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How to get out of a Log Book Loan

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Best advice I can give is this, decide if the oustanding amount is more than the value of the car. If it is and you have not been issued with an S87 default notice then know this.


If the company is a member of the CCTA and the S87 has not been actioned, by this I mean on the S87 it will give a date to repay any arrears then you can surrender the car to the company as full and final settlement of the debt.


They dont want you to know this so keep it quiet, they will say you can surrender at any time but will then say it has to be auctioned and you still owe the remainder.


Do not accept this and do not sign anything to agree to this. Your sole obligation is to surrender the car to the lender at their premises.


You can do this even if you have not paid them for months, owe arrears and they have piled on the charges, until they issue and action the S87 then you have the right to surrender.


Also be aware that by value of the car I mean the trade value, the price you would get at auction not selling privately.


Below I have copied the relivant section of the CCTA code of Practice.




4.8.12 Members shall allow customers who are in arrears under the agreement, the option to voluntary surrender the assigned vehicle as full and final settlement of all claims against the customer except where:


a) a default notice has been served under s87 of the Act, the default notice remains unsatisfied and instructions have already been issued to an authorised person to recover the vehicle; or


b) it is established that the vehicle has sustained malicious damage of whatever nature.


Members shall provide the customer with information on the voluntary surrender option at the Pre-contract information stage and at the time a default notice is served. Members shall not place undue pressure on the customer to adopt this option.


I am not a legal person and this is my own personal understanding of the CCTA, please seek proper legal advice.

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