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Log Book Loan - How long before it can be legally called in???


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Been helping someone who has got themselves into a bit of bother with a PBC [pawnbrokingcompany] over the renewal of a large logbook loan against a hypercar.

 

Just wondered if anyone else has had an success in getting a LBL extended on the value of a vehicle that was clearly valued at 10+ times the amount of the advance, against the trade resale of said vehicle, without it being "re-valued" by a 3rd party on behalf of the PBC?

 

The issue is the vehicle has gone up considerably in value, over the period of the original LBL and the PBC have called the full amount in, against the value of the vehicle 2 years ago... a single extension to the LBL was made 13 months ago, again, against the value of the original vehicle value.

 

Can the LBL be called in based on the valuation of previous paperwork and called in early?

 

Weird one, but sure a Gagger will know a Gagger that knows the answer!! :madgrin:

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More info please. name names, amounts, dates etc.

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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