and its assignees the motor vehicle (the 'Vehicle') ......

 

It should have said ' ... the borower assigns unto the lender ... the motor vehicle ... by way of security for the payment of £500 (the principal sum borrowed) and interrest thereon'.

 

This means that the bill of sale is void under s9 of the Bill of Sale (1878) Amendment Act 1882 for failure to comply with the statutory form set out in the Schedule to the Act. However, this in itself does not mean that the credit agreement is unenforceable - instead, it means it is unsecured.

 

Automoney did not specificaly accept that the bill was void but agreed to settled the debt for no further payment, i.e wrote it off.

Edited by Sofka
typo

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...