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Proposed Protections for Logbook Loans


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the law commission has opened a consultation to give consumers greater protection

 

when taking out a logbook loan

 

http://www.lawcom.gov.uk/unfair-law-fails-to-protect-logbook-loan-consumers/

 

 

 

September 9th, 2015

 

Unfair law fails to protect logbook loan consumers

 

Logbook loan borrowers have too little protection – and those who unwittingly buy cars subject to logbook loans have none at all.

 

Today the Law Commission opens a consultation to reform the archaic law underlying logbook loans – the “Bills of Sale Acts” – which remains unchanged since Victorian times.

 

Logbook loans are a way for borrowers to use their cars, vans and motorcycles as security for a loan. The borrower keeps possession of the vehicle and may continue to use it while making repayments. But if the borrower fails to pay, the lender is entitled to repossess the vehicle without a court order. Borrowers lose the vehicle they need and are often left with a large outstanding debt.

 

 

Edited by citizenB
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This really isn't before time. Surely it would be simple enough to just have the same regulation as HP attached to it, easiest way all round, well except for those that offer the loans in which case the government should supply them free tissues.

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I agree, about time too.

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  • 3 weeks later...

The Consultation closes December 2015 - I hope they don't take too long to publish the results.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb 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.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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