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    • Thank you everyone for your quick responses I just wish I posted here in the first place    I probably shouldn't have filled in the claim form however on the letter it said I had limited time to do so and because I was dealing with CST law trying to come to an agreement with paying off the debt I didn't think it would get to this point and now I have probably made my situation worst. Of course, I would have posted here first before sending it off had I not been in communication with CST to set up an agreement.    I sent the letter back to the court as some point in early August, the issue date on the claim form is 28th July and the most recent letter I have received 'Notice of fast track' is dated 18th November    If I am honest I can't fully remember what I wrote word for word in my defence, it would have been along the lines of why I left, my reasons and the fact I returned to my old career in an office plus taking a pay cut to do so. There wasn't much room to write a long winded defence so I kept it relativity short.   The above document Andy has posted is the exact document I am now looking at very confused in what exactly I put where    I just want to re-iterate I never agreed with this money I owe due to the training bond but it has gone on for so long at this point I'm happy to set up a payment plan if the balance can get reduced or a small one off payment upfront and this is exactly what I was trying to do prior to receiving the most recent letter    I have had zero communication from CST law, Centrica advised me to deal with them directly and I was waiting for a response from CST with the offer we had put across to Centrica - I chased it multiple times the following weeks and they kept telling me they haven't had a response and when they do we'll contact you which they still have not   Ideally I would rather not give them any money however I feel like I am out of options at what I probably should have done years ago is attempt to get it reduced and set up a payment plan    Please let me know if I have missed any critical info out    Thanks again for everyones help    What is the claim for – the reason they have issued the claim? I left a British Gas apprenticeship within the first 12 months of starting and went back to my old career in an office , my reasons for leaving were down to the completely differant job role which I realised quikcly was not for me and it was impacting my mental health massively. The claim is for a training bond which was in a contract I signed based on a sliding scale Year 1 - £9,000 year 2 £6,000 year 3 £3,000     What is the total value of the claim? £13433    Have you received prior notice of a claim being issued pursuant to paragraph 3 of the PAPDC (Pre Action Protocol) ? Yes   Have you changed your address since the time at which the debt referred to in the claim was allegedly incurred? No  Is the claim for - a Bank Account (Overdraft) or credit card or loan or catalogue or mobile phone account? Training bond due to leaving an apprenticeship before 3 years    When did you enter into the original agreement before or after April 2007 ? After   Do you recall how you entered into the agreement...On line /In branch/By post ? They have sent me a virtually signed document with the contract   Is the debt showing on your credit reference files (Experian/Equifax /Etc...) ? No   Has the claim been issued by the original creditor or was the account assigned and it is the Debt purchaser who has issued the claim. Centrica are claimant, CST law are dealing and the court   Were you aware the account had been assigned – did you receive a Notice of Assignment? I believe so yes   Did you receive a Default Notice from the original creditor? I have had multiple letters like everyone else who has been on the forum over the years regarding this matter   Have you been receiving statutory notices headed “Notice of Sums in Arrears”  or " Notice of Arrears "– at least once a year ? I am unsure, but when I left I had contested the original claim as I was dealing directly with Centrica’s collection team and they never got back to me after the final email I had sent and didn’t hear anything until years down the line   Why did you cease payments? N/A   What was the date of your last payment? N/A   Was there a dispute with the original creditor that remains unresolved? Correct I oringinally contested what was owed back in 2017 and gave my reasons for leaving and I assumed the matter was closed   Did you communicate any financial problems to the original creditor and make any attempt to enter into a debt management plan? No  
    • OK thanks again Andy.   And understood 👍😉
