Problems with logbook loans

[pinkkibby]

Hi

Need some help with a logbook loan I've foolishly taken out with easylogbookloans.tv (Christian Gachet)

 

Took it out last December and it's for 12 months so due to finish next month. I've had trouble keeping up with payments of £362 per month. Currently I'm 1 payment and a bit in arrears, this will increase to 2 and a bit payments at the end of the week when the next payment is due.

 

I can't make up my arrears, I can probably pay one payment by the end of the week but that will mean I will get behind on other things such as my mortgage.

 

My first question is, can I use a debt management plan in respect of this debt? I have tried to negotiate with the company directly but they have been really unhelpful. I have quoted bits of the code of practice which they are signed up to but they still seem to be making things as difficult as possible. That's why I wanted someone else to take over if possible so everything is more official.

 

Secondly, they have been saying more or less every month that they have issued a default notice. I really don't think they have an believe this to be a scare tactic. I have asked for a copy of the default but they just haven't sent it. Their latest response when chasing this was that the bailiff who comes to repossess my car will have a copy of the default notice. This doesn't seem right..does the default notice have to be issued in advance and therefore give me some sort of notice?

 

Thirdly I've moved..how long will it take for them to trace me? I'm not on the electoral roll at my new address. Was hoping if they were going to repossess my vehicle, it would take them a while to find me by which time I will have raised funds to pay off the arrears.

 

Just to note that my car is worth approx £5k and my outstanding amount to the company is about £1200 I think so I'm not prepared to surrender my car. I want to pay off the logbook loan then sell my car to help my financial issues.

 

Any help is appreciated!!

[renegadeimp]

Hide the car. They cant reposess without a court order. Also the muppets that have come are NOT bailiffs. Only a court can order bailiffs and even then its a last resort.

[lillian6033]

first no you cant add a logbook loan to a dmp the loan is secured on the car secondly they can and will reposses the car they don't need a court order because logbook loans come under the bill of sale act. are you on weekly payments or monthly every time you miss a payment you will be charged if they do send out the recovery truck this will be another £200 to £300. you say you owe around £1200 you need to contact them to find out exactly what you owe tell them you have hidden the car this will stop them sending out the recovery truck every time they send a letter to your old address they will charge you. you need to act soon or else that £1200 will soon be up to the full value of your car. you should check that they have registered the bill of sale with the high court this should have been done within 7 days of taking out the loan. you will not win with these people I am speaking through experience they really do hold all the cards. my advice is and you wont like it is find out exactly what you owe try and raise the funds to pay them off or give them the car back you say its worth £5000 but they sell these cars at auctions it will probably sell at £3500 at best with their costs and auction costs you could end up with no car and still owe them money which they will then chase you through the courts for sorry I couldn't be more positive I know how you feel but these people are ruthless

[renegadeimp]

Lilian, you are giving out some strange advice there. Especially since you seem to think that they can charge unlawful/unenforceable penalty fees and the debtor must pay them.

[lillian6033]

i

Lilian, you are giving out some strange advice there. Especially since you seem to think that they can charge unlawful/unenforceable penalty fees and the debtor must pay them.

its not me giving strange advice ive been through it with these people. they can and will reposses without a court order the car is secured on a bill of sale and secured debt cannot be added to a dmp. as for the muppets you call them they don't need to be court baliffs to take the car the one that came to take mine who worked for a well known recovery firm said he hated doing logbook loan work and after I showed what I had paid he rung his company and told them the car was not at my address even though it was but told me to move the car as someone would be back. when the logbook loan company knew the car was hidden they issued a county court sommons I borrowed £2000 to pay back 5000 id paid back £3500 the result of the court hearing was give them the car back to sell at auction and pay any remaining money owed given 1 week to hand car back or pay just short of £7000 including all charges and court costs how can these be unlawful if ordered by a county court please let me know because I don't want to pay them not strange advice just speaking through experiance