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Logbook loan by previous keeper - repossesion

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On 25th March 2016 I purchased a van to be used for my business.

 

I carried out an online HPI check before agreeing a deal which was clear of finance.

 

Unfortunately this was on my phone at the time and no longer have a trace of it as it was 20 months ago.

 

I paid £5000 cash and received the log book on the day of sale.

 

Today I had a note posted at my home address from a bailiff company.

 

On ringing their office they informed me they had attended to reposses the vehicle.

They told me to ring another company called Varooma to whom explained the situation and have now sent a new keeper questionnaire to them detailing the sale.

 

They have said that I will be liable to pay the debt owed or the van will still be repossessed

 

however at this stage have not told me what the amount is.

They said there will be a meeting with a manager tomorrow and they will then inform me.

 

Problem is this vehicle is my lively hood but will also affect the jobs of 3 other staff if this vehicle is taken away.

 

Any help or ideas would be appreciated.

 

I have also now got the Bill of sale registration number which I will check with the high court that it is valid.

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Log book loans or bill of sale loans have to be registered as finance. If you have done a hpi check and it didn't come to light then they have not registered the finance so I un enforceable and you will be covered by the hpi guarantee.

 

 

From another site.

 

Used car buyers can get protection from the HPI Check guarantee http://www.hpicheck.com Last night's episode of Watchdog highlights the issue of outstanding finance and the risks used car buyers face from unscrupulous sellers, warns HPI.

 

The BBC report featured a man who bought a Vauxhall Omega, which went missing. He called the police only to find it had been legally taken by the finance company and he had to pay £1,500 to get it back.

 

An investigation revealed the car had a Bill of Sale agreement (often called 'a logbook loan') registered against it, which meant it had been used as security for a loan leaving the buyer vulnerable to being left out of pocket.

 

'Logbook loans' are a type of finance often accessed by people that struggle to obtain finance through conventional channels. They are normally secured against a vehicle and have become increasingly popular over the last couple of years as the economy restricts the amount of lending available. The Watchdog feature raised awareness of an old law called the 'Bill of Sale', which was itself the topic of a Government review during 2010, the results of which lead to the trade body, the Consumer Credit Trade Association (CCTA) to introduce a Code of Practice offering consumers a range of additional benefits not previously available, including the requirement to register the loan with a company such as HPI.

 

However, Watchdog pointed out very forceflly that this requirement is not mandatory and some 'logbook lenders' still do not register such loans.

 

"In the wake of the recession there has been an increase in the number of logbook loan style finance agreements bring taken out, as people find it difficult to get traditional finance deals from the bank," says Nicola Johnson, Consumer Services Manager of HPI. "The two stories on Watchdog show the risks associated with buying a used car that is still on finance, particularly a Bill of Sale style agreement.

 

However, an HPI Check still offers buyers one of the best forms of protection from falling foul of this type of agreement. "HPI has access to a comprehensive list of outstanding finance deals, so the chances are that an HPI Check will uncover a logbook loan. We were the first to provide a check that categorises these agreements as 'Bill of Sale'.

 

If a customer conducts an HPI Check, follows HPI's buying guidance, but subsequently finds that the vehicle is subject to a 'Bill of Sale' agreement that was not flagged, the buyer will be protected by the HPI guarantee, which provides financial reimbursement of up to £30,000 (subject to terms and conditions, see http://www.hpicheck.com for details).

 

Johnson concludes, "Outstanding finance including logbook loans continues to be a major issue for used car buyers, but the HPI Check offers the best protection and is the most likely way to uncover a logbook loan prior to purchase."

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I appreciate the reply.

 

However I have no record of the HPI.

 

It was all good at the time and was deleted from my phone some time later.

 

I can't even remember the company I used.

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you sure it was a BAILIFF

I bet not.

 

simply a repo company.

 

They must have and show you the BOS.

They do not need a court order

 

Unless (very rare) the BOS is linked to an hp agreement

 

Your redress would be to claim from the seller or

 

Keep the car locked away and negotiate with the LBL co

 

where is the car kept?


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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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Possibly yes just a repo co.

 

I'm expecting them at our workplace tomoro as they won't put the matter on hold. The van is has a different reg plate on it so hope this will sway them and although it needs to be at our premises for loading several times a day we will try and keep it away as much as possible until we can deal with the matter properly.

I still have contact details for the seller and have spoke to him on the phone today. He is apparently going to speak with the logbook loan company tomoro.

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PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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What is the situation if I have had several thousand pounds worth of work on the vehicle.

 

It is a hot and cold sandwich van and I have spent over £3000 on new ovens and fridges and inverters ECT.

 

Legally I own these so how does this affect the situation of a repossesion.

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you remove them.

 

where is the vehicle parked.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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It's taken home each day by a member of staff. It comes to our premises in the morning to be loaded and is then off on it's rounds. Comes back twice to reload for 10 mins then is taken home again at end of day by staff

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then its at risk whilst on the public road.

 

but as its on a differing reg plate

that could make things interesting.

 

theres no harm in calling the police into this if they do try something.

 

it will only delay things as its a civil matter

but it might well make the repo guy think twice.

 

some can be very reasonable esp if you have the evidence to hand

and show you are attempting [to in a way do LBL's job] in finding and chasing the original debtor.

esp again as this is now a business vehicle too.

 

i'm not aware you could take a LBL out against a business vehicle [go check]

see where i'm going here....

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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oh and you don't let the repo guy anywhere near the motor to check VIN or engine numbers or anything

they ARE NOT BAILIFFS

they have NO POWERS TO DO THAT

 

and have

ZERO LEGAL POWERS.

 

that's why I say involve the police if you have too.


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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If they HPI the vehicle with the new plate then it will bring up the original plate on the results and they will then know it's the same vehicle. I will see Whether seller rings loan co tomoro as he has stated he will.....and see what they say regarding moving forward

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But the company that did the search for you will.

 

Get busy on the phone and just ask them.

 

You will also have a record via your bank statement for the fee they charged so you will know who and when by that and that will get them scrambling for their tin hats if they got it wrong.

 

However, there is a trick that some people do,

they know you are interested and about to make a visit to view.

 

they then apply for instant credit from Varooma or whoever and by the time you buy the van they have got the loan so walk off with 2 lots of money and you owe the finance co 1 van..

 

Difference between a saturday morning and the afternoon.

 

Wont pop up on the HPI check untl monday afternoon.

 

I appreciate the reply.

 

However I have no record of the HPI.

 

It was all good at the time and was deleted from my phone some time later.

 

I can't even remember the company I used.

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Two options really, negotiate hard with Varooma to get as low a settlement figure as possible

 

Bring as much pressure as possible on the person who sold Varooma,s van

and issue claim against them for your losses, especially if they own a property or are in regular employment

 

As regards hpi, protection would depend on whether it was a full genuine hpi check

or just a cheaply imitation


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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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UPDATE

 

After pressuring the seller of the van on the phone it turns out he values his knee caps higher than his wallet.

 

He has paid the outstanding balance of £3874 to Varooma and the issue is now resolved.

 

One question I now have is

 

I've been told that for the past 18 months I have not been the owner of the vehicle as varooma owned it.

 

Would this has rendered my insurance cover void had I have had to make a claim?

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no

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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