    • Thank you for this. The first thing to be say is that this means that you are winning. It is pretty well unheard of in my experience for the bank to give way and finally return the money. The fact that they have done this under the threat of a judgement for breach of statutory duty indicates even more that they are worried about their position. Nowhere have they indicated that they have complied with the requirements of the Proceeds of Crime Act and informed the National crime agency. I don't believe they have and this is a very serious breach of statutory duty. Not only that it is a very serious breach of the FCA BCOBS regulations in that they are required to treat you fairly. Treating you fairly in this case means that they must comply with the rest of their statutory duties. It appears that they really haven't done this at all and that they have acted in an arbitrary way in disregard of the law and that they are hoping to get away with it. I find myself wondering how many other hundreds of people have been treated in exactly the same way – and you are probably the first ever to have stood up to them and to get them worried. I think I've already indicated that a press contact of mine in the Sunday Times would be very interested in this story. He has already run stories about the very poor standards applied by banks when deciding that their customers are involved in some fraudulent behaviour. The first thing to say about the letter which you have received is that they are trying to apply conditions to releasing your own money. It's your money and there should be no conditions and my suggestion is that you object to this. Secondly, not only are they threatening to continue to withhold your own money – but also they are saying that if they release it to you you will simply have the net figure without any kind of interest or compensation. It's clear that while they have had your money, they have invested it and earn money on it. They have probably been lending it out at between 16% and 20% and although the usual rate of interest is 8%, it seems to me that justice can only be served by repaying you your money plus the commercial rate of interest – at a compound rate. Normally the 8% is calculated at simple. Thirdly, they are not offering to pay you any compensation and clearly they are hoping to get away with it without any kind of sanction or not even a slap on the wrist.   Fourthly, they had the nerve to impose a seven day deadline. Don't worry about their deadline. It's a load of huff and puff. This is all part of their bluff game designed to intimidate you. At the end of seven days – what? Are they then going to insist on going to court?   If they really believe that they had done everything correctly and that the money was fraudulent, then they would not offer it to you back under any circumstances. It would be illegal for them to do so. You can be certain that these people do not want to go to court. In fact they probably wish they had never started.   Finally, they want the matter to be kept confidential – and I can't say I blame them. I would be ashamed if people knew that I had treated somebody else in this way and I'm sure they are worried about reputational damage. I'm also sure that there are extremely worried about what will happen if you get a judgement against them for breach of statutory duty. It will have to be reported to the FCA. It will have to be reported to the NCA. And of course it should be reported to the newspapers because people need to know what is going on. If you want, you can simply accept their proposal – get your money back, given confidentiality – and that's the end of the matter. However, you have no idea how this will impact on your record in the future. I imagine that they will bar you from ever opening an account with them again. – But at least you will have your money and you can get on with your life. However, if you want you can stand your ground and make it clear to them that you are going to be mucked around and treated like this and that you are prepared to go to court if they won't make a proper offer. I understand that you need to pay a court fee of about £350 in the next seven days. I expect that the bank is making this offer now hoping to dissuade you from spending any more money and hoping that you will back down. If you have the money to proceed then I would suggest very strongly that it will be a very serious sign of strength that you tell the bank that you're not interested in that you are paying the fee for the next stage of the court process. If the bank knows that you've called their bluff on this and that you have been prepared to invest further money in moving this legal action forward, then they will start to reflect and I can perfectly well imagine that they will make you another more interesting offer – once again on conditions of confidentiality. Without seeing any further offer, I'm already suggesting that you will probably be best off turning it down. In any event, I would remind you going back several months that I already predicted that the bank would make you confidential offer – and that has happened. I'm not saying that I'm always going to be right here – but I think that now basically the bank have pretty well admitted that they need to pay you your money, there is no chance of you losing it. You will get your money and it really is just a question of how much else you will get in addition. If you'd like to continue then let me know and I will suggest a draft response to them.
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Log book loan advice needed


