Hermes Logbook Loans & Nine Regions

[dovydove]

I received notification that a car I purchased in May 2012 is subject to a Logbook Loan

 

We purchased the vehicle from the Miss X who took out the loan, not knowing that such a loan existed.

We did a HPI check (no Finance Listed), checked the log book received the tear of strip, service book, mot's etc

 

Did a further check since receiving the letter (no finance listed)

 

The bill of sale is between the Miss X (borrower) and Nine Regions Ltd (lender) dated 16th Dec 2011.

 

I have read through many of the listed threads on this subject, OFT, Citizens Advice etc but am still a little confused.

 

1. OFT revoke logbook loans/nine regions 2009

2. OFT strike of logbook loans/ nine regions Nov 2011

3. Logbook loans / nine regions go into administration Mar 2012

4. Debt is bought by Hermes

5. OFT allow Hermes to use logbook loans trading name

6. Hermes must abide by OFT ruling and the Code of practice (CCTA) associated.

 

So can anybody shine a light on the following

 

If they are revoked and strike off how do they do a bill of sale dated 16th Dec 2011

Can a bill of sale be transferred to another company legally (I understand that the debt can by bought)

If this is so, can a bill of sale be witnessed by the pawn brokers sales assistant

If Hermes have to abide by the section 5 of the code of practice, why have they not registered an interest on the vehicle.

If Hermes are now requesting the vehicle back have they taken all reasonable steps to obtain contractual payments by other means as stated in their Bill of Sale Information Sheet.

 

Any feed back on any of the above would be very much appreciated

[Meborrapaymanjana]

Try paying for a full Hpi check including asset finance register and ask Hpi to confirm when Hermes registered its interest in the vehicle. Do not be conned by Car Data Check, Text Check, My car Check etc or any of the other apparently cheaper providers. If the finance really isn't registered then you can re-state your case. The rest of your arguments are irrelevant in terms of ownership of the vehicle.

[dovydove]

I have done a credit check with MycarCheck and have also rang them in case it was wrong, no finance interest on this vehicle.

[Emma2013]

I have done a credit check with MycarCheck and have also rang them in case it was wrong, no finance interest on this vehicle.

Hi I am currently in a very similar situation with Logbook loans, please let me know how you get on.

[dovydove]

Hi Emma 2013

I am pleased to say that we have had a bit of a break through, when we received the letter my first response was to gather as much information as possible, but must admit that a lot of the postings and articles I viewed scared the life out of me, and i started getting all defensive and thinking about hiding the car, breaking it Etc am sure you have thought the same.

 

These bills of sale are very legally binding try and find anything (not registered at court in time, incorrect payment details etc) code of practice, credit check, interest registered by company with in 24 hrs and pressure trading standards to take your case.

 

The most important issue here is they only want your vehicle because the person who took out the loan has stopped paying, if you are dealing with logbook loans (Hermes) they state they will only take the car if all reasonable steps have been taking to make contractual payments.

 

Please do not be frightened to contact them, I am so pleased we did, they were very professional and very informative they understand that you are the innocent party.

 

We were able to give them more information about the sale, and because of the information they were able contact the person and have set up new payment terms.

 

Yes I know my car still belongs to them, but they are not going to just turn up and snatch your vehicle, the payments being made will be taken from the amount they were requesting for the car first so the cost will be reduced with every payment, they will inform me if these payment stop again, and I will still be working with trading standards.to release the said bill of sale.

 

Remember logbook loans are not the ones you need to be angry with, it's the person who took out the loan and then sold their vehicle on.

 

If any one out there has taken one of these loans out and is having difficulty with the repayments go and get some financial help its free

 

Dovydove