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Hi everyone,

 

A friend of mine is looking to get a log book loan, as he needs some urgent cash - he had problems similar to my own in the past with payday lenders and made settlements to all, which of course leaves him unable to get credit with them or any of the normal channels.

 

He is now in good shape financially (other than having no credit score) and able to repay the loan over probably 3- 6 months without any problem.

 

His big worry is whether the companies that offer these loans can be trusted - having dealt with all the lies and tricks of the paydayloan industry in the past, he doesn't want to get involved with anything dodgy, or worse still risk losing his car due to their dishonesty.

 

Are there companies out there that do logbook loans that are safe/reputable?

 

So far he has looked at (Company name removed- SS ) which seem reasonable in terms of interest compared to the others, but I see stories of them taking cars back without cause? Haven't ever seen a story of this happening when payments were kept up and on time, so can they be trusted? Is there another option that would be better/safer?

 

Any help much appreciated....

Edited by SabreSheep
Company name removed - We cannot allow marketing direct or otherwise :)
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Stay well away from Logbook lenders. There are even less rules about this from the FCA then there are now about ~PDL.

There are other ways, how much does he need?

 

We could do with some help from you.

 

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CAG rules forbid advertising or recommending companies or services.

 

Best avoid

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The SabreSheep, All information is offered on good faith and based on mine and others experiences. I am not a qualified legal professional and you should always seek legal advice if you are unsure of your position.

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Yes I can only echo what has already been said, log book loans are covered by ancient legislation 1888 and have none of the protection associated with hire purchase or regulated agreements.

 

'If your friend has now reached a place where he is financially viable he would be foolish to risk going down this road IMO.

 

You didnt say what he needs the money for, but I would examine all other options before taking one of these, and if it was to repay another creditor i would never consider it as a viable option.

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DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

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Think of those problems in the past best leave them in the past and not go down that road again

Log book loan will only be asking for a repeat of before

 

There are other ways to borrow but what ever it is for I am sure they can wait

If i have helped in any way hit my star.

any advice given is based on experience and learnt from this site :-)

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Logbook loans should be avoided at all costs

 

Interest rates of 400pc plus,little or no consumer protection, and aggressive debt collection practices

 

When you sign the bos you are effectively transferring ownership of the vehicle until fully repaid

 

These companies are under severe scrutiny by the FCA, the associated laws are under review by the law commission

 

AVOID

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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Okay thanks for the advice - its to take his family overseas for another family member getting married in the USA - needs about £4k but its come up at short notice and obviously is under pressure to be there - can easily repay over a few months but just bought a new car (worth about £10k and only real asset) so has nothing saved whatsoever.

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Then ask the family to loan the money. He'll end up in a world of trouble with a log book loan

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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4000 for 6 months at 400 pc =approx 5700 in interest

 

Total repayable £9700

 

Rather them than me

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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I know this is going to sound like "old man advice", but I have been there, it is only my opinion and feel free to ignore.

 

Sometimes you just have to say, sorry cant do it I cannot afford it. i know it is hard and the current generation seem to have lost the use of the phrase, but if people would just start to use it , it would save a lot of problems.

DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

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As one old man to another I completely agree DB

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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I understand, but if he is able to pay back within a few months without any problems many would say he can afford it - its just circumstances from the past that prevent him from doing what most others would do - put it on a credit card or overdraft - feel for his situation...

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PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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It has no bearing on if you can pay it back. You are borrowing 4k and paying back almost 10k. With no protection within the law.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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It seems to me that he must have known about this over six months ago, i know weddings take an eternity to organise. So the question is, if he can afford to repay the 4k and the interest (probably another 4 or 5 k at least) in three to six months, he should have been able to save the 4k in 4 or less.

If he couldn't do that he is unlikely to meet the repayments on his return.

 

Like I say just my opinion.

DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

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Agree with dodgeball and oldrouge.

 

 

I suspect it will also further damage his credit rating so it'll take even longer to get mainstream credit in the future.

 

 

Consider what might happen if he is made redundant or can't work for some reason.

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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It may be a better idea, if the car is not essential to work. to sell it and use the money for the trip. He wont be using whilst he is away, and he can save the balance and save the proposed repayments to buy a new car in 4 months on his return.

DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

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I'm sure that a £6,000 car would do as well as a £10,000 car.

 

What's Best for You?

 

 

The Consumer Action Group is a free help site.

Should you be offered help that requires payment please report it to site team.

 

Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007

Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06

Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007

:p

 

Